Azerbaijan increases oil price forecast by $10 per barrel
Azerbaijan's state budget for 2023 increases the price of 1 barrel of Azeri Light oil from $50 to $60.
Based on updated macroeconomic forecasts the average export price of 1 barrel of oil by the end of the year in the baseline scenario is taken as equal to $60 (4-month fact - $85.8), News.Az reports citing the Finance Ministry’s press service.
According to the forecast, in 2023, GDP will increase by 1.8 per cent in real terms to 111.6 billion manats ($65.6 billion), which is 5.6 billion manats ($3.3 billion) more compared to the previous forecast. Non-oil GDP will increase by 4.9 per cent in real terms to 77.7 billion manats ($45.7 billion), which is 4.4 billion manats ($2.6 billion) more from the previous forecast.
Average annual inflation for the current year is expected to be 10.4 per cent (3.5 percentage points higher than the previous forecast (6.9 per cent).