ING: Azerbaijan's economy to grow by average of 2.75% in 2026–2027

ING Group, the Netherlands' largest banking group, forecasts Azerbaijan's economic growth at 2.5% in 2026 and 3% in 2027, Report informs referring to the ING.

Compared to previous forecasts, the GDP growth rate for the current year has been reduced by 0.3 percentage points (pp) and increased by 1 pp for 2027.

Therefore, the country's average annual GDP growth in 2026-2027 is projected at 2.75%.

According to the bank's estimates, the economic growth forecast for the first quarter of 2026 is 3%, the second quarter at 2%, the third at 4%, and the fourth at 1%.

Furthermore, economic growth is projected at 3% in the first quarter of 2027, 3.5% in the second, 2% in the third, and 3.5% in the fourth.

The Azerbaijani Ministry of Economy forecasts GDP growth of 2.9% in 2026 and 3.3% in 2027, while the Central Bank forecasts 2.4% this year and 2.9% in 2027.

International rating agencies' estimates vary: S&P Global expects growth of 2% in 2026, Fitch Ratings - 2.5%, Moody's - 2.5%, and the IMF - 2.1%.

The Asian Development Bank forecasts Azerbaijan's economic growth of 2% in 2026, while the European Bank for Reconstruction and Development forecasts 2% in 2026 and 2.5% in 2027.

The World Bank forecasts Azerbaijan's GDP growth of 1.8% in 2026 and 1.7% in 2027.

According to UN estimates, Azerbaijan's economic growth will be 2.7% in 2026 and 2.6% in 2027.

Fitch Solutions expects Azerbaijan's real GDP growth at 2.5% in 2026.

In 2025, Azerbaijan's economy grew by 1.4%.