Baku: Azerbaijan’s economy is growing faster than expected, the international rating agency Moody’s Ratings states, APA-Economics reports.
According to Azeri-Press News Agency, it is noted that in 2024, the gross domestic product (GDP) in Azerbaijan increased by 4.1% and is expected to grow by about 4% by the end of 2025. This is a significant improvement compared to the growth of only 1.1% in 2023. Economic growth is mainly supported by non-oil sectors.
Moody’s added that public debt will remain below 30% of GDP, which is a positive factor for Azerbaijan’s creditworthiness and is lower than in countries with the same rating as Azerbaijan and other oil producers, such as Kazakhstan (Baa1 stable).