23:00 - 11.06.2026
June 11, Fineko/abc.az. Dutch banking conglomerate ING Group has updated its macroeconomic framework for Azerbaijan, nudging its consumer price index expectations upward. Concurrently, the State Statistical Committee of Azerbaijan released its official inflation and GDP report covering the January-May period.
According to ABC.AZ, citing the updated outlook published by ING, the bank forecasts average annual inflation in Azerbaijan to hover at 5.5% in both 2026 and 2027. This indicates a marginal upward revision from their prior baseline estimates of 5.4% and 5.2% respectively. By 2028, consumer price pressures are projected to moderate slightly to 5.3%.
Quarterly Inflation Breakdown (ING Forecast):
FY2026: Q2 at 5.5%, Q3 at 5.4%, and Q4 hitting 5.6%.
FY2027: Q1 at 5.5%, Q2 climbing to 5.6%, with Q3 and Q4 stabilizing at 5.5%.
Domestic Macroeconomic Overview (January-May Indicators): The international banking estimates run parallel to real-time data on the ground. According to the State Statistical Committee, Azerbaijan's consumer price index (CPI) edged up by 5.6% year-over-year during the first five months of the current year.
Over the reporting period, Azerbaijan's Gross Domestic Product (GDP) reached AZN 51.784 billion. The structural output across core economic tracks shaped up as follows:
Oil and Gas Sector: Value-added dropped by 1% to AZN 16.125 billion.
Non-Oil and Gas Sector: Value-added expanded by 0.4%, amounting to AZN 35.658 billion.
