BAKU, Azerbaijan, September 22. According to the macroeconomic indicators of the baseline scenario prepared by the Ministry of Economy of Azerbaijan for 2024 and the next three years (with an average annual export price of a barrel of crude oil at $60 for 2024-2027), Azerbaijan's GDP in real terms will grow by 1.9 percent and amount to 119.6 billion manat ($70.4 billion) in 2023, Trend reports.
This is stated in the document prepared by the Ministry of Finance "Preliminary indicators of the state and consolidated budgets for 2024”.
The document notes that non-oil/gas GDP is projected to grow by four percent in real terms and amount to 77.6 billion manat ($45.6 billion). It is expected that in 2023, GDP in the oil and gas sector will decrease by 0.3 percent in real terms.
According to forecasts, in the medium term, the volume of non-oil/gas GDP of the country by the end of 2024 will grow to 84.2 billion manat ($49.5 billion), and in 2027 - to 106.8 billion manat ($62.8 billion), and real growth rates are expected in the range of 4.6-5 percent.