Baku: Azerbaijan’s Prime Minister Ali Asadov has announced a projected 5 percent real GDP growth rate for the country’s non-oil sector in 2026. Addressing a plenary session of the Milli Majlis, Asadov highlighted the country’s economic forecasts, noting significant expectations for the non-oil industries amidst a broader economic strategy.
According to Azerbaijan State News Agency, the country’s macroeconomic forecasts for 2026 include consolidated budget revenues of approximately 45 billion manats and expenditures forecasted at 48.8 billion manats. The overall budget deficit to GDP ratio is expected to be 2.9 percent. The projections indicate growth across all sectors of Azerbaijan’s economy, with the exception of oil and gas production.
Prime Minister Asadov emphasized the strategic shift towards the non-oil sector as the primary driver of economic growth. He noted that in 2022, the non-oil sector accounted for 52 percent of GDP, with expectations to reach 72 percent by 2025 and exceeding 80 percent by 2029. This shift underscores Azerbaijan’s long-term economic strategy to diversify and strengthen its non-oil industries.