BAKU, Azerbaijan, July 31. Governor of the Central Bank of Azerbaijan, Taleh Kazimov, has stated that Azerbaijan's economic growth in 2024 is expected to be between 3.5 percent and 4 percent, with the non-oil and gas sector projected to grow between 5.5 percent and 6 percent, Trend reports.
“Next year, the country's gross domestic product (GDP) is forecast to grow by 2-2.5 percent, with the non-oil and gas sector expected to see growth of 4-5 percent,” he stated, adding that this forecast was updated in the summer, revising the previous April forecast.
Moreover, he added that the average price of oil is expected to be $84.9 per barrel this year, while the price of natural gas is projected to be $290.1 per 1,000 cubic meters.
“Our forecasts for 2025 are $83.8 per barrel of oil and $233.5 per 1,000 cubic meters of natural gas,” the governor said.
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