Fitch Ratings updates economic growth forecast for Azerbaijan in 2025

Fitch Ratings expects Azerbaijan's economy to grow by 2.3% in 2025, according to the agency's latest outlook, Report informs.

The new outlook is 1.2 percentage points lower than the previous estimate.

Fitch maintains its 2026 forecast unchanged, projecting GDP growth of 2.5%.

According to Azerbaijan's Ministry of Economy, GDP growth is expected to reach 3% in 2025, 2.9% in 2026 and 3.3% in 2027.

Forecasts from international institutions vary. S&P Global anticipates annual growth of 2% in 2025–2026. Fitch Solutions, part of Fitch Group, forecasts 2.6% growth in 2025, 2.4% in 2026 and 2.3% in 2027.

The International Monetary Fund expects 3% growth in 2025 and 2.5% in 2026, while the European Bank for Reconstruction and Development projects 2% in 2025 and 2.5% in 2026. The Asian Development Bank forecasts 2.4% and 2% growth over the next two years. The World Bank expects Azerbaijan's GDP to expand by 2.6% in 2025 and 2.4% in 2026.

ING Group projects growth of 1.6% in 2025, 2.8% in 2026 and 2% in 2027.

Azerbaijan's economy grew by 4.1% in 2024 and by 1.3% in January–October 2025.