Azerbaijan finance ministry announced plans to revise the state budget based on a USD 60 per barrel oil price, a rise from the previous USD 50. Following an average oil export price of $85.8 per barrel in the first four months of 2023, the budget spending will likely increase by 14% from 2022. That includes significant increases in reconstruction funds for areas reclaimed from Armenia in 2020 and military spending. The GDP growth forecast was also adjusted to a 1.8% expansion, while consumer prices are forecast to rise 10.4%.