BAKU, Azerbaijan, October 10. Dutch banking group ING has published its forecasts for Azerbaijan’s economic growth in the coming years, Trend reports.
According to the outlook, Azerbaijan’s economy is projected to expand by 1.5 percent in 2025 and 2.8 percent in 2026, before slowing to two percent in 2027.
ING expects the GDP growth to remain without a change in the third quarter of 2025 and speed up to three percent in the fourth quarter.
Official figures from Azerbaijan’s State Statistics Committee show that the country produced 83 billion manat ($49 billion) worth of GDP from January through August 2025, up one percent year-on-year.
Value added in the oil and gas sector declined by 2.1 percent, while the non-oil and gas sector grew by 2.6 percent. Industry accounted for 34.9 percent of GDP, followed by trade and vehicle repair (10.3 percent), transport and warehousing (7.1 percent), and agriculture, forestry, fishing, and construction (6.3 percent).
Accommodation and food services made up 2.8 percent, information and communications 1.8 percent, and other sectors 20.7 percent.
Net taxes on products and imports represented 9.8 percent of total GDP, and GDP per capita reached 8,111 manat ($4,770).
ING Group, or Internationale Nederlanden Groep, operates as a prominent player in the global banking and financial services sector, with its central hub strategically located in Amsterdam, Netherlands. It provides an extensive portfolio of financial services, encompassing retail banking, commercial banking, investment banking, and insurance solutions, catering to a diverse clientele that includes individuals, enterprises, and governmental entities across over 40 jurisdictions.
