BAKU, Azerbaijan, October 18. The International Monetary Fund (IMF) has revised its projections for Azerbaijan's nominal GDP, Trend reports.
In its latest report, the IMF anticipates that Azerbaijan's nominal GDP will reach $77.4 billion in 2023, up from the previous forecast of $70 billion.
Looking ahead to 2024, the IMF maintains an optimistic stance, with Azerbaijan's nominal GDP projected to reach $81 billion, a significant increase from the May 2023 report figure of $74.7 billion.
The IMF foresees a steady path for Azerbaijan's real GDP growth, estimating it to be 2.5 percent for both 2023 and 2024.
Azerbaijan's GDP from January through September 2023 showed a notable growth, increasing by 0.8 percent compared to the same period in 2022, reaching a total of 90.812 billion manat.
During the same reporting period in 2023, the non-oil sector witnessed a substantial increase in value added, with a growth of 3 percent, while the oil and gas sector experienced a 1.5 percent decrease in comparison to the figures from 2022.
From January through September 2023, the GDP per capita in Azerbaijan stood at 8,949 manat.
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