Azerbaijani PM: Predictions indicates inflation will be single digit next year

Ali Asadov, Prime Minister of Azerbaijan

© APA | Ali Asadov, Prime Minister of Azerbaijan

# 05 December 2023 12:10 (UTC +04:00)

"In the budget, the price of oil is set at 60 US dollars," said Prime Minister of Azerbaijan Ali Asadov during the discussion of budget envelope for 2024 at today's meeting of the Milli Majlis (Azerbaijani Parlieamnt), APA reports.

The Prime Minister said that the I State Program on the Great Return has a significant impact on budget expenditures: "In 2024, the level of non-oil revenues of the state budget to cover current expenditures exceeded 75%. State budget expenses have increased compared to 2022. The share of the state budget deficit in GDP is predicted to be 2.2%. When the macroeconomic framework was predicted, the defined goals related to economic growth were taken into account. The predicted growth rate of economic growth is supposed to be 2.2%. One of the positive macroeconomic indicators is the decrease in the rate of inflation. Anti-inflationary measures of the government, falling prices in global food markets and other measures have a reducing effect on inflation. Inflation is predicted to be in the single digits next year. According to the State Statistics Committee, the average monthly inflation in 11 months was 9.4%, and the annual inflation was 2.6%. Necessary measures will be continued to ensure an acceptable level of inflation for economic growth, as well as fiscal and monetary policy".