ADB updates forecast on Azerbaijan's GDP growth

BAKU, Azerbaijan, April 4. Asian Development Bank (ADB) expects Azerbaijan's GDP growth at 3.5 percent in 2023, Trend reports via the latest Asian Development Outlook.

At the same time, the growth is expected to bounce back to 3.8 percent in 2024.

"Growth is projected to moderate in 2023 and accelerate slightly in 2024. Its slowing to 3.5 percent in 2023 will reflect less expansion in the non-hydrocarbon economy, and it will likely recover to 3.8 percent in 2024 along with oil production following the rehabilitation of oil field infrastructure in 2022," the bank said.

ADB also predicts a slowdown in average annual inflation in Azerbaijan to 7 percent in 2023, and to 6.5 percent in 2024.

Meanwhile, the Government of Azerbaijan forecasts GDP growth of 2.7 percent in 2023, and 4.1 percent in 2024, with an average annual inflation of 6.9 percent and 4.5 percent, respectively.

Azerbaijan's GDP grew by 4.6 percent in 2022.