2024-07-31 10:29:42
The Azerbaijani government has raised its real economic growth forecast for this year from 2.4% to 3.8%. According to the forecasts presented by the Ministry of Economy, GDP was set at 118.4 billion manat, non-oil and gas GDP at 84.2 billion manat, and real growth rates for them were 2.4% and 4.6%, respectively.
As reported by Day.Az with reference to the Ministry of Finance, higher than expected GDP in 2023, macro-fiscal results recorded in the first 6 months of 2024, as well as expectations at the end of 2024 due to economic growth on a global scale and energy prices have led to the refinement and updating of macroeconomic forecasts for the current year.
According to updated forecasts, real GDP growth in 2024 is expected to be 3.8% and reach 121.3 billion manats in nominal terms (3 billion manats more than the forecast presented during the drafting of the state budget), including non-oil GDP of 84.7 billion manats (0.6 billion manats more than the previous forecast).
It was noted that the average annual export price of a barrel of crude oil, adopted for calculating the state budget for 2024 at the level of 60 US dollars, was increased with the revision of the state budget to 75 US dollars. The growth observed in the non-oil and gas sector from January to June of this year is expected to continue in the following months of the year. On this basis, the forecast for real GDP growth rates in the non-oil and gas sector in 2024 has been increased from 4.6% to 5.5%.
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