Weekly review of main events in Azerbaijan's financial market

Finance Materials 12 September 2021 18:12 (UTC +04:00)
Weekly review of main events in Azerbaijan's financial market

BAKU, Azerbaijan, Sept.12

By Zeyni Jafarov - Trend:

The Ministry of Finance of Azerbaijan released the forecast on the state budget for 2022 this week, Trend reports.

The amount of the state budget of Azerbaijan in 2022 was predicted to be 26.4 billion manat ($15.5 billion), exceeding the approved figure for 2021 by 3.8 percent. The budget expenditures in 2022 will increase by 1.5 percent [compared to the approved indicator for 2021] and will amount to 28.9 billion manat ($17 billion).

Thus, the state budget deficit in 2022 will amount to 2.5 billion manat ($1.4 billion), which is 17.6 percent less than the approved figure for 2021 (3.2 percent of GDP).

The International Monetary Fund (IMF) forecasted that Azerbaijan's GDP will grow by 2.3 percent and the nominal volume of GDP will reach $49.9 billion in 2021.

Besides, the IMF predicted that in 2022, the nominal GDP of the country will reach $50.86 billion, and in 2023 - $52.3 billion, which is respectively 1.9 and 2.9 percent more than last year's estimates.

According to IMF’s forecast, annual inflation in Azerbaijan will grow by 0.7 percentage points compared to last year in 2021 – up to 3.5 percent, and decrease by 0.3 percentage points in 2022-2023 compared to this year, amounting to 3.2 percent.

This week it was also reported that as of early September 2021, the portfolio of projects of the European Bank for Reconstruction and Development (EBRD) in Azerbaijan increased by 0.4 percent (four million euro) compared to last month and amounted to 1.132 billion euro.

In addition, this week in Azerbaijan, a growth of the manat rate against the euro and a decline in gold prices were recorded.


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