Azerbaijan Central Bank announces GDP growth forecast for 2023-2024

The Central Bank of Azerbaijan (CBA) forecasts that the country's gross domestic product (GDP) will grow by 4-5 per cent in 2023-2024, while growth in the non-oil sector will be 5-6 per cent.

The remarks came from CBA Chairman Taleh Kazimov at a press conference, Report informs.

"Dynamic development of Azerbaijan's economy, as well as other macroeconomic indicators, allow us to make such forecasts," he said.

Meanwhile, according to the World Bank forecasts, the growth of Azerbaijan's economy this year will be 2.8 per cent, and next year - 2.6 per cent.

In addition, the CBA said it has left its discount rate at 9 per cent.

The lower and upper thresholds of the interest rate corridor have been left at 7.5 per cent and 10 per cent, respectively, the CBA said.

The decision to keep the discount rate unchanged was made taking into account macroeconomic analyses, updated forecasts, changes in factors of domestic and external inflation and the balance of risks, the CBA said.

The CBA previously raised the discount rate five consecutive times, increasing it by 25 basis points each time. The last increase was to 9 per cent on May 4 and in June the rate was left at 9 per cent.

The next time the CBA is scheduled to discuss the discount rate is September 20.