BAKU, Azerbaijan, November 7. 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 will expand by 1.6 percent in 2025 and 2.8 percent in 2026 before slowing to two percent in 2027.
ING anticipates that the GDP growth will hold steady in the third quarter of 2025, but come the fourth quarter, it’s set to hit the ground running at three percent.
Official figures from Azerbaijan’s State Statistics Committee show that the country produced 95.2 billion manat ($56 billion) worth of GDP from January through September 2025, up 1.3 percent year-on-year.
Value added in the oil and gas sector declined by 1.9 percent, while the non-oil and gas sector grew by 2.9 percent.
Industry accounted for 34.2 percent of GDP, followed by trade and vehicle repair (10.5 percent), transport and warehousing (seven percent), and agriculture, forestry, fishing, and construction (6.6 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 9.6 percent of total GDP, and GDP per capita reached 9,300 manat ($5,470).
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.
