BAKU, Azerbaijan, June 22. The average export price of one barrel of Azeri Light crude oil in the first five months of 2022 was $106.3, exceeding its base price for calculating state and consolidated budget revenues by more than two times, Azerbaijani Finance Minister Samir Sharifov said on June 22, Trend reports.
Sharifov made the remark during a discussion of amendments to the state budget for 2022 at an extraordinary meeting of the parliament.
According to him, along with the macroeconomic results of the first four months of the year, fiscal performance indicators for five months and dynamics in the trading market also create the grounds for clarifying and updating macroeconomic forecasts for the current year.
"Given the ongoing global processes and expectations of rather high energy prices, during the period of updating economic growth forecasts, the average annual export price of crude oil in the state budget of Azerbaijan was set at $85, and the average annual inflation at 12.5 percent.
Based on this, the forecast 86.6 billion manat ($50.94 billion) for gross domestic product (GDP) for 2022 will be amended to increase up to 115.4 billion manat ($67.88 billion), including the non-oil sector - up to 65.7 billion manat ($38.65 billion). The real GDP growth rates are projected at 5.5 percent," added Sharifov.