BAKU: Azerbaijan’s Finance Ministry said on Thursday that it expects oil prices of $50 per barrel in the oil-rich country’s 2023 budget.

Azerbaijan’s gross domestic product is expected to grow 2.7% in 2023, slightly up from 3.2% expected this year, a draft budget showed.

The budget draft projects annual inflation accelerating to 6.9% in 2023 from 12.5% anticipated this year.

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Revenue is seen at 32.94 billion manats ($19.3 billion) next year, up from 29.19 billion manats projected for this year. Spending is expected at 37.88 billion manats, up from 32.3 billion manats in 2022.