The Central Bank of Azerbaijan (CBA) forecasts Azerbaijan's GDP growth at 1.3 percent in 2023, Chairman of the Board of CBA Taleh Kazimov told reporters.
He spoke at the discussion of the state budget at today's session of Azerbaijan's Milli Majlis (parliament).
"GDP growth is forecasted at 1.3 percent in 2023, 3.3 percent in 2024, and 3.2 percent in 2025," he stressed.
In addition, Kazimov noted that supply exceeded demand at 99 percent of currency auctions from January through October 2023 held by the Central Bank of Azerbaijan since the beginning of the year.
"The CBA conducted purchasing interventions in the foreign exchange market to ensure the stability of the exchange rate." The CBA's reserves increased by $1.2 billion as a result," he noted.
Azerbaijan's GDP increased by 0.8 percent year on year from January to September 2023, reaching 90.8 billion manat ($53.4 billion).
From January to September 2023, value added in the non-oil sector increased by 3 percent, while it declined by 1.5 percent in the oil and gas sector.
GDP per capita in Azerbaijan amounted to almost 8,949 manat ($5,264) from January through September 2023.
In addition, the CBA lowered the discount rate from 9 to 8.5 percent on November 1. The upper limit of the interest rate corridor was reduced from 10 percent to 9.5 percent, and the lower limit from 7.5 percent to 7 percent.
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