Azerbaijan unveils economic growth forecast for 2024

Baku, The Gulf Observer: For the year 2024, the Ministry of Finance of the Republic of Azerbaijan has projected a 2.4% increase in the real Gross Domestic Product (GDP), culminating in a total GDP of AZN 118.4 billion. This forecasted growth signifies the anticipated economic expansion within Azerbaijan and serves as an indicator of the nation’s financial trajectory for the forthcoming year. The assessment reflects the government’s insights into various economic sectors, portraying a positive outlook for the country’s economic performance in 2024, according to the Ministry of Finance of the Republic of Azerbaijan.

Next year, the non-oil GDP is forecasted to increase by 4.6% and reach AZN 84.2 billion.

Note that the Central Bank of Azerbaijan (CBA) forecasts that the real economic growth rate in Azerbaijan in 2024 will be equal to 3-3.5%, and around 5-5.5% in the non-oil and gas sector.