Azerbaijani Ministry of Finance unveils GDP forecast for next four years
BAKU, Azerbaijan, Sept. 4
By Zeyni Jafarov – Trend:
Azerbaijan’s average annual GDP growth for the next four years will reach 3.75 percent, Trend reports citing the preliminary indicators of the Azerbaijani state and consolidated budgets for 2021, published by the Azerbaijani Ministry of Finance.
Following the forecasts of the Ministry of Finance, GDP growth will reach 3.4 percent in 2021, 4.8 percent in 2022, 3.7 percent in 2023, and 3.1 percent in 2024.
“Moreover, the growth of oil GDP will reach three percent in 2021, 6.4 percent in 2022, four percent in 2023 and 1.9 percent in 2024,” the ministry said. “Thus, the average annual growth will reach 3.82 percent.”
GDP in the non-oil sector is also expected to grow. So, the growth of non-oil GDP for the next year is projected at 3.5 percent, in 2022 - 4.1 percent, in 2023 - 3.5 percent, and finally in 2024 -3.6 percent. As a result, the average annual growth is expected to reach 3.67 percent.
Following the forecasts, the nominal volume of Azerbaijan's GDP in 2021 will reach 75.3 billion manats ($44.3 billion), in 2022 - 80.5 billion manat ($47.3 billion), in 2023 - 85.1 billion manat ($50.05 billion), and in 2024 - 89.5 billion manat ($52.6 billion).
As of late 2020, the decline in Azerbaijan's GDP is projected at 2.9-4.3 percent, depending on oil prices on the world markets.
On September 3, the Azerbaijani Ministry of Finance published the forecast on the state budget for next year.
(1 USD = 1.7 AZN on Sept. 4)