Finance

Home page

Finance

Non-oil sector to become main driver of Azerbaijan’s economy in medium term - Prime Minister

09 December 2025 12:15 (UTC +04:00)

Azerbaijan’s economy has entered a phase of technological modernization and digital transformation in recent years, and in the medium term, the driving force of our economy will be the non-oil sector, Prime Minister Ali Asadov said during today’s discussion of the draft law “On the State Budget of the Republic of Azerbaijan for 2026” at the Milli Majlis, APA reports.

The Prime Minister noted that in 2026, consolidated budget revenues are projected at approximately 45 billion manats, while expenditures are forecast at 48.8 billion manats: “The consolidated budget deficit is equal to 2.9% of GDP. Based on macroeconomic forecasts, a real growth rate of 5.0% is expected in the non-oil sector’s GDP in 2026. With the exception of oil-gas production, all sectors of the national economy are projected to grow. In recent years, Azerbaijan’s economy has entered a phase of technological modernization and digital transformation. The quality indicators of economic growth have improved, and modernization of economic infrastructure, innovation, and digitalization have become key priorities. In the medium term, the driving force of our economy will be the non-oil sector. While at the beginning of the Strategy, in 2022, the non-oil sector accounted for 52% of GDP (2025 – 72%), this ratio will exceed 80% by 2029.”