Today.Az » Business » Azerbaijani government improves economic growth forecasts
23 October 2018 [16:33] - Today.Az
By Trend
The Azerbaijani government has forecast real GDP growth for 2019 at the level of 3.6 percent. Earlier it was predicted that the country's economy will grow by 3.1 percent next year. The updated forecast is presented in the draft Law on the State Budget of Azerbaijan for 2019. A growth by 3.8 percent is expected in 2020 (previous forecast was 3.5 percent), a growth by 3 percent – in 2021 (2.4 percent earlier), by 2.7 percent - in 2022 (forecast for 2022 was not provided previously). The forecast for 2018 remained unchanged at 2 percent. Forecasts of the Azerbaijani government on GDP growth for 2018-2022 | 2018 | 2019 | 2020 | 2021 | 2022 | Current forecast | Nominal GDP (in billion manats) | 70.2 | 81.9 | 87.4 | 93 | 98.9 | Real GDP growth rate (percent) | 2 | 3.6 | 3.8 | 3 | 2.7 | Previous forecast | Nominal GDP (in billion manats) | 74.65 | 75.4 | 81.25 | 84.97 | - | Real GDP growth rate (percent) | 2.0 | 3.1 | 3.5 | 2.4 | - |
In the non-oil sector, the government expects a growth of 3.4 percent for 2018, 3.9 percent for 2019, 3.8 percent for 2020, 4.6 percent for 2021 and 3.6 percent for 2022. The oil sector, despite the expected decline of 0.3 percent this year, will steadily grow in the coming years. Accordingly, the growth rate of the oil sector is expected to be 3.1 percent in 2019, 3.8 percent - in 2020, 3.6 percent - in 2021, 1.3 percent - in 2022.
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