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CBA Chairman: Growth in Azerbaijani economy continued against backdrop of new global realities

19 November 2025 13:09 (UTC +04:00)

Against the backdrop of new global realities, economic growth in the country continued during the first 10 months of 2025, said Taleh Kazimov, Chairman of the Central Bank, during today’s session of the Milli Majlis while discussing the 2026 budget package, APA reports.

The CBA chairman noted that inflation indicators in our trading partner countries have decreased: “While inflation stood at 11% at the end of last year, in September of this year it amounted to 8.2%. The US dollar index also weakened by 8% over the 10-month period.”

Taleh Kazimov added that, against the backdrop of new global realities, economic growth in the country continued in the first 10 months of 2025: “The main source of this growth has been the non-oil sector. In January–October, GDP grew by 1.3% in real terms, while the non-oil sector grew by 3.1%. Growth was observed mainly in the fields of information and communications, tourism, and construction. According to the Central Bank’s forecasts, GDP is expected to grow by 2.2% by the end of 2025 and by 2.0% by the end of 2026. Non-oil GDP is projected to reach 3.7% this year and 4.4% in 2026. In the first 10 months of 2025, the foreign trade balance recorded a positive saldo of 2.4 billion US dollars, and the current account balance posted a surplus of 2.3 billion US dollars (6.3% of GDP) for the first half of the year. Based on the Central Bank’s October forecasts, the current account surplus is expected to reach 3.7 billion dollars by year-end. All these factors have strengthened macroeconomic stability and contributed to an expansion of our strategic foreign exchange reserves. Over the first 10 months of the year, our reserves increased by 16.2% to reach 82.5 billion US dollars. This is a clear indicator of Azerbaijan’s economic strength and financial resilience.”