In the first half of this year, economic growth in Azerbaijan was primarily driven by non-oil and gas sectors, while the actual price of oil exceeding the revised budget price suggests that by year-end, the actual GDP from the oil and gas sector will surpass the revised amount, Chamber of Accounts of the Republic of Azerbaijan told APA-Economics.
During the reporting period, GDP amounted to AZN 59,520.4 million, and a 4.3% economic growth was recorded. A significant positive impact on economic growth was formed by the non-oil and gas sectors, and their share in GDP rising to 65.2%. The actual price of oil exceeding the the price calculated in the budget in the first half of the year resulted in the oil and gas GDP fulfilling 56.6% of the annual forecast. The substantial excess of oil prices over the forecast in the first half of the year indicates that, even if the average monthly price of oil is at $65.0 per barrel in the coming months, it will not fall below the annual forecast. This suggests that by the end of the year, the actual nominal GDP in the respective sector will exceed the forecast.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on Facebook
Follow us on Twitter
