Azerbaijan projects average annual GDP growth of 3.3% through 2030

Azerbaijan expects significant growth in tourism and information and communications next year, Economy Ministry Chief of Staff Elvin Jamalov said.

Report informs that Jamalov presented the forecasts during discussions on the 2027 budget package at today's meeting of parliament's Committee on Economic Policy, Industry and Entrepreneurship.

He said gross domestic product was expected to grow by approximately 1.7% this year.

"Economic growth is projected to reach 2.7% in 2027 and average 3.3% annually over 2027–2030. Average annual growth in the non-oil and gas sector is forecast at 4.4%. The oil and gas sector is expected to contract by 1.8% in 2027 and by an annual average of 0.4% over the medium term," Jamalov said.

He identified the non-oil and gas sector, information and communications, tourism and transport as the main drivers of economic development.

"Over the medium term, average annual growth is projected to exceed 7% in the non-oil and gas sector, surpass 11% in information and communications and exceed 8% in tourism. Growth in transport is forecast at around 5%, while agriculture is expected to grow by 2.8%," he added.