BAKU, Azerbaijan, November 11. Azerbaijan’s gross domestic product (GDP) increased by 1.7% in real terms year-on-year to 115 billion 930.5 million manats ($68 billion 194.4 million) in January-October 2026.
According to the State Statistical Committee, economic growth during the reporting period was driven primarily by the non-oil and gas sector, agriculture, transportation and storage, as well as information and communication services.
The non-oil and gas sector accounted for 80 billion 701.4 million manats ($47 billion 471.4 million) worth of goods and services in GDP. Output in the sector grew by 2.9% in real terms compared with the same period last year. For comparison, non-oil and gas GDP increased by 2.6% in January-September 2026. Thus, the sector’s growth rate accelerated by 0.3 percentage points following the October results.
The oil and gas sector, meanwhile, recorded a different trend. Although GDP output in the sector amounted to 35 billion 229.1 million manats ($20 billion 723 million), it declined by 0.9% in real terms. The contraction had stood at 1.2% in January-September, indicating that the sector’s decline eased somewhat during the reporting period.
Overall, the non-oil and gas sector’s dominant share of GDP once again highlights its role as the main source of economic growth.
Industrial activity, however, continued to contract. In January-October 2026, industry produced goods and provided services worth 58 billion 539.6 million manats ($34 billion 435.1 million), down 0.7% in real terms from the same period last year. The decline had reached 0.8% in January-September, indicating a slight easing in the pace of contraction in October.
At the same time, the non-oil and gas industry maintained positive momentum. Output in this sector amounted to 18 billion 500.7 million manats ($10 billion 882.8 million) during the reporting period, representing a 4.8% year-on-year increase in real terms. However, the growth rate slowed by 0.6 percentage points compared with the previous reporting period, when the sector expanded by 5.4% in January-September.
Agricultural growth accelerated. Agricultural output reached 13 billion 123.3 million manats ($7 billion 719.6 million) in January-October, up 1.4% in real terms from the corresponding period last year. This marked an increase of 0.3 percentage points from the 1.1% growth recorded in January-September.
The services sector saw particularly strong growth in transportation and storage. The value of services provided in these areas reached 14 billion 288.8 million manats ($8 billion 405.2 million) during the reporting period, increasing by 10.2% in real terms year-on-year. The growth rate was 10% in January-September.
Information and communication services amounted to 3 billion 639.6 million manats ($2 billion 140.9 million), marking a 9.9% real increase from the same period last year. However, growth slowed by 1.2 percentage points from the 11.1% recorded in January-September.
Retail trade turnover reached 57 billion 523.4 million manats ($33 billion 837.3 million), with real growth of 3.8%. The sector’s growth rate remained unchanged compared with the results for the preceding months.
Investment in fixed capital, another key indicator of economic activity, also continued to increase. Azerbaijan invested 16 billion 519.8 million manats ($9 billion 717.5 million) in fixed capital in January-October 2026, up 9.7% in real terms compared with the corresponding period of 2025. However, the pace of investment growth slowed by 1.2 percentage points from the 10.9% recorded in January-September.
Of the total investment in fixed capital, 11 billion 37.7 million manats ($6 billion 492.8 million) went to the non-oil and gas sector. Investment in this segment increased by 2.3% in real terms year-on-year, compared with growth of 3.1% in January-September.
