Azerbaijan's GDP Growth Forecast For 2024 Announced

12/29/2023 8:10:00 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 29. Azerbaijan's real GDP will amount to 118.4 billion manat ($69.64 billion) in 2024, with a growth of 2.4 percent, Trend reports, referring to the macroeconomic forecast by Azerbaijan's Finance Ministry.

According to the Citizen's Budget Guide published by the Ministry of Finance of Azerbaijan, non-oil GDP will grow by 4.6 percent to 84.2 billion manat in 2024, or $49.52 billion.

"Increasing economic diversity will also be a major strategic economic priority in the future. The shift from the oil sector to the non-oil/gas sector as the primary driver of economic growth is predicted to result in a steady increase in the share of non-oil income in the state budget. The non-oil/gas sector's proportion of GDP is forecast to be 71.1 percent in 2024, while the oil and gas sector's part is projected to be 28.9 percent," the ministry said.

In addition, according to the guide, average annual inflation is forecast by the Ministry of Economy of Azerbaijan at 5.3 percent.

"To maintain macroeconomic stability, the stability of the exchange rate of the national currency will be maintained. In macroeconomic forecasts presented by the Ministry of Economy, the exchange rate of manat to the US dollar for 2024 is accepted at the level of 1.7 manat," the guide says.

According to forecasts of the Central Bank of Azerbaijan (CBA), the real growth rate of the economy in 2024 is expected to be at the level of 3-3.5 percent, including 5-5.5 percent in the non-oil and gas sector.

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