Non-oil sector projected to become Azerbaijan's budget basis by 2029

Parliamentary discussions addressed national revenue diversification strategies, with Finance Minister Sahil Babayev projecting non-oil/gas revenue share reaching 69-70% by 2029.

According to the Minister of Finance, the share of non-oil and gas sectors of the economy will reach 63% in 2026, an increase of 5% compared to the current year. Thus, two-thirds of budget revenues will come from the non-oil and gas sector, demonstrating steady progress in economic diversification.

This action moves Azerbaijan closer to strategically reducing its reliance on global energy markets.