BAKU, Azerbaijan, October 9. Azerbaijan’s gross
domestic product (GDP) totaled $60.03 billion in January–September
2026, increasing by 1.5% compared with the same period last
year.
According to the State Statistical Committee of Azerbaijan, the
country’s oil and gas GDP declined by 1.2% year-on-year to $17.84
billion, while non-oil and gas GDP increased by 2.6% to $42.19
billion.
Meanwhile, the European Bank for Reconstruction and Development
(EBRD) has maintained its GDP growth forecasts for Azerbaijan at 2%
for 2026 and 2.5% for 2027, according to the bank’s Regional
Economic Prospects report.
The forecasts remain unchanged from the bank’s previous
estimates.
The report notes that Azerbaijan’s economy grew by 4.2% in 2024,
before growth slowed to 1.4% in 2025. GDP increased by 0.8% in the
first half of 2026.
“Following a contraction in the first quarter of 2026, output
recovered, with growth reaching 1.4% year-on-year in the first
seven months of 2026. During this period, the oil and gas sector
contracted by 0.6%, while non-oil GDP grew by 2.2% year-on-year,
supported by strong performance in information and communication,
transportation and storage, and industry,” the EBRD said.
According to the bank, investment in fixed assets increased by
10.7% year-on-year, mainly driven by investment in the oil and gas
sector. Average inflation stood at 5.7%, close to the upper bound
of the Central Bank of Azerbaijan’s target range.
The EBRD also noted that, following a 25-basis-point cut in
February, the Central Bank of Azerbaijan kept its key interest rate
unchanged at 6.5%.
“Azerbaijan’s state budget recorded a surplus equivalent to
around 4.5% of GDP in the first seven months of 2026. The current
account surplus reached 5.3% of GDP on a rolling four-quarter basis
in the first quarter of 2026. The country’s strategic foreign
exchange reserves reached 114% of 2025 GDP in early August 2026,
increasing by 12.2% year-on-year,” the report said.
