Medium-term growth to be driven entirely by non-oil sector, Accounting Chamber reports
Nazrin Abdul
Read moreAccording to the base scenario of Azerbaijan’s macroeconomic framework, the country is expected to experience annual economic growth over the medium term, with analyses indicating that growth in 2026-2028 will be fully, and in 2029 primarily, supported by the non-oil and gas sector.
As reported by Azernews, these projections are included in the opinion of the Accounting Chamber of Azerbaijan on the draft 2026 State Budget, discussed today at a meeting of the Milli Majlis (Parliament) Committee for Economic Policy, Industries, and Enterprising.
The draft indicates that under the base scenario for 2026, the Azerbaijani economy is expected to operate in a favorable macroeconomic environment, characterized by real economic growth, moderate inflation, a current account surplus, and a stable exchange rate.
According to the budget framework, the main fiscal parameters for the medium term were prepared based on various crude oil price scenarios, with the base scenario assuming a price of 65 USD per barrel. Under this scenario, the economy is projected to grow by 2.9% in real terms next year, with GDP reaching 134.1 billion manats. Notably, only the non-oil and gas sector is expected to contribute to economic growth in the upcoming year.
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