BAKU, Azerbaijan, January 4. The share of the industry in Azerbaijan's Gross Domestic Product (GDP) can reach 28.2 percent by 2028, decreasing during 2024-2027, an informed source in the government told Trend.
The source said that with a base oil price of $60 per barrel, the industrial sector's share in GDP is expected to be at 34.1 percent in 2024 (in nominal terms, $40.32 billion manat, or $22.6 billion, at an exchange rate of 1.7 manat per US dollar), in 2025 at 32.5 percent (40.42 billion manat, or $23.7 billion), in 2026 at 29.8 percent (38.42 billion manat, or $22.6 billion), and in 2027 at 28.2 percent (38.2 billion manat, or $22.5 billion).
Meanwhile, the share of the non-oil industrial sector is expected to grow, according to government forecasts.
In 2024, the non-oil industry can contribute 7.2 billion manat ($4.24 billion) to the total GDP (6.1 percent of the overall GDP), in 2025, 8.1 billion manat or $4.76 billion (6.5 percent of GDP), in 2026, 9.2 billion manat or $5.41 billion (7.1 percent of GDP); and in 2027, 10.33 billion manat or $6.08 billion (7.6 percent of GDP).
The growth rates of non-oil industrial production in 2024 can be 8.5 percent, in 2025, 9.1 percent, in 2026, 9.5 percent, and in 2027, 9.6 percent.
From January through November 2023, production in the oil and gas sector in Azerbaijan decreased by 1.9 percent and rose by 7.8 percent in the non-oil and gas sector.