Azerbaijan's economy is projected to grow at an average annual rate of 2.9% over the next decade, according to a report by Fitch Solutions. The report highlights that during the forecast period up to 2033, Azerbaijan’s economic growth is expected to increase from an average of 1.7% during 2012-2022 to 2.9%.

"We anticipate Azerbaijan’s growth profile to stabilise during the forecast period. The country’s vast energy reserves, particularly natural gas, will remain the primary driver of growth in the coming decade, especially as Europe increases its consumption of Azerbaijani energy."

"Since 2005, oil revenues have accounted for approximately 30% of GDP and over 75% of government revenues in recent years. Despite declining production, we expect stable prices to keep oil’s contribution to GDP high throughout our 10-year forecast," the report said.

Fitch Solutions has also forecasts Azerbaijan’s economic growth at 2.6% for 2025. Meanwhile, other agencies have released varying forecasts for Azerbaijan’s economic growth. The Netherlands' ING Group has maintained its projection at 2.6% for 2025 and 2.8% for 2026.

The report breaks down growth estimates by quarter, predicting 2% in the first quarter of 2025, rising to 3% by the third and fourth quarters. For the last quarter of 2026, growth is forecast to slow to 2%.

The Azerbaijan government’s own projections are more optimistic, expecting GDP growth of 3.5% in 2025 and 2.8% in 2026. Last year, Azerbaijan's GDP grew by over 4%. The UN forecasts growth of 3% this year and in 2026, while the World Bank expects GDP to expand by 2.7% in 2025 and 2.4% in 2026.

The European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank (ADB) both forecast growth of 2.6% for 2025. Meanwhile, the International Monetary Fund (IMF) projects GDP growth of 2.5% this year, slowing to 2.4% by 2029.

S&P Global Ratings forecasts slower growth at 2% in 2025, tapering to 1.5% in 2026 and 2027. Similarly, Fitch Ratings estimates growth at 2.7% this year, dropping to 2.3% in 2026.