Baku, Azerbaijan, Sept. 23
By Kamala Mustafayeva – Trend:
Azerbaijan’s gross domestic product growth is projected at 2.5 percent in 2024, Trend reports referring to the report of the International Monetary Fund (IMF).
The IMF Executive Board concluded the Article IV consultation with Azerbaijan on September 6.
According to the IMF’s forecasts, GDP growth in Azerbaijan will reach 2.7 percent this year.
It will slightly slow down in the next two years up to 2.1 percent, after which it will again increase up to 2.2 percent and 2.3 percent in 2022–2023, respectively. This includes both oil and gas production and their processing.
At the same time, the growth in the oil sector will decline. According to the IMF analysts, this year it will reach 2.5 percent and the annual growth in oil GDP will reach 1.2 percent in all further years.
Meanwhile, the non-oil sector will grow steadily. This year, GDP in this sector will grow by 2.8 percent and will grow by 3 percent and 3.2 percent in 2023-2024, respectively.
The consumer price index will remain almost at the same level with a slight increase between 3.2 percent in 2019 and 3.5 percent in 2024.
Capital investments from all sources will also be around 20-21 percent of GDP, the report said. At the same time, public investments will be reduced from 14.1 percent last year to 11.9 percent of GDP this year and up to 8.3 percent in 2024.
The investments will grow from six percent and 9.5 percent of GDP in the private sector in 2018 and this year, respectively, up to 12.9 percent in 2024.
In the oil sector, investments will vary from seven percent of GDP this year and six percent in 2024.
IMF analysts think that nominal GDP will reach 80.2 billion manats this year.
According to the forecasts, GDP will be at the level of almost 82 billion manats in 2020, it will grow to almost 85 billion manats in 2021, 88 billion manats in 2022, almost 93 billion manats in 2023.
Finally, the nominal GDP will reach 97.9 billion manats in 2024.