Azernews.Az

The agency attributes the growth primarily to the active expansion of consumer lending. It also noted that Azerbaijan’s lending trends have historically been closely tied to oil prices. “Although oil producers Kazakhstan and Azerbaijan have benefited from the recent dynamics of oil prices, they are facing a decline in oil production. On the positive side, economic growth in non-oil sectors in these countries is exceeding growth in the oil and gas sector. The slowdown in economic growth in Armenia and Georgia is due to a decrease in migrant and capital flows from Russia,” S&P stated.

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