BAKU, Azerbaijan, Nov. 10
By Khagan Isayev – Trend:
The volume of marketable gas production in Azerbaijan will grow 1.4 times and reach 38.2 billion cubic meters in 2025, which will have a significant impact on the dynamics of GDP growth, Trend reports referring to the draft state budget of Azerbaijan for 2022.
According to the draft state budget, the oil and gas sector of Azerbaijan significantly affects the growth dynamics of the country's economy.
Following the latest forecasts, the volume of oil production in Azerbaijan in 2025 will grow by 0.5 percent compared to 2020 and will reach 34.7 million tons, which will have a positive effect on the rate of economic growth.
With regard to GDP forecasts, taking into account oil and gas production forecasts, national development goals stipulated in strategic documents, as well as reforms and sectoral policies, a medium-term macro-fiscal base and budget policy parameters, the average annual GDP growth rate in 2022-2025 will amount to four percent, including in the oil sector - 5.1 percent.
According to the Azerbaijani state oil company SOCAR, oil and gas production in the country in the third quarter of 2021 amounted to about 8.7 million tons and more than 11.3 billion cubic meters, respectively. Thus, oil and gas production increased by six and 38.6 percent, respectively, compared to the same period in 2020.