BAKU, Azerbaijan, November 25. Azerbaijan’s GDP per capita is projected to reach approximately $7,200 by the end of this year, said Mikayil Jabbarov, the country's Minister of Economy, Trend reports.
Speaking during discussions on the state budget for 2025 in the Azerbaijani Parliament, Jabbarov pointed out that the structural reforms aimed at boosting economic growth are really hitting the ground running in Azerbaijan.
He said that both in prior years and in the present year, Azerbaijan's economy has exhibited constant progress, with expanding export potential.
The minister highlighted that real GDP growth in the country is projected to reach 14.4 percent, with the non-oil sector expected to see GDP growth increase by 1.3 times.
"In 2019, before the COVID pandemic, GDP per capita was around $4,850. By the end of 2024, we expect this figure to reach around $7,200," the minister added.
Jabbarov also highlighted Azerbaijan's decreasing reliance on the oil and gas sector in recent years.
"Oil production, which stood at 38.8 million tons in 2018, is projected to decline to 29.2 million tons in 2024. Additionally, the price of Brent crude, which was $99 per barrel in 2014, has significantly decreased. However, in the revised 2024 budget, the share of oil revenues in total budget income has dropped to 49 percent.
One of the key trends has been the substantial reduction of inflation in recent years," Jabbarov concluded.
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