Azerbaijan economy ministry sees faster growth than central bank

Azerbaijan’s Economy Ministry forecasts GDP growth of 1.7% in 2026 and 2.7% in 2027, above the central bank’s projections of 1.3% and 2.3%, respectively.

Economy Ministry chief of staff Elnur Jamalov presented the government’s forecasts, while central bank Governor Taleh Kazimov outlined the regulator’s October projections.

The ministry’s forecasts are 0.4 percentage points higher for each year. Both institutions expect economic growth to accelerate in 2027. Neither official explained the difference between their projections in the remarks.

Jamalov said non-oil and gas industry, information and communications, tourism and transport would be the main growth drivers. The government expects the oil and gas sector to decline by 1.8% in 2027.

The central bank forecasts non-oil and gas GDP growth of 2.8% in 2026 and 4.3% in 2027, Kazimov said.

Azerbaijan’s GDP grew by 1.5% in the first nine months of 2026, while the non-oil and gas sector expanded by 2.6%.