September 16, 2019 / 4:47 PM / a month ago

Azerbaijan's GDP seen up 2.4% in 2020, oil price $55 per barrel -budget draft

BAKU, Sept 16 (Reuters) - Azerbaijan’s gross domestic product is expected to grow 2.4% in 2020, slightly up from 2.3% expected this year, a draft of the country’s budget for next year, published on Monday, showed.

The budget draft is based on an oil price of $55 per barrel, down from $60 per barrel in the budget for this year.

Oil and gas account for about 75% of state revenue and around 35% of the gross domestic product (GDP) in the South Caucasus country.

The budget draft projects annual inflation accelerating to 4.6% in 2020 from 3.7% anticipated this year.

Revenue is seen at 24.484 billion manats ($14.4 billion) next year, up from 23.168 billion manats projected for this year. Spending is expected at 25.617 billion manats, up from 25.190 billion manats in 2019.

GDP growth is expected to decline to 2.3% this year, down from a previous forecast of 3.2%, Shakhin Mustafayev, the economy minister, said on Monday.

The country’s GDP increased 2.4% in January-August this year compared with the same period last year. ($1=1.7 manats) (Reporting by Nailia Bagirova in Baku Writing by Margarita Antidze Editing by Matthew Lewis)

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