Baku: 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.

According to Azeri-Press News Agency, the CBA chairman noted that inflation indicators in Azerbaijan’s trading partner countries have decreased. Inflation, which stood at 11% at the end of last year, had reduced to 8.2% by September this year. Additionally, the US dollar index weakened by 8% over the 10-month period.

Taleh Kazimov emphasized that economic growth in Azerbaijan was primarily driven by the non-oil sector. From January to October, GDP grew by 1.3% in real terms, while the non-oil sector expanded by 3.1%. Growth was mainly noted in information and communications, tourism, and construction sectors. The Central Bank forecasts GDP growth of 2.2% by the end of 2025 and 2.0% by the end of 2026. The non-oil GDP is projected to reach 3.7% this year and 4.4% in 2026.

During the first 10 months of 2025, the foreign trade balance posted a positive saldo of 2.4 billion US dollars, while the current account balance showed a surplus of 2.3 billion US dollars, accounting for 6.3% of GDP for the first half of the year. The Central Bank’s October forecasts predict the current account surplus will reach 3.7 billion dollars by year-end. These developments have bolstered macroeconomic stability and boosted strategic foreign exchange reserves. Over the first 10 months of the year, reserves increased by 16.2% to 82.5 billion US dollars, indicating Azerbaijan’s economic strength and financial resilience.