Azerbaijan's non-oil and gas growth set to exceed target

Azerbaijan's non-oil and gas sector is expected to grow by an average of 5.2% a year over 2022–2026, exceeding the target set in the country's socioeconomic development strategy for the period, Deputy Economy Minister Azer Bayramov said.

Report informs that Bayramov made the remarks during a discussion of the draft 2027 state budget at a joint meeting of the parliament's committees on Legal Policy and State Building; Defense, Security and Combating Corruption; Human Rights; and Regional Affairs.

"Despite continued uncertainty in the global economy, Azerbaijan has maintained macroeconomic stability, continued to diversify its economy and seen steady growth in its non-oil and gas sector. That sector is driving economic growth. Taking into account the expected results for 2026, we project that the non-oil and gas sector will grow by an average of 5.2% a year over 2022–2026. This is above the target set in the strategy," Bayramov said.