International rating agency S&P Global Ratings has improved its forecast for Azerbaijan's GDP growth in 2024 to 4.5%. This comes as a significant upgrade from the agency's earlier projection of 2.5% made in June.

Axar.az informs that citing the agency, Azerbaijan's GDP growth rate in the first ten months of 2024 was considerably higher than initially anticipated, reaching 4.9%. The agency now predicts the country's nominal GDP to reach 126 billion manats (approximately $74 billion) by the end of the year.

The primary driver of Azerbaijan's economic growth has been the non-oil sector, which experienced a remarkable 6.8% growth over the past ten months. S&P attributes this growth to improved performance in freight and passenger transportation, information and communication services, and retail trade turnover.
The construction sector has also shown positive trends, reflecting ongoing investments in the Karabakh region.