BAKU, Azerbaijan, October 29. The Central Bank
of Azerbaijan (CBA) forecasts that the country's gross domestic
product (GDP) will grow by 4.3% in 2026 and 2.3% in 2027, CBA
Governor Taleh Kazimov said at a press conference on Thursday
following a meeting on the parameters of the interest rate
corridor, Trend's
correspondent reports from the event.
According to him, the economic growth forecast for 2026 has been
revised upward. GDP growth in the non-oil and gas sector is
expected to reach 2.8% in 2026 and 4.3% in 2027.
Kazimov noted that the non-oil and gas sector's GDP grew by 2.6%
as of the end of September. Tourism, trade, communications and
transport were the main drivers of this growth.
The CBA governor also provided an update on the country's
foreign exchange reserves. According to him, the Central Bank's
reserves have reached $15.4 billion, the highest level in
Azerbaijan's history of independence.
Kazimov also returned to the current account balance forecasts,
emphasizing that external sector indicators are important for
assessing the country's macroeconomic situation.
