According to forecasts presented by the Ministry of Economy of the Republic of Azerbaijan in March this year, the average annual export price of oil is assumed to be $65 per barrel for 2027–2030 under the baseline scenario, APA-Economics reports.
This was stated in the Medium-Term Budget Framework for 2027–2030 released by the Ministry of Finance.
According to the forecasts, GDP is expected to reach AZN 139.0 billion by the end of 2027 and increase to AZN 166.9 billion by 2030. The share of the non-oil and gas sector in GDP is projected to rise from 71.5% in 2025 to 78% in 2027 and to 81.8% in 2030. Over the medium term, the average annual real GDP growth rate is forecast at 3.3%, while non-oil GDP is expected to grow by 4.2%.