BAKU, Azerbaijan, November 14. Investment in fixed capital in Azerbaijan rose by 10.9% in real terms in January-September 2026, with the oil and gas sector leading the growth as investment in the sector increased by 30.8%.
According to the Central Bank of Azerbaijan (CBA), investment in the non-oil and gas sector also increased during the reporting period, rising by 3.1% in real terms year on year.
A total of 14.7 billion manat ($8.6 billion) was invested in fixed capital from all sources of financing in the first nine months of 2026.
Of the total investment, 8.05 billion manat ($4.7 billion), or 54.8%, went to production sectors. Of the 9.8 billion manat ($5.7 billion) invested in the non-oil and gas sector, 1.8 billion manat ($1.06 billion) was allocated to non-oil and gas industry.
By sector, industry accounted for the largest share of investment at 45.4%. Transport and storage, and construction each attracted 21.6% of total investment.
The fastest investment growth was recorded in agriculture, forestry and fishing, where investment increased by 36.2% year on year. Investment in transport and storage rose by 9.7%.
Capital investment in industry grew by 22.9%. The Central Bank noted that this increase was mainly driven by investment in mining, highlighting the sector’s significant contribution to industrial investment growth.
By source of financing, 75.9% of investment came from domestic sources, with the remainder provided by foreign sources. The non-oil and gas sector accounted for 82.3% of domestic investment.
In terms of ownership, the non-state sector accounted for 55.1% of total investment, while the state sector represented 44.9%.
Thus, despite the overall increase in investment activity in Azerbaijan during the reporting period, industry – particularly mining – continued to account for a substantial share of capital investment.
