Standard & Poor’s estimates economic growth in Azerbaijan at about 5.8% in 2013, the fastest pace of expansion since 2009, it said in a statement today. 

While the oil sector is just emerging from a recession, public spending, especially on infrastructure, is contributing to higher growth rates in the non-oil sector. 

“We expect GDP growth to average about 4% in the medium term, equivalent to long-term GDP per capita growth of 3.6%. This is in line with peers,” the rating agency said.

“Although we expect oil production to plateau through to 2017, increased gas production should support economic growth. We expect the development of the Shah Deniz II gas fields to remain on track for 2018 now that the Socar (state-owned oil company)-led consortium has chosen the Trans-Adriatic Pipeline as the connecting grid to the Trans-Anatolian Pipeline, the latter being the initial carrier of Azeri gas toward Europe.”

ANN.Az