BAKU – Azerbaijan’s economic growth in the first half of 2024 was largely driven by non-oil and gas sectors, with overall GDP reaching AZN 59,520.4 million, the Chamber of Accounts of the Republic of Azerbaijan reported on Thursday. The country recorded a 4.3% growth during the period, with non-oil and gas sectors contributing 65.2% of GDP.

According to Azeri-Press News Agency, the Chamber noted that the actual price of oil in the first half of the year exceeded the forecasted price, suggesting that by year-end, GDP from the oil and gas sector could surpass the revised budget. By mid-year, the oil and gas sector had already fulfilled 56.6% of its annual GDP forecast. Even if the average monthly oil price remains at $65.0 per barrel for the rest of the year, the nominal GDP in this sector is expected to exceed projections.

The Chamber’s report underscores the significant role that non-oil sectors are playing in driving Azerbaijan’s economic performance while benefiting from favorable oil market conditions.