Azer Amiraslanov: Projected economic growth reflects decline in oil production

Azerbaijan's projected economic growth reflects changes in the industrial structure, in particular, a decline in oil production, Azer Amiraslanov, chairman of the Azerbaijani Parliamentary Committee on Economic Policy, Industry, and Entrepreneurship, said at a plenary session of parliament during the first reading of the draft law "On the State Budget for 2026," Report informs.

According to him, the decline in the oil sector's share of the economy, amid GDP growth-1.3% in the first 10 months of this year, an expected 3% by the end of the year, and a projected 2.9% in 2026, "is neither stagnation nor an economic pathology."

Amiraslanov noted that the projected growth, comparable to expected global indicators, "reflects changes in the industrial structure, in particular, a decline in oil production."

"The reality is that a decline in production volumes due to structural transformation could reduce growth rates in the non-oil sector as well," he added.

The MP recalled that the dynamics of oil production in Azerbaijan were determined by long-term geological and technical forecasts laid out as part of the Contract of the Century: "If we look at the actual figures, oil production increased from 9 million tons in 1995 to 51 million tons in 2010. Since 2011, production has gradually declined, reaching 34 million tons in 2020, and for the first 10 months of this year, it has reached 23 million."