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Akbar Novruz

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Azerbaijan directed more than three-quarters of its fixed capital investment to the non-oil and gas sector in 2025, although investment declined in both the energy and non-energy segments compared with the previous year.

Fixed capital investment in the non-oil and gas sector amounted to 16.358 billion manats (approximately $9.62 billion) during the year.

Meanwhile, 5.380 billion manats (approximately $3.17 billion) was invested in the oil and gas sector.

Combined, the two sectors attracted approximately 21.738 billion manats ($12.79 billion) in fixed capital investment in 2025.

The non-oil and gas sector accounted for 75.3% of the total, compared with 24.7% for the oil and gas industry, highlighting the dominant role of non-energy activities in Azerbaijan's capital investment structure.

Despite its larger share, investment in the non-oil and gas sector decreased by 1% year-on-year in comparable prices.

The contraction was considerably sharper in the oil and gas sector, where fixed capital investment fell by 9.6% compared with 2024.

The non-oil and gas economy also dominated investment allocated to construction and installation works.

Some 13.535 billion manats (approximately $7.96 billion) was spent on construction and installation in the non-oil and gas sector during 2025.

By comparison, expenditure on such works in the oil and gas sector amounted to 2.705 billion manats (approximately $1.59 billion).

Together, construction and installation expenditure across the two sectors reached approximately 16.240 billion manats ($9.55 billion).