Azerbaijani Government Lifts Forecasts For Economic Growth This Year

7/29/2024 3:13:34 PM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, July 29. The Azerbaijani government has raised the forecast of real economic growth for this year from 2.4 percent to 3.8 percent, Trend reports.

According to the forecasts presented by the Ministry of Economy, GDP was set at 118.4 billion manat ($69.6 billion), non-oil and gas GDP at 84.2 billion manat ($49.5 billion), and real growth rates of 2.4 percent and 4.6 percent, respectively.

The data from the Ministry of Finance indicates a higher GDP than expected in 2023, macro-fiscal results registered in the first six months of 2024, as well as expectations at the end of 2024 due to global economic growth and energy prices, have led to the refinement and update of macroeconomic forecasts for the current year.

The updated forecasts expect real GDP growth in 2024 to be 3.8 percent and reach 121.3 billion manat ($71.3 billion) in nominal terms (3 billion manat ($1.7 billion) more than the forecast presented at the time of drafting the state budget), including non-oil GDP of 84.7 billion manat ($49.8 billion) (0.6 billion manat ($352.8 million) more than the previous forecast).

Furthermore, it was noted that the average annual export price of a barrel of crude oil, adopted for the calculation of the state budget for 2024 at the level of $60, has been raised with the revision of the state budget to $75. The growth observed in the non-oil and gas sector from January through June this year is expected to continue in the following months of the year. On this basis, the forecast for the real GDP growth rate in the non-oil and gas sector in 2024 has been raised from 4.6 percent to 5.5 percent.

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