BAKU, Azerbaijan, November 4. Growth in the
non-oil and gas sector in Azerbaijan will reach 5.2%, Chief of
Staff of the Ministry of Economy Elvin Jamalov said today during a
meeting of the parliamentary Committee on Economic Policy, Industry
and Entrepreneurship, where the draft law "On the State Budget of
Azerbaijan for 2027" was presented for its first reading.
He remarked that from January through September 2026,
Azerbaijan's non-oil and gas exports (excluding gold transactions
by the State Oil Fund of the Republic of Azerbaijan) increased by
20.5% compared to the same period last year, reaching $3.2 billion.
Industrial products accounted for 60% of total exports.
According to him, Azerbaijan's economy maintains its stability.
Based on the outcomes of the Socio-Economic Development Strategy
for 2022–2026, and taking into account the projected results for
2026, the average annual growth of the country's Gross Domestic
Product (GDP) is forecast at 2.7 percent, while growth in the
non-oil and gas sector is expected to reach 5.2%. These figures
exceed the established targets.
Jamalov noted that 2026 marks the final year of the
Socio-Economic Development Strategy for 2022–2026, and a new phase
of development, covering the years 2027–2030, lies ahead.
"The conceptual foundation for this phase is the strategic
course defined by President Ilham Aliyev. This course rests on
three fundamental objectives: ensuring economic growth through
sustainable and diversified sources, strengthening the leading role
of private investment and entrepreneurship in economic development,
and expanding the potential for the export of goods and services,"
he mentioned.
According to the official, long-term and inclusive economic
growth depends on the development of export-oriented sectors that
generate high added value. In this regard, it's important to expand
the role of tradable sectors of the non-oil and gas economy,
particularly industry and services, in economic growth in the
coming period.
He said that, taking into account the expected results for 2026,
non-oil and gas exports would increase 2.5-fold compared to
2019.
Meanwhile, as of October 1, 2026, Azerbaijan's strategic foreign
exchange reserves reached $89.4 billion. This is twice the level
recorded at the end of 2018 and exceeds the country's annual GDP.
The reserves are approximately 20 times higher than external public
debt.
Jamalov added that the number of employment contracts in the
private segment of the non-oil and gas sector had nearly doubled
since 2019, accounting for 56.5% of all employment contracts.
He identified the non-oil and gas industry, logistics, and
digital services as the main drivers of growth in the non-oil and
gas sector.
"Private sector investment in fixed capital amounted to 14.7
billion manat ($8.65 billion), rising by 10.9% in real terms.
Private investment in the non-oil and gas sector increased by
around 21%," he emphasized.
The chief of staff also highlighted the importance of state
budget expenditure execution for economic growth.
"Full execution of state budget expenditures, including capital
expenditures, by the end of the year is an important factor
affecting the pace of economic growth," Jamalov said.
Addressing foreign trade figures, he noted that in the first
nine months of 2026, Azerbaijan's foreign trade balance, excluding
gold transactions by the State Oil Fund, increased by 25%,
resulting in a surplus of $7.1 billion.
