Azerbaijani updates forecast for economic growth

The Finance Ministry of Azerbaijan has updated its forecast for the growth of gross domestic product (GDP) in the country this year, Report informs, citing the ministry.

According to the forecasts presented by the Ministry of Economy when preparing the draft budget for 2023, GDP will be 106 billion manats ($62.35 billion), non-oil and gas GDP - 73.3 billion manats ($43.11 billion), and real growth rates - 2.7% and 4.5% respectively.

However, along with the macroeconomic results of the past period in 2023, fiscal performance indicators and commodity market conditions led to the refinement and updating of macroeconomic forecasts for the current year. According to the updated macroeconomic forecasts, in 2023, GDP under the base scenario will grow by 1.8% in real terms, to 111.6 billion manats or about $65.64 billion (5.6 billion manats or about $3.2 billion more than the previous forecast), including non-oil and gas GDP in real terms will grow by 4.9% - up to 77.7 billion manats or $45.7 billion (4.4 billion manats or $2.5 billion more than the previous forecast).