Azerbaijan's non-oil-gas GDP to rise 38% by 2027 from 2023, finance minister says

Azerbaijani Finance Minister Sahil Babayev said that in 2027 the value of non-oil-gas gross domestic product (GDP) in Azerbaijan will be 30 billion manat higher than in 2023. He made the remarks at a meeting of the parliament's Economic Policy, Industry and Entrepreneurship Committee, which discussed the 2027 budget framework. Babayev said this means a 38% increase over five years.

The government forecasts that the country will produce 141 billion manat of GDP next year, of which 109.1 billion manat is expected to come from the non-oil-gas sector. Economic growth is projected at 2.7%, including 4.4% in the non-oil-gas sector. A 1.8% decline is expected in the oil and gas sector.

Babayev said the 2027 budget assumes an oil price of $65 per barrel. He said the government expects oil prices to be higher given the current geopolitical situation, but adopted a conservative approach to protect the fiscal framework and ensure unified fiscal discipline over the medium term.