Within the 2018-2023 timeframe, our forecast models predict growth from 4.2% p.a. in a low scenario to 6.4% p.a. in a high scenario. Accordingly, the industry in Azerbaijan is expected to achieve revenues of between $55m and $64m by 2023.
The commercial industrial gases market in Azerbaijan was estimated to have generated revenues of $43m in 2018. This was up from $20m in 2008, indicating an average annual growth rate of 8.0% p.a. for the decade.
Azerbaijan’s economic growth has remained relatively erratic since 2000. The country has suffered over the last decade, especially between the year 2016-17 with rates of -3.8% and -1% respectively. Azerbaijan has now recovered, with a rate of 2.0% in 2018.
Published: 2020
Report Data: 2019
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