The Government of Azerbaijan expects a 1.5% decline in GDP in the oil and gas sector by the end of 2023. "According to updated estimates, the decline in oil and gas GDP this year will be 1.5%, although the initial forecast was an increase of 0.4%. In January-April 2023, the decline in the oil and gas sector amounted to 2.9%," the conclusion of the Accounts Chamber of the Republic of Azerbaijan on the draft amendments to the state budget of Azerbaijan for 2023. The document states that the base oil price for 2023 increases from $50 to $60 per barrel. "As a result, the forecast for nominal GDP has been increased by 5.6 billion manats to 111.6 billion manats. At the same time, 4.4 billion manats of growth will be generated in the oil and gas sector, another 1.2 billion manats in the non-oil and gas sector," the Accounting Chamber notes. According to the updated government estimates, Azerbaijan's GDP growth this year will be 1.8% (the primary forecast is 2.7% growth), including growth in the non-oil and gas sector - 4.9% (the primary forecast is 4.5% growth). In general, the Chamber believes that the actual nominal volume of GDP by the end of 2023 will be higher than the government predicts.
Source: Turan News Agency