Azerbaijan's Private Sector Drives Majority Of Nation's GDP - Deputy Minister

2025-09-29 03:06:02

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 29. Azerbaijan's non-oil sector grew at an average annual rate of 6.7 percent and now accounts for 68 percent of the national economy in 2021-2024, the country's Deputy Minister of Economy, Samad Bashirli, said during Baku Climate Action Week (BCAW), Trend reports.

Bashirli pointed out that non-oil exports have shot through the roof in recent years, showcasing Azerbaijan's rising star in the competitive arena.

"More than 80 percent of Azerbaijan's gross domestic product (GDP) is currently generated by the private sector. State budget revenues in 2025 have more than doubled compared to 2017, strategic currency reserves have approximately doubled, and public debt has fallen to just 6.5 percent of GDP, among the lowest rates globally,” he said.

Bashirli emphasized that energy policy remains a cornerstone of both Azerbaijan's development and international influence.

“Our country is a reliable partner in both traditional resources and renewable energy. Large-scale solar and wind projects, as well as the establishment of a green energy zone in Karabakh and East Zangazur, ensure Azerbaijan's active participation in the global energy transition,” he concluded.

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