Non-oil drivers of Azerbaijan's economic growth in 2023-2024 revealed

The share of the non-oil-and-gas sector in Azerbaijan's total GDP will rise to 66% in 2023 and reach 68% in 2024, Gulnara Khaidarshina, Deputy Head of Research at Russia's Gazprombank and Chief CIS Economist, said.

This indicator was at the level of 64% in 2021 and 2022.

According to Khaidarshina, the expansion of consumer activity, new projects in Karabakh, infrastructure projects, and the IT sector will be the main drivers of growth in the non-oil and gas sector.

"In 2023, economic growth may normalize to 3% from 4.6% in 2022. Growth will accelerate to 3.5% in 2024, with the support of the further development of the non-oil and gas sector," Khaidarshina noted.