Azerbaijan's minister shares forecast on GDP for late 2022

By Trend

Azerbaijan's GDP is expected to reach 130 billion manat ($76.4 billion), the highest level in the country’s history, by the end of 2022, Economy Minister Mikayil Jabbarov said on November 3 at a meeting of the Azerbaijani Parliament’s Committee on Economic Policy, Industry and Entrepreneurship during the discussion of the state budget for 2023, Trend reports.

According to Jabbarov, such a figure can be achieved if the current world oil and gas prices remain until the end of this year.

He noted that the share of the non-oil industry in the GDP is growing in Azerbaijan, and tax revenues and fees for compulsory state social insurance have also increased.

The minister also noted that the inflation rate in Azerbaijan was affected by the rise in prices for food products in the world market, reminding growth of import prices for the products from January through August this year by more than 21 percent.

Jabbarov added that this year the government had implemented anti-inflationary measures.