Azerbaijan’s economy enters phase of sustainable growth, minister says

Azerbaijan’s economy has entered a phase of sustainable development, underpinned by a diversification strategy that reduces reliance on oil and gas while promoting growth in the non-oil sector, Economy Minister Mikayil Jabbarov said during his speech at the “InMerge Innovation Summit 2025”.

Over the past two decades, Azerbaijan’s economic strategy has attracted more than $344 billion in investments, with over $210 billion directed to the non-oil sector. These figures reflect not only the scale of investment but also international confidence in the country’s stability, security, and economic opportunities.

“From 2021 to 2024, the non-oil sector grew by an average of 6.7 percent annually, increasing its share of the national economy,” Jabbarov said. He added that non-oil exports have nearly doubled over the past six years, demonstrating Azerbaijan’s growing global competitiveness and integration into international value chains.

The Minister also highlighted that Azerbaijan’s sovereign credit ratings remain stable, supported by significant fiscal and external buffers. The country’s socio-economic development strategy has been recognized internationally, with Moody’s and Fitch upgrading their forecasts for Azerbaijan.