Baku: According to forecasts presented by the Ministry of Economy of the Republic of Azerbaijan in March this year, the average annual export price of oil is assumed to be $65 per barrel for 2027-2030 under the baseline scenario, APA-Economics reports. This was stated in the Medium-Term Budget Framework for 2027-2030 released by the Ministry of Finance.

According to Azeri-Press News Agency, GDP is expected to reach AZN 139.0 billion by the end of 2027 and increase to AZN 166.9 billion by 2030. The share of the non-oil and gas sector in GDP is projected to rise from 71.5% in 2025 to 78% in 2027 and to 81.8% in 2030. Over the medium term, the average annual real GDP growth rate is forecast at 3.3%, while non-oil GDP is expected to grow by 4.2%.