ING: Azerbaijan's economy to grow by average of 2.1% in 2025–2027

ING Group, the Netherlands' largest banking group, forecasts Azerbaijan's economic growth at 1.6% in 2025, 2.8% in 2026, and 2% in 2027, Report informs referring to ING.

Compared to previous forecasts, the GDP growth rate for the current year has been increased by 0.1 percentage points, while the forecast for 2026-2027 remains unchanged.

Therefore, the country's average annual GDP growth in 2025-2027 is projected at 2.13%.

According to the bank's estimates, the economic growth forecast for the fourth quarter of 2025 is at 2.5%, for the first quarter of 2026 at 4%, for the second quarter at 2.5%, for the third quarter at 3.5%, and for the fourth quarter at 1%.

Furthermore, economic growth is projected at 0.5% in the first quarter of 2027, 1.5% in the second, 2.5% in the third, and 3.5% in the fourth.

According to the Azerbaijani Ministry of Economy's forecast, GDP growth is expected at 3% in 2025, 2.9% in 2026, and 3.3% in 2027.

Forecasts from international rating agencies vary: S&P Global expects growth in 2025-2026 at 2% per year, Fitch Ratings at 3.5% in 2025 and 2.5% in 2026, and Moody's at 2.5%.

The International Monetary Fund forecasts growth of 3% and 2.5% for 2025-2026, respectively, while the European Bank for Reconstruction and Development forecasts 2% in 2025 and 2.5% in 2026. The Asian Development Bank forecasts growth of 2.4% and 2% over the next two years, respectively. The World Bank expects economic growth in Azerbaijan at 2.6% in 2025 and 2.4% in 2026.

In 2024, Azerbaijan's economy grew by 4.1%, and in January-August 2025 by 1.3%