Azerbaijan's GDP to grow an average of 3.5% annually through 2029, minister says

Azerbaijan's gross domestic product is projected to expand by an average of 3.5% per year during 2026–2029, Economy Minister Mikayil Jabbarov said during a parliamentary discussion of the draft state budget for 2026.

Report informs that, according to Jabbarov, one of the key priorities in preparing the budget was to develop forecasts for the country's socio-economic development.

"Given the global geopolitical and geo-economic uncertainties, particularly the volatility in energy, food, and financial markets, the budget forecasts were developed under baseline, optimistic, and pessimistic scenarios to assess potential risks," he said.

GDP growth is expected to reach 2.9% in 2026, with the non-oil and gas sector projected to expand at an average annual rate of around 5% over the medium term, Jabbarov added.