Fitch Solutions: Economic growth to reach 3.1% in Azerbaijan in 2024

Fitch Solutions, owned by the Fitch Group, has published its forecast for the Azerbaijani economy for 2024.

The company predicts that economic growth in Azerbaijan will reach 3.1 per cent, nominal GDP - 168.6 billion manats ($99.2 billion), GDP per capita - 16,115 manats ($9,479) in 2024, APA reports citing the company.

“Our oil and gas team forecasts that average annual oil prices will rise from $80 per barrel in 2023 to $83 per barrel in 2024. Higher oil prices and oil production volumes will accelerate economic growth next year. According to our expectations, average annual inflation will reach 7.5 per cent in 2024 while it will decrease to 6.2 per cent by late 2024. According to our forecasts, the Central Bank of Azerbaijan will reduce the key rate to 8.25 per cent by late 2024,” the message said.