Azerbaijan’s real GDP to grow by 1.6% by end of 2023 – ministry

Azerbaijan’s GDP in real terms will grow by 1.6 percent to 111.6 billion manat ($65.6 billion) by the end of 2023, the Ministry of Finance of Azerbaijan told Trend.

The ministry said that the average annual inflation is expected to be at 10.4 percent by the end of 2023.

The Ministry of Economy of Azerbaijan has updated macroeconomic forecasts for 2023 in connection with global economic and geopolitical processes, as well as energy prices.

Azerbaijan’s total GDP in the reporting period amounted to 40 billion manat ($23.5 billion), of which 22.7 billion manat ($13.3 billion) fell on the non-oil sector. The total GDP grew by 0.1 percent in general terms and non-oil GDP – by 3.1 percent compared to 2022.

In 2022, Azerbaijan’s total GDP increased by 4.6 percent to 133.8 billion manat ($78.7 billion) compared to the preceding year.

Source: TREND News Agency