Azerbaijan has updated its economic outlook, lowering the expected GDP growth rate for this year from the previously announced 2.9% to 1.7%, Report informs.
As indicated in the Ministry of Finance's Medium-Term Budget Framework for 2027–2030, the oil and gas sector is now expected to contract by 3.3%, compared to the earlier estimate of 2.4%. Growth in the non-oil sector has been adjusted downward from 4.9% to 3.7%.