ING forecasts Azerbaijan's economy to grow 1.9% in 2026

Dutch banking group ING forecasts Azerbaijan's economy to grow by 1.9% in 2026, 3% in 2027 and 2.3% in 2028, Report informs, citing ING.

The bank revised its 2026 GDP growth forecast down by 0.1 percentage points compared with its previous estimate, while its forecasts for 2027 and 2028 remained unchanged.

Based on these projections, Azerbaijan's average annual GDP growth for 2026-2028 is estimated at 2.4%. According to the bank's calculations, economic growth is expected to reach 3% in the third quarter of 2026 and 3.3% in the fourth quarter.

ING expects GDP to grow by 3% in the first quarter of 2027, 3.5% in the second quarter, 2% in the third quarter and 3.5% in the fourth quarter.

Azerbaijan's economy grew by 1.4% in 2025.

The Ministry of Economy forecasts GDP growth of 1.7% this year, with the non-oil and gas sector expected to expand by 3.7%, while the oil and gas sector is projected to contract by 3.3%.

The Central Bank of Azerbaijan expects GDP to grow by 0.5% in 2026 and 2.6% in 2027.