Azerbaijan projects 3.3% average GDP growth driven by non-oil sector

Azerbaijan’s average annual GDP growth for 2022–2025 is projected at 3.3%, entirely driven by the non-oil and gas sector, Economy Minister Mikayil Jabbarov said during a session of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship discussing the 2026 state budget.

“Despite ongoing global economic uncertainties, Azerbaijan has maintained stable development this year,” Jabbarov said, Caliber.Az reports per local media.

In this sector, the average annual GDP growth over the four-year period is expected to reach 6.1%, exceeding the target set in the national strategy, he added.

The minister also highlighted continued industrial development and investment in industrial zones. To date, 171 business entities with total investments exceeding 8 billion manats ($4.7 billion) have been granted resident status in these zones.

Jabbarov said that in the first nine months of the year, industrial zones accounted for 19.2% of Azerbaijan’s non-oil industrial production and 29.4% of exports.

“During this period, sales in industrial zones reached 2.9 billion manats [$1.7 billion], of which 938 million manats [$552 million] — or one-third — was from exports,” he noted.

He added that as of October 1, 508 business entities had received 612 investment incentive certificates.

“The implementation of these projects is expected to result in investments of nearly 7.4 billion manats [$4.4 billion] in local production and the creation of over 44,000 jobs, with 87% of the incentivized projects located in the regions,” Jabbarov said.

By Sabina Mammadli