S&P forecasts for Azerbaijan’s nominal GDP exceed gov’t expectations

According to forecasts by the international rating agency S&P Global Ratings, in 2024, Azerbaijan’s GDP will amount to 129 billion manats ($76 billion) with real growth of 2.5%, according to the S&P Global Ratings report on the affirmation of Azerbaijan’s sovereign credit ratings, Report informs.

Nominal GDP in 2025 is projected at 130 billion manats ($77 billion) with real growth of 2%, in 2026 at 135 billion manats ($79 billion) with real growth of 1.5%, and in 2027 year at 140 billion manats ($82 billion) with real growth of 1.5%.

GDP per capita in 2024-2025 is expected at $7,400 (with real growth of 1.5% and 1%, respectively), in 2026 at $7,600 (0.5%), and in 2027 at $7,800 (0.5%).

According to S&P forecasts, real investment growth in 2024 and 2025 will be 5% each (with a share of GDP of 18.7% and 19.8%, respectively) compared to 6% (18.3% of GDP) in 2023. In 2026 and 2027, investment will increase by 2% (20.1% and 20.3% of GDP, respectively).

According to Azerbaijan’s State Statistics Committee, in January-April 2024, Azerbaijan generated a gross domestic product of 38.181.9 billion manats ($22.459 billion), or 4.3% more than in the same period last year. Value added in the oil and gas sector of the economy decreased by 0.1%, and in the non-oil and gas sector it increased by 7.7%. GDP per capita was equal to 3,748 manats ($2,204).

The Azerbaijani government forecasts GDP in 2024 at 121.3 billion manats ($71.352 billion), including non-oil revenues of 84.7 billion manats ($49.823 billion).

In 2023, the country’s GDP, having increased by 1.1%, amounted to 123 billion manats ($72 billion), and per capita income – $7,100, with an increase of 0.5%.