das Folgejahr
following year
The year that immediately follows a specific year or the current year.
Die Prognose für das Folgejahr ist deutlich optimistischer.
The forecast for the following year is significantly more optimistic.

following year
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following year
The year that immediately follows a specific year or the current year.
Die Prognose für das Folgejahr ist deutlich optimistischer.
The forecast for the following year is significantly more optimistic.

The word is a compound made up of 'Folge' (sequence/following) and 'Jahr' (year). So it literally refers to the year that follows another one.
Die Firma plant die Expansion für das Folgejahr.
The company is planning the expansion for the following year.
'Folgejahr' (following year) is mainly used in written language, in reports, news, or formal contexts. It sounds more formal than 'nächstes Jahr' (next year).
Der Geschäftsbericht für das Folgejahr wird im März veröffentlicht.
The annual report for the following year will be published in March.
The word is often used with the prepositions 'im' (in the, dative) or 'für' (for, accusative) to describe a point in time or a period of time.
Im Folgejahr stiegen die Verkaufszahlen weiter an.
In the following year, sales figures continued to rise.
previous year
'das Vorjahr' and 'das Folgejahr' are exact opposites in terms of time. 'Das Vorjahr' is the year directly before the current or named year. 'Das Folgejahr' is the year directly after it. Both words are often used in reports, statistics, or planning when comparing years. The important thing is the reference point: for 2024, 2023 is 'das Vorjahr' (the previous year) and 2025 is 'das Folgejahr' (the following year).

Die Firma plant den Umzug erst für das Folgejahr.
The company is not planning the move until the following year.
Der Umsatz war höher als im Vorjahr.
Revenue was higher than in the previous year.