BAKU, Azerbaijan, October 10. The International Monetary Fund (IMF) has shared its predictions for Azerbaijan's real GDP growth in 2028, according to a report by Trend.
The IMF anticipates that Azerbaijan's real GDP will experience a growth rate of 2.5 percent in 2028. This projection represents a slight downward revision from the April report, which had estimated growth at 2.6 percent.
Looking closer to the present, the IMF expects Azerbaijan's real GDP growth to reach 2.5 percent in 2023, down from the previous projection of 3 percent. A similar pattern is foreseen for 2024, with GDP growth expected to remain at 2.5 percent, compared to the April report's estimate of 2.6 percent.
In the first eight months of 2023, Azerbaijan's GDP recorded a 0.8 percent increase, reaching a total of 80.096 billion manat, as reported by the State Statistics Committee. During this period, the non-oil sector displayed robust growth of 2.6 percent, while the oil and gas sector experienced a 1.1 percent decrease compared to 2022.
Breaking down the economic composition, the industry sector played a pivotal role, contributing 42.4 percent to the GDP. Further analysis reveals that trade and vehicle repair accounted for 9.5 percent, transport and warehousing 6.2 percent, construction 4.8 percent, and agriculture, forestry, and fish farming 6.1 percent. The tourism sector represented 2.4 percent, and the information and communications field contributed 1.6 percent. The remaining 17.6 percent of GDP came from various other sectors.
Notably, net import tax revenues for this period amounted to 9.4 percent of the GDP. In terms of GDP per capita, data from January to August 2023 indicated a figure of 7,895 manats in Azerbaijan.
Follow the author on X: @Lyaman_Zeyn