WB announces forecasts of economic growth in Azerbaijan until 2025

    ECONOMICS  06 June 2023 - 21:01

    Azerbaijan's gross domestic product (GDP) growth rate for 2023 is projected at 2.2 per cent, which is 0.6 percentage points lower compared to January's expectations.

    As Report informs, according to World Bank’s (WB) "World Economic Outlook" June report, published on June 6. Azerbaijan’s GDP growth will be 2.5 per cent in 2024 (January forecast - 2.6 per cent) and 2.6 per cent in 2025.

    According to the updated forecast of the Azerbaijani government, the nominal volume of GDP for 2023 is estimated at AZN 111.6 billion ($65.6 billion), with the original forecast being AZN 106 billion ($62.3) and real growth by 1.8 per cent (2.7 per cent).

    The nominal volume of non-oil GDP is forecasted at AZN 77.7 billion ($45.7 billion) when the initial forecast was AZN 73.3 billion ($43.1 billion). In this vein, real growth amounted to 4.9 per cent (4.5 per cent).

    Azerbaijan's GDP growth in 2022 was 4.6 per cent, including the non-oil sector growth of 9.1 per cent.

    Azerbaijan joined the WB in 1992. Since then, the bank has financed over 50 projects with total commitments of $4.4 billion. It started economic cooperation in Azerbaijan to help increase the country’s institutional capacity and build efficient oil reserves management. The WB has always supported the large-scale reforms carried out in Azerbaijan.

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