BAKU, Azerbaijan, May 30. GDP in the non-oil sector of Azerbaijan grew by three percent from January through April 2023, Trend reports.
According to the Ministry of Finance of Azerbaijan, the country's total GDP in the reporting period amounted to 40 billion manat ($23.5 billion), of which 22.7 billion manat ($13.3 billion) fell on the non-oil sector.
The total GDP grew by 0.1 percent in general terms and non-oil GDP - by 3.1 percent compared to 2022.
In the first four months of this year, growth was recorded in most sectors of the economy, including agriculture (3.5 percent), construction (10.1 percent) and information and communications (12.1 percent).
Meanwhile, a decline of 2.6 percent was recorded in the industry due to a decrease in oil production.
Besides, from January through April 2023, the volume of foreign trade operations in real terms grew by 5.1 percent year on year and reached $12.2 billion.
During the specified period, export transactions amounted to $8.2 billion, while import transactions - $4 billion.
Exports of non-oil products also increased by 23.2 percent in actual prices and by 19.2 percent in real terms, reaching $912.2 million.
The average export price per barrel of Azeri Light crude oil from January through April 2023 was $85.8, exceeding the expected price indicated in the 2023 budget.
As a result of positive trends in the non-oil sector of the economy over the reporting period, consolidated budget revenues for the first four months of 2023 increased by 75.6 percent compared to last year, amounting to 21.26 billion manat ($13.51 billion).
Consolidated budget expenditures also increased by 9.5 percent and amounted to 9.95 billion manat ($5.85 billion). As a result, the consolidated budget showed a surplus of 11.3 billion manat ($6.6 billion).
State budget revenues for the first four months of 2023 amounted to 12.16 billion manat ($7.15 billion), exceeding the forecast of 11.47 billion manat ($6.75 billion). The share of the non-oil sector in the state budget revenues increased by 6.2 percentage points, making up 52.9 percent.
Despite the implementation of state budget expenditures by 107.3 percent compared to the forecast, the budget showed a surplus of 3.2 billion manat ($1.8 billion).
Given global economic and geopolitical processes, as well as energy prices, the Ministry of Economy of the Republic of Azerbaijan has updated macroeconomic forecasts for 2023.
According to the updated forecasts, the average export price of a barrel of oil is expected to be $60. GDP in real terms is projected at 111.6 billion manat ($65.6 billion), and non-oil GDP - 77.7 billion manat ($45.7 billion).
It's also expected that inflation this year will be 10.4 percent.
In 2022, Azerbaijan's total GDP increased by 4.6 percent to 133.8 billion manat ($78.7 billion) compared to the preceding year.
