BAKU, Azerbaijan, October 29. The Central Bank of Azerbaijan (CBA) forecasts that the country's gross domestic product (GDP) will grow by 4.3% in 2026 and 2.3% in 2027, CBA Governor Taleh Kazimov said at a press conference on Thursday following a meeting on the parameters of the interest rate corridor, Trend's correspondent reports from the event.
According to him, the economic growth forecast for 2026 has been revised upward. GDP growth in the non-oil and gas sector is expected to reach 2.8% in 2026 and 4.3% in 2027.
Kazimov noted that the non-oil and gas sector's GDP grew by 2.6% as of the end of September. Tourism, trade, communications and transport were the main drivers of this growth.
The CBA governor also provided an update on the country's foreign exchange reserves. According to him, the Central Bank's reserves have reached $15.4 billion, the highest level in Azerbaijan's history of independence.
Kazimov also returned to the current account balance forecasts, emphasizing that external sector indicators are important for assessing the country's macroeconomic situation.
