21 Sep 2023 14:07

Azerbaijani govt raises forecast for growth in GDP from 1.8% to 1.9% in 2023

BAKU. Sept 21 (Interfax) - The Azerbaijani government has raised its forecast for growth in the country's GDP to 1.9% in 2023 from the previous outlook of 1.8%, the Finance Ministry told Interfax.

The government estimates growth in the non-oil and gas sector at 4%, while it anticipates a decline of 0.3% in the oil and gas sector.

According to the updated estimates, the nominal volume of Azerbaijan's GDP should total 119.6 billion manat in 2023.

As previously reported, the Economy Ministry had expected GDP to grow 1.8% this year.

The Asian Development Bank currently forecasts Azerbaijan's GDP to grow 2.2% in 2023, a substantial downgrade from the bank's April estimate of growth in GDP of 3.5% for the year.

Azerbaijan's GDP grew 4.6% in 2022.

The official exchange rate as on September 21, 2023, is 1.7 manat/$1.