Azerbaijan's 2023 GDP growth rate is projected at 2.2%, which is 0.6 percentage points lower than January's expectations, Report informs, citing the World Bank.
According to the WB June report, Azerbaijan's GDP growth will be 2.5% in 2024 (January forecast - 2.6%), and 2.6% in 2025.
According to the updated forecasts of the Azerbaijani Government, the nominal volume of 2023 GDP is estimated at 111.6 billion manats, or just over $65.67 billion (the initial forecast was 106 billion manats - $62.37 billion), and real growth is 1.8% (2.7% earlier).
The nominal volume of non-oil GDP is projected at the level of 77.7 billion manats, or just over $45.72 billion (the initial forecast was 73.3 billion manats - $43.13 billion), and real growth - 4.9% (4.5% earlier).
Azerbaijan's GDP growth in 2022 amounted to 4.6%, while the non-oil sector grew by 9.1%.