BAKU, Azerbaijan, November 5. Azerbaijan's GDP will grow by 3.3 percent under the optimistic scenario, Trend reports on November 5 via the materials of the Ministry of Finance on the draft law "On the state budget for 2023".
According to the ministry, three scenarios for the country's GDP growth next year have been prepared - basic, optimistic and pessimistic.
"The basic scenario envisages GDP growth by 2.7 percent (nominal GDP will be 106 billion manat or $62.3 billion) with an average oil price of $50 per barrel. The optimistic scenario based on an oil price of $60 per barrel assumes an increase of 3.3 percent (nominal GDP - 111.2 billion manat or $65.4 billion),” the ministry noted. “The pessimistic option is calculated based on the price of oil at $40 per barrel - an increase of 1.3 percent (nominal GDP - 99.1 billion manat or $58.3 billion)."
Besides, under the basic scenario, the non-oil GDP in 2023 will increase by 4.5 percent (nominal GDP - 73.3 billion manat or $43.1 billion), under an optimistic scenario – by 5.6 percent (nominal GDP - 75 billion manat or $44.1 billion), and according to the pessimistic scenario - by two percent (nominal GDP - 69.9 billion manat or $41.1 billion).
In general, the basic scenario for 2022-2026 envisages the average annual GDP growth by 3.5 percent in Azerbaijan, the optimistic - 4.1 percent per year, and the pessimistic one - 2.6 percent, while the average annual growth of non-oil GDP under the basic scenario – by 5.4 percent, optimistic - 6.3 percent, and pessimistic – by 3.8 percent.