BAKU, Azerbaijan, December 14. The Azerbaijani government expects the transport and warehousing sectors to contribute more to the total gross domestic product (GDP) between 2024 and 2027, Trend reports, referring to the country's socio-economic development forecasts for the next four years.
The nominal volume of the transport and warehousing sector in Azerbaijan's GDP in 2024 is anticipated to be 13.14 billion manat ($7.7 billion) with a growth rate of 4.5 percent in the base scenario assuming an oil price of $60 per barrel.
The value is expected to rise to 13.97 billion manat ($8.2 billion) in 2025, with a 4.2 percent annual growth rate.
The transportation sector's nominal volume in total GDP is anticipated to be 14.9 billion manat ($8.76 billion) in 2026, with a growth rate of 4.4 percent.
A significant breakthrough is expected in 2027, in which in nominal prices the transport and warehousing sector in GDP may approach 16 billion manat ($9.4 billion) with a growth rate of 4.9 percent per annum.
The government forecasts a nominal GDP of 118.4 billion manat ($69.6 billion) for 2024 with a growth rate of 2.4 percent (at an oil price of $60 per barrel).
For 2025, GDP is expected to be 124.5 billion manat ($73.2 billion) with a growth rate of 2.9 percent, for 2026, 128.9 billion manat ($75.8 billion) with a growth rate of 2.7 percent, and for 2027, 135.6 billion manat ($79.7 billion) with a growth rate of 3.6 percent.
The share of the transport sector in total GDP will thus approach 12 percent by 2028 (expectations for 2024 are for the share of transport in GDP to reach 11 percent).
