In 2024, Azerbaijan’s economy demonstrated solid growth, driven by the expansion of the non-oil sector and rising investment volumes. Real GDP grew by 4.1%, up from 1.4% in 2023, while the non-oil sector expanded by 6.2% — nearly twice the growth rate of the previous year. (source)
📌Industry and Manufacturing The non-oil industrial sector continues to show steady progress. Industrial zones account for 17% of non-oil production and 25% of non-oil exports, supported by tax incentives and well-developed infrastructure that attract and facilitate business activity.
📌Energy and the Green Transition Azerbaijan is actively investing in renewable energy and sustainable energy infrastructure. In 2024 alone, the country attracted $384 million in private capital for renewable energy projects.
📌Transport and logistics Rising transit volumes and ongoing infrastructure development are strengthening Azerbaijan’s position as a key logistics hub between East and West. In the first 11 months of 2024, output in the transport sector grew by 13.7%, reaching approximately $7.7 billion.
