ING forecasts Azerbaijan's economy to grow 2–3% through 2028

Dutch banking group ING expects Azerbaijan's economy to grow by 2% in 2026, 3% in 2027 and 2.3% in 2028, according to its latest economic outlook.

The forecasts for 2026 and 2027 are unchanged from the bank's previous projections, while the estimate for 2028 has been introduced, Caliber.Az reports, citing local media.

Based on ING's outlook, Azerbaijan's economy is projected to record average annual GDP growth of 2.43% between 2026 and 2028.

The bank anticipates GDP growth of 2% in the second quarter of 2026, accelerating to 3% in the third quarter and 3.3% in the final quarter of the year.

For 2027, ING forecasts economic growth of 3% in the first quarter, 3.5% in the second quarter, 2% in the third quarter and 3.5% in the fourth quarter.

According to the report, Azerbaijan's gross domestic product increased by 1.4% in 2025.

The Ministry of Economy expects GDP to expand by 1.7% this year, with the non-oil and gas sector projected to grow by 3.7%, while the oil and gas sector is forecast to shrink by 3.3%.

Meanwhile, the Central Bank of Azerbaijan estimates the country's economy will grow by 1.1% in 2026 before accelerating to 3.2% in 2027.

By Bakhtiyar Abbasov