BAKU, Azerbaijan, September 8. Netherlands-based ING banking group has released its forecast for Azerbaijan’s gross domestic product (GDP) growth for the coming years, Trend reports.
The report reveals that Azerbaijan's economy is projected to grow by 2.5 percent in both 2025 and 2026, while a slowdown to 2 percent is expected in 2027.
On a quarterly basis, ING estimates that GDP growth will stand at 2.5 percent in the third quarter of 2025, increasing to 4 percent in the fourth quarter.
The data from Azerbaijan’s State Statistics Committee shows that over 50 billion manats worth of GDP was produced in the country from January to May 2025, which is 1.5 percent higher compared to the same period last year.
The value added in the oil and gas sector declined by 3 percent, while the non-oil and gas sector saw an increase of 3.9 percent.
In terms of GDP composition: 36.2 percent came from industry, 9.9 percent from trade and vehicle repair, 7 percent from transport and warehousing, 6.2 percent from construction, 4 percent from agriculture, forestry and fishing, 2.8 percent from accommodation and food services, 1.8 percent from information and communications, 21.7 percent from other sectors, and net taxes on products and imports accounted for 10.4 percent. GDP per capita amounted to 4,896.1 manats.