The lending of Azerbaijani banks to the private sector will increase until 2025.

"APA-Economics" informs that this was stated in the forecast of "S&P Global Ratings" international rating agency.

The agency believes that, after a 2.7% decrease in 2022, Azerbaijani banks' lending to the private sector will increase by 2.8% this year and 2.1% in 2024.

"Standard & Poor's" also predicted that the share of bank lending to the private sector in the gross domestic product (GDP) will increase.

It has determined that the ratio of bank loans to the sector to GDP will increase from 15.6% in 2022 to 18.5% in 2023, and to 20.5% in 2024.

The rating agency also announced that the ratio of both consumer loans and business loans to GDP will increase in Azerbaijan.

According to S&P, the share of banks' consumer loans in GDP will increase from 8.8% in 2022 to 10.2% in 2023 and 11.9% in 2024.

Business loans of the sector will increase to 8.3% of GDP in 2023 and 8.7% in 2024.

It should be noted that this figure was 6.9% last year.