CIS Economic Spotlight 15/08/2023

Azerbaijan’s GDP growth remained in positive territory in 7M23. According to preliminary data from the Statistics Committee of Azerbaijan, the country’s GDP grew by 0.7% YoY in 7M23 and amounted to AZN 70.4 bln. Industry dominated in the structure of GDP with a share of 42.8%. The dynamic of Azerbaijan\'s GDP observed in 7M23 was primarily due to a decline in the oil and gas sector and the high-base effect from last year, when the economy grew by 6.2% YoY. The non-oil and gas sector has become the main driver of Azerbaijan\'s economic growth under the new conditions. Neutral for eurobonds.