EBRD updates forecast for Azerbaijan's real GDP for 2023-2024

Finance Materials 16 February 2023 11:19 (UTC +04:00)
Sadraddin Aghjayev
Sadraddin Aghjayev
Read more

BAKU, Azerbaijan, February 16. The European Bank for Reconstruction and Development (EBRD) forecasts the growth of Azerbaijan's real GDP at 2.5 percent in 2023, Trend reports citing the EBRD's updated Regional Economic Prospects report.

In addition, the bank forecasts that Azerbaijan's real GDP will reach 2.7 percent next year.

The EBRD has also estimated Azerbaijan's GDP growth in 2022 at 4.6 percent.

According to the EBRD, the significant growth of 2022 is not likely to stay in the region this year. Thus, growth rates in the Caucasus will go down to medium. Although, inflation will continue to decrease, will likely stay at high levels in the whole region.

"Improved global prospects in 2024 should bolster economic activity in the Caucasus," the EBRD pointed out.

At the same time, Azerbaijan's GDP totaled 9.69 billion manat ($5.69 billion) in January 2023, decreasing by 1.5 percent compared to January 2022. Azerbaijan's GDP amounted to 133.8 billion manat ($78.59 billion) in 2022, increasing by 4.6 percent compared to the same period in 2021: non-oil and gas GDP grew by 9.1 percent to 69.826 billion manat ($41.07 billion).

Meanwhile, the loan portfolio of the EBRD projects in Azerbaijan, designed for the implementation of 35 projects, was estimated at 843 million euros as of December 31, 2022. In total, the bank has invested over 3.588 billion euros in Azerbaijan's 187 projects since 1992.