BAKU, Azerbaijan, January 6. Azerbaijan's real GDP will amount to 117.3 billion manat ($69 billion) with an increase of 3.5 percent according to the macroeconomic forecast in 2023, Trend reports via the Citizen's Budget Guide published by the Ministry of Finance of Azerbaijan.
The guide forecasted growth of non-oil GDP by 7.3 percent to 67.1 billion manat ($39.4 billion) in 2022, and 73.3 billion manat ($43.1 billion) - in 2023.
"Expanding the diversification of the economy will also be one of the main strategic economic priorities for the coming years. Due to the transformation of the main driver of economic growth from the oil sector to the non-oil/gas sector, a steady increase in the share of non-oil revenues in the state budget is expected to be achieved,” the ministry said.
“In 2023, the share of non-oil/gas sector in the structure of GDP is projected at the level of 69.2 percent, and the share of the oil and gas sector - 30.8 percent," the ministry noted.
Besides, according to the guide, the average annual inflation is projected by the Ministry of Economy of Azerbaijan at a level of 6.9 percent.
"In order to preserve macroeconomic stability, the stability of the exchange rate of the national currency will be maintained. In the macroeconomic forecasts presented by the Ministry of Economy, the exchange rate of the manat against the US dollar for 2023 is taken at the level of 1.7 manat," the guide added.