Central Bank of Azerbaijan updates economic growth forecasts

The Central Bank of Azerbaijan (CBA) has forecasted a 3% growth for the country's economy in 2023, with the non-oil and gas sector expected to grow by 4.2%, Report informs.

Taleh Kazimov, the Chairman of the CBA, shared this outlook during a press conference regarding the bank's decision on its interest rate corridor. According to Kazimov, the growth projections are based on ongoing economic trends and expectations for both oil and non-oil sectors.

In April, the CBA had previously projected a 3.3% economic growth for 2025, with a 4.7% increase in the non-oil and gas sector. Furthermore, Kazimov announced that the CBA anticipates a 2.2% growth in the national economy for 2024, with a 4.3% increase in the non-oil and gas sector.