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ECONOMICS
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Azerbaijan increases oil price forecast by $10 per barrel

30 May 2023 17:34

Azerbaijan's state budget for 2023 increases the price of 1 barrel of Azeri Light oil from $50 to $60.

Based on updated macroeconomic forecasts the average export price of 1 barrel of oil by the end of the year in the baseline scenario is taken as equal to $60 (4-month fact - $85.8), Caliber.Az reports, citing the Finance Ministry’s press service.

According to the forecast, in 2023, GDP will increase by 1.8 per cent in real terms to 111.6 billion manats ($65.6 billion), which is 5.6 billion manats ($3.3 billion) more compared to the previous forecast. Non-oil GDP will increase by 4.9 per cent in real terms to 77.7 billion manats ($45.7 billion), which is 4.4 billion manats ($2.6 billion) more from the previous forecast.

Average annual inflation for the current year is expected to be 10.4 per cent (3.5 percentage points higher than the previous forecast (6.9 per cent).

Caliber.Az
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