Azerbaijan forecasts 3.5% average GDP growth for 2026–2029

Azerbaijan's economy is expected to grow at an average annual rate of 3.5% between 2026 and 2029, according to data from the Ministry of Finance cited by Report.

During this period, growth in the non-oil and gas sector is projected to average 4.9%.

In 2026, GDP growth is forecast at 2.9%, with the non-oil and gas sector expanding by 5%, while the oil and gas sector is expected to decline by 2.4%.

For 2027, overall GDP is projected to grow by 3.3%, including a 4.8% increase in the non-oil and gas sector, and a 1.3% decline in the oil and gas sector.

In 2028, GDP is expected to grow by 3.1%. The non-oil and gas sector is projected to expand by 5%, while the oil and gas sector is expected to contract by 3.2%.

In 2029, overall economic growth is forecast at 4.8%, with the non-oil and gas sector growing by 4.9%, and the oil and gas sector increasing by 4.7%.

Nominal GDP is projected to rise from 134.1 billion manats ($78.9 billion) in 2026 to 161.8 billion manats ($95.18 billion) in 2029.

By 2030, the share of the non-oil and gas sector in Azerbaijan's GDP is expected to reach 80%.

For comparison, GDP growth in 2025 is forecast at 3%, including 4.6% growth in the non-oil and gas sector and a 0.2% decline in the oil and gas sector.