Azerbaijan sees oil and gas sector declining 1.8% in 2027

Azerbaijan expects its oil and gas sector to decline by 1.8% in 2027, matching the forecast for 2026, while the broader economy is projected to grow by 2.7%, Economy Ministry chief of staff Elnur Jamalov said.

The government expects economic growth to accelerate from a projected 1.7% this year, supported by non-oil industry, information and communications, tourism and transport.

Presenting the government’s economic forecasts, Jamalov said the oil and gas sector was expected to decline by an average of 0.4% a year over the medium term.

Annual GDP growth is forecast to average 3.3% in 2027–2030, with the non-oil and gas sector expanding by an average of 4.4%.

Non-oil and gas industry is projected to grow by more than 7% a year over the medium term, information and communications by more than 11%, and tourism by more than 8%, he said.

The government’s baseline forecast for 2027 assumes an oil price of $65 a barrel.