ING Group: Azerbaijan's economy to grow by average of 2.3% in 2026-2028

The largest Dutch banking group, ING Group, forecasts Azerbaijan's economic growth at 1.5% in 2026, 3% in 2027, and 2.5% in 2028, Report informs citing the bank.

Compared to previously published estimates, the GDP dynamics forecast for the current year has been revised downwards by 0.5 percentage points. Meanwhile, expectations for 2027 remained unchanged, while the forecast for 2028 was upgraded by 0.2 percentage points.

The bank's analysts estimate Azerbaijan's average annual GDP growth between 2026 and 2028 at 2.3%.

According to ING's calculations, economic growth will reach 2.8% in the third quarter of 2026 and slow down to 1.7% in the fourth quarter. Furthermore, GDP is projected to increase by 3% in the first quarter of 2027, 3.5% in the second quarter, 2% in the third, and 3.5% in the fourth quarter.

As a reminder, at the end of 2025, Azerbaijan's economic growth was recorded at 1.4%. The Ministry of Economy estimates GDP growth for the current year at 1.7% and for next year at 2.7%. The Central Bank of Azerbaijan forecasts the country's GDP growth at 0.5% in 2026 and 2.6% in 2027.