Azerbaijan’s economy grew 1.7% in the first 10 months of 2026, although output in the oil and gas sector declined 0.9%.
Nominal gross domestic product reached 115.9305 billion manats, or about $68.2 billion, in January through October, according to the State Statistical Committee and Vesti Baku.
Non-Oil Economy Expands 2.9%
Value added in the non-oil and gas sector totaled 80.7014 billion manats, or about $47.5 billion, and increased 2.9% in real terms.
The sector accounted for 69.6% of Azerbaijan’s GDP.
The oil and gas sector generated 35.2291 billion manats, or about $20.7 billion, in value added. Its share of the economy stood at 30.4%, while real output fell 0.9% from January through October 2025.
Transportation and warehousing were among the fastest-growing areas, with services up 10.2%. Information and communications services grew 9.9%, non-oil manufacturing increased 4.8%, and retail trade rose 3.8%.
Fixed-capital investment increased 9.7% to 16.5198 billion manats, or about $9.7 billion. Overall industrial production, however, declined 0.7%.
The Economy Ministry forecasts full-year GDP growth of 1.7% in 2026. Azerbaijan’s economy expanded 1.4% in 2025.