The Azerbaijani government published macroeconomic forecasts for 2023, following which, a share of the non-oil and gas sector will grow from expected 57.2% to 69.2% by the end of this year, while GDP in real terms (AZN 106 billion) will fall by AZN 11.3 billion, the Ministry of Finance said.

In 2023, a share of oil and gas sector in GDP is projected at 30.8%. This year, the figure is expected to be 42.8%.

At that, real GDP growth for the oil and gas sector will be 0.4%, and 4.5% for the non-oil and gas sector. On the whole, this year Azerbaijani real GDP growth is projected at 7.3% and for 2023 at 4.5%.

Under the baseline scenario for 2023 and the next three years on the macroeconomic forecasts prepared by the Ministry of Economy, with an average annual oil price of $90 per barrel for 2022 and $50 for 2023, this year’s real growth of gross domestic product (GDP) in the country will be 3.5%, including non-oil and gas GDP – 7.3%. In real terms, GDP for 2022 will reach 117.3 billion manats, including non-oil and gas GDP of 67.1 billion manats

Source: Turan News Agency