Fitch Solutions presents forecast on economy of Azerbaijan

17:18 - 28.11.2023

November 28, Fineko/ Fitch Solutions has published its forecast on the economy of Azerbaijan for 2024.

ABC.AZ reports that FS predicts that in 2024 economic growth in Azerbaijan will be 3.1%, nominal GDP will reach 168.6 billion. GDP per capita is 16,115 manats.

 "Our oil and gas industry team predicts that average annual oil prices will rise from $80 per barrel in 2023 to $83 per barrel in 2024. Higher oil prices and oil production volumes will accelerate economic growth next year. According to our expectations, in 2024 the average annual inflation will be 7.5%, and by the end of 2024 it will decrease to 6.2%. At that, according to our forecasts, the Central Bank of Azerbaijan will reduce the discount rate to 8.25% by the end of 2024," FS said.

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