Azerbaijan raises assumed oil price for 2022 draft budget

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Azerbaijan has increased the assumed average oil price in its 2022 draft budget to $45 a barrel, from a previously envisaged $40 a barrel, the finance ministry said on Thursday.

The ministry also expects the energy-dependent economy to grow by 4% next year, slowing from a 4.6% increase this year and a pandemic-induced fall of 4.3% in 2020.

The budget deficit is expected at 3.2% of gross domestic product in 2022 while inflation is projected at 3.6% next year, against the 4.9% seen for 2021 and 2.8% in 2020.