Azerbaijan determines average export price of a barrel of oil in the remaining months of 2023

Azerbaijan determines average export price of a barrel of oil in the remaining months of 2023
# 30 May 2023 15:09 (UTC +04:00)

For the rest of the year, the average export price of one barrel of oil will be USD 60.0 in Azerbaijan, according to the draft law "On Amendments to the Law of the Republic of Azerbaijan "on the 2023 State Budget of the Republic of Azerbaijan", APA-Economics reports.

According to the updated macroeconomic forecasts in the draft law, the average export price of one barrel of oil for the rest of the year in the base scenario is taken to be 60.0 USD (4-month fact is 85.8 USD).

According to forecasts, in 2023 GDP in real terms will grow by 1.8 percent to 111.6 billion manats (5.6 billion manats more than the previous forecast), including non-oil GDP in real terms will grow by 4.9 percent to 77 .7 billion manats (4.4 billion manats more than the previous forecast).

Average annual inflation this year is expected to be 10.4 percent (3.5 percentage points (6.9%) higher than the previous forecast.

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THE OPERATION IS BEING PERFORMED