"Despite the low oil export volume, we forecast Azerbaijan's crude oil production to grow by 4.3% annually in 2024," this was stated in the country report of Fitch Solutions (FS), a company belonging to Fitch Group.
It was noted that the increase in production will also support export volume.
FS estimates that in 2025, oil exports will contribute 2.5 percentage points to core economic growth.
"In our view, weaker oil prices will contribute to a slowing in government consumption from 4.5% year-over-year in 2024 to 3.4% in 2025," - it was noted.
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