BAKU, Azerbaijan, October 13. The International
Monetary Fund (IMF) expects Azerbaijan’s GDP to grow by 2.3% in
2027, as compared to 1.7% growth in 2026, according to its World
Economic Outlook.
In the April WEO, the financial institution expected
Azerbaijan’s GDP to grow by 2.2% in 2026 and 2.5% in 2027.
Meanwhile, the IMF estimates that the country’s GDP growth stood
at 1.4% in 2025.
According to the Central Bank of Azerbaijan’s macroeconomic
forecast published in May, the country’s real GDP is expected to
grow 1.1% in 2026, while the non-oil and gas sector is forecast to
expand by 3.2%.
The Central Bank expects the oil and gas sector to remain a drag
on overall growth in 2026, with non-oil industries serving as the
main driver of economic activity. Household consumption, net
exports of goods and services, and gross fixed capital formation
are expected to be the main contributors to non-oil growth.
The Central Bank forecasts economic growth to accelerate to 3.2%
in 2027, with the non-oil and gas sector expanding by 4.7%.
The oil and gas sector is projected to contract by 3.3% in 2026
and record no growth in 2027. “Thus, practically all of the
economic growth will be generated by the non-oil sector,” the
Central Bank said.
The 2026-27 growth outlook will depend largely on developments
in domestic and external aggregate demand, says the Central Bank of
Azerbaijan.
