Azerbaijan Forecasts GDP Rise to 169.1 Billion Manat by 2030

Azerbaijan's gross domestic product (GDP) is forecast to reach 169.1 billion manat in 2030, with the non-oil-and-gas sector's share rising to 82 percent. Day.Az reports that this is set out in the Medium-Term Expenditure Framework published by the Ministry of Finance for the next four years. GDP is projected to reach 141 billion manat by the end of 2027, including 109.1 billion manat from the non-oil-and-gas sector.

In the medium term, real GDP is expected to grow at an average annual rate of 3.3 percent, and non-oil-and-gas GDP at 4.4 percent. Oil output is expected to rise from 2029, when the Absheron field reaches full capacity. The base scenario assumes an average export oil price of $65 per barrel in 2027, held at that level in 2028-2030.

The Ministry of Economy estimates that average inflation, forecast at 5.7 percent this year, will gradually fall to 4.3 percent in 2030. Household incomes are projected to reach 137 billion manat in 2030, with spending at 134.1 billion manat. Fixed capital investment is set to grow 2.4 percent in 2027.