ING Group revises Azerbaijan's economic growth outlook

ING Group, a Dutch financial institution, has updated its economic growth forecast for Azerbaijan, projecting growth rates of 2.8 per cent in 2024, 2.5 per cent in 2025, and 2.8 per cent in 2026.

The company's forecast notes a 0.3 percentage point increase for 2024 compared to previous estimates, with a slight 0.2 percentage point decrease expected for 2025, Caliber.Az reports via local media.

In detail, GDP growth for Azerbaijan is anticipated to be 3.5 per cent in the second quarter of 2024, 2 per cent in the third quarter, and 1.5 per cent in the fourth quarter. For the first quarter of 2025, growth is forecasted at 1.7 per cent, followed by 2.5 per cent, 2.7 per cent, and 3 per cent in subsequent quarters.

Azerbaijan's State Statistics Committee reports a 4.2 per cent increase in GDP for January-May 2024 compared to the same period last year. The Azerbaijani government projects GDP growth of 2.4 per cent in 2024 and 2.9 per cent in 2025.

According to S&P Global Ratings, Azerbaijan's GDP is projected to grow by 2.5 per cent in 2024, 2 per cent in 2025, 1.5 per cent in 2026, and 1.5 per cent in 2027.

Moody's forecasts a pickup in Azerbaijan's real GDP growth from 1.1 per cent in 2023 to 2.1 per cent in 2024.