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Deputy minister: Share of non-oil and gas sector in Azerbaijan's GDP to reach 82% by 2030

Deputy Minister of Economy Azer Bayramov

12 November 2026 12:05 (UTC +04:00)

The share of the non-oil and gas sector in Gross Domestic Product (GDP) is expected to reach 82%, while GDP per capita is projected to reach USD 9,600 by 2030, Deputy Minister of Economy Azer Bayramov said during today's joint meeting of the Committees on Youth and Sports, Public Associations and Religious Organizations, and Culture of the Milli Majlis, while discussing the draft law "On the State Budget for 2027," APA reports.

He stated that a cautious approach had been adopted regarding oil prices, with the baseline scenario assuming an oil price of USD 65 per barrel.

"Economic growth is projected at 2.7% in 2027, with average annual growth of 3.3% in 2027–2030 and 4.4% in the non-oil and gas sector. These forecasts form the basis of the revenue and expenditure parameters of the 2027 state budget," he said.

Ilkin Naib

Azerbaijan Azer Bayramov Ministry of Economy non-oil and gas sector GDP economic growth GDP per capita 2027 state budget oil prices economic forecasts Milli Majlis