Deputy Minister: Azerbaijan's economic growth entirely driven by non-oil sector

Taking into account the expected growth rate in Azerbaijan this year, the average annual growth of non-oil and gas GDP in 2022–2025 has exceeded the targets set in strategic documents, according to the country's Deputy Minister of Economy Samad Bashirli, Report informs.

Speaking during a joint session of the parliamentary committees on Youth and Sports, Public Associations and Religious Institutions, and Culture, Bashirli pointed out that the average annual growth of non-oil and gas GDP is projected to reach 6.1% during 2022–2025.

"The fact that overall GDP growth is formed entirely by the non-oil and gas sector is a significant achievement in terms of economic diversification and strengthening the private sector. This trend contributes to further consolidating the country's economic stability and ensuring long-term sustainable development," he added.

The deputy minister emphasized that efforts toward economic diversification are continuing consistently, and the results of this policy will be felt more clearly in economic growth indicators in the coming years.

"Macroeconomic stability is one of the key indicators of Azerbaijan's sustainable development. The favorable environment allows for maintaining fiscal discipline, managing inflation, improving the investment climate, and expanding the non-oil sector. At the same time, this process stimulates the alignment of economic growth with social welfare and the implementation of long-term development strategies," Bashirli said.