Central Bank of Azerbaijan raises forecast for GDP growth to 1.3% in 2026

BAKU. Oct 29 (Interfax) - The Central Bank of Azerbaijan has raised its GDP growth forecast for the country to 1.3% for 2026 from the 0.5% projected in July, Central Bank Governor Taleh Kazimov said at a press conference on Thursday.

Kazimov that the country's GDP is forecast to grow 2.3% next year compared to the 2.6% outlook in July.

Kazimov said that growth in the non-oil and gas sector should reach 2.8% this year, up from a previous estimate of 2.4%, and 4.3% next year compared to a July estimate of 3.9%.

Kazimov indicated that the price of oil would average $92.8 per barrel this year and $82.8 per barrel next year, according to the bank's projections.

The Ministry of Economy forecasts GDP growth of 1.7% for 2026 and 2.7% for 2027.

Azerbaijan's GDP rose 1.4% in 2025.