17:29 - 6.10.2025

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October 6, Fineko/abc.az. Analysts at ING Group banking group note that slowdown in GDP growth this year after a steady increase of 4.1% in 2024 did not come as a surprise, but the scale of the slowdown exceeded previous forecasts.

ABC.AZ informs, referring to ING, that both the oil and non-oil sectors - including transport, construction and other industries - experienced pressure in the first quarter of 2025, and only partially recovered in the 2nd quarter.

“According to the State Statistics Committee, preliminary monthly GDP figures for July-August indicate a further loss of momentum, while industrial production and the service sector show a slowdown. In the long term, it is the fuel sector that remains the main drag on growth, while the non-oil industries are resilient, but also not immune from the general downturn,” ING says in a statement.