On November 1, the Central Bank of Azerbaijan (CBA) announced its forecast for the growth of the gross domestic product of the largest economy in the South Caucasus for the next year.

According to Taleh Kazimov, the chairman of the CBA, in 2023, the republic's GDP is projected to grow by 1.5%. For 2024, this indicator is set at 3.5%, for 2025 - 4%. The CBA forecasts non-oil GDP growth at 3% this year, 6% in 2024, and 5.5% in 2025.

In 2022, Azerbaijan's GDP grew by 4.6%. The republic's non-oil and gas sector increased by 9.1%, while the decline in the oil and gas sector was 2.7%.

Moreover, the amount of funds to be allocated in 2024 to strengthen the defense potential of Azerbaijan was announced. 

To strengthen the defense potential and further improve the material and technical support of the armed forces, funds for EUR 1.66 billion are projected from the main expenditures of the state budget.

In addition, funds in the amount of 25.5% of the 2024 state budget, or EUR 5.2 billion, are provided to finance expenses for defense and national security, the maintenance of the judiciary, law enforcement agencies, and the prosecutor’s office, which is 5.5% more than the forecast for the execution of the state budget for 2023, as well as 29.1% more than the figures for 2022.

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