"In recent years, the consistent reforms carried out in our country have ensured the sustainable development of the non-oil sector. During the reporting period, GDP in the non-oil and gas sector amounted to 92.3 billion manats, accounting for 71.5% of total GDP. This represents 2.7% real growth compared to 2024," Finance Minister Sahil Babayev said during the discussion of the draft law "On the Execution of the 2025 State Budget" at today's plenary session of the Milli Majlis, APA reports.
The minister said that the share of non-oil revenues in the consolidated budget reached 55.2%, while the share of non-oil tax revenues increased to 25%, which is 2.8 percentage points and 2 percentage points higher, respectively, than in the previous year:
"The share of non-oil revenues in total state budget revenues has increased from 43.3% to 52% over the past five years. The 2026 state budget envisages increasing the share of non-oil revenues to 57.4%. It should also be noted that during the reporting period, the ratio of current expenditures covered by non-oil revenues stood at 92%. This is 7.5 percentage points higher than the forecast and 0.2 percentage points higher than in 2024. I would like to note that our target by the end of the medium-term period, namely by 2029, is to increase this indicator to 100%. The dynamics of these indicators show that the development of the non-oil sector and reducing the state's dependence on oil revenues are among the government's main priorities. Measures aimed at increasing and diversifying non-oil sector revenues are being implemented on an ongoing basis, and the issue remains under constant supervision."
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