ING forecasts Azerbaijan's economy to grow 2% in 2026

Dutch banking group ING forecasts Azerbaijan's economy to expand by 2% in 2026, 3% in 2027 and 2.3% in 2028, according to the bank's latest outlook, Report informs.

The projections for 2026 and 2027 remain unchanged from ING's previous forecast, while the 2028 estimate has been included for the first time.

Based on the forecasts, Azerbaijan's average annual GDP growth is expected to reach 2.43% over the 2026–2028 period.

ING expects economic growth of 2% in the second quarter of 2026, rising to 3% in the third quarter and 3.3% in the fourth quarter.

For 2027, the bank projects GDP growth of 3% in the first quarter, 3.5% in the second quarter, 2% in the third quarter and 3.5% in the fourth quarter.

Azerbaijan's economy expanded by 1.4% in 2025.

The country's Ministry of Economy forecasts GDP growth of 1.7% this year, including 3.7% growth in the non-oil and gas sector, while the oil and gas sector is expected to contract by 3.3%.

The Central Bank of Azerbaijan projects GDP growth of 1.1% in 2026 and 3.2% in 2027.