S&P Global Predicts Azerbaijan's Nominal GDP to Reach $74.98 Billion in 2025
According to international rating agency S&P Global, Azerbaijan's nominal GDP is expected to reach $74.98 billion (127.466 billion manat) in 2025, with an increase to $77.86 billion (132.362 billion manat) projected for 2026.
S&P Global forecasts a 2% real GDP growth for both 2025 and 2026, with GDP per capita rising from $7,277 in 2025 to $7,511 in 2026. The Azerbaijani Ministry of Economy anticipates 3.5% economic growth in 2025, while the Central Bank expects a 3.3% increase. Other forecasts include Moody’s projection of 4% growth, Fitch Ratings' expectations of 3% in 2025 and 2.4% in 2026, and ING’s estimates of 2.6% growth this year and 2.8% in 2026. In 2024, Azerbaijan's economy expanded by 4.1%, with a nominal GDP of 126.337 billion manat ($74.315 billion).
S&P Global also predicts that average annual inflation will be 4% in 2025, dropping to 3% in 2026. Azerbaijan's Ministry of Economy expects inflation to be 4.6% in 2025 and 4% in 2026, while the Central Bank’s January 2025 forecast indicates 5.5% inflation this year and 3.8% next year. The UN projects 3.6% inflation in 2025 and 3.1% in 2026. ING Group anticipates consumer prices will rise by 4.8% in 2025 and 4.7% in 2026. In 2024, average annual inflation was 2.2%, with a 5.4% increase in consumer prices recorded in January 2025.
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