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IMF lowers forecasts for Azerbaijan's real oil GDP growth

Oil&Gas Materials 18 October 2023 11:24 (UTC +04:00)
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, October 18. The International Monetary Fund (IMF) has revised its forecasts for Azerbaijan's real oil GDP, Trend reports.

In its latest report, the IMF now anticipates a 1 percent decline in real oil GDP for 2023, a notable shift from its earlier projection of a 0.5 percent growth.

Looking forward to 2024, the IMF has also downgraded its expectations, adjusting the growth forecast from 0.3 percent to 0.2 percent.

Conversely, the projections for non-oil real GDP in Azerbaijan remain unchanged, with an expected increase of 4.2 percent in 2023 and 3.6 percent in 2024, aligning with the previous report.

In 2022, the country experienced a 9.1 percent increase in real non-oil GDP, while real oil GDP declined by 3.7 percent.

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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