Countries
Azerbaijan
Key Economic Indicators
$255.98 billion
$25,089
4.07%
2.21%
5.46%
$74.316 billion (2024 est.)
<b>note:</b> central government debt as a % of GDP
$4.67 billion
Economic Overview
<p>upper-middle income, oil-dependent Caucasus economy; minimal economic diversification and dominance of state-owned enterprises; growth and fiscal consolidation supported by oil revenues, but risks remain from demand shocks; potential economic gains from Nagorno-Karabakh ceasefire; education investments to diversify and retain human capital</p>
All Economic Data
Agricultural products
milk, wheat, barley, potatoes, tomatoes, watermelons, onions, apples, maize, cotton (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
2% of household expenditures (2023 est.)
On food:
42.7% of household expenditures (2023 est.)
Budget
Expenditures:
$22.95 billion (2022 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$30.966 billion (2022 est.)
Currency
code:
AZN
name:
Azerbaijani manat (AZN) [₼]
Current account balance
$4.67 billion
Current account balance 2022:
$23.478 billion (2022 est.)
Current account balance 2023:
$8.329 billion (2023 est.)
Current account balance 2024:
$4.671 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$12.2 billion
Debt - external 2023:
$12.378 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
Azerbaijani manats (AZN) per US dollar -
Exchange rates 2020:
1.7 (2020 est.)
Exchange rates 2021:
1.7 (2021 est.)
Exchange rates 2022:
1.7 (2022 est.)
Exchange rates 2023:
1.7 (2023 est.)
Exchange rates 2024:
1.7 (2024 est.)
Exports
$34.11 billion
Exports 2022:
$47.274 billion (2022 est.)
Exports 2023:
$35.487 billion (2023 est.)
Exports 2024:
$34.113 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
crude petroleum, natural gas, refined petroleum, plastics, electricity (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Italy 37%, Turkey 19%, Israel 5%, Greece 4%, Russia 4% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$231.28 million
GDP - composition, by end use
Exports of goods and services:
45.9% (2024 est.)
Government consumption:
14.4% (2024 est.)
Household consumption:
55.4% (2024 est.)
Imports of goods and services:
-36.8% (2024 est.)
Investment in fixed capital:
16.8% (2024 est.)
Investment in inventories:
4.3% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
5.7% (2024 est.)
Industry:
42.6% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
42.3% (2024 est.)
GDP (official exchange rate)
$74.316 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$7,284
Gini Index coefficient - distribution of family income
26.6 (2005)
GNI (gross national income)
$71.75 billion
GNI per capita
$7,330
Gross domestic investment
21 % of GDP
Imports
$27.34 billion
Imports 2022:
$21.274 billion (2022 est.)
Imports 2023:
$25.016 billion (2023 est.)
Imports 2024:
$27.339 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
cars, crude petroleum, refined petroleum, broadcasting equipment, garments (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
Russia 17%, China 16%, Turkey 14%, Georgia 4%, Germany 4% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
2.1% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
petroleum and petroleum products, natural gas, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles
Inflation rate (consumer prices)
2.21%
Inflation rate (consumer prices) 2022:
13.9% (2022 est.)
Inflation rate (consumer prices) 2023:
8.8% (2023 est.)
Inflation rate (consumer prices) 2024:
2.2% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
5.02 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
5.12 million persons
Labor force - by occupation
agriculture:
34.23%
industry:
15.54%
services:
50.24%
Public debt
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2021:
16.8% of GDP (2021 est.)
Real GDP (purchasing power parity)
$255.98 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$213.497 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$216.388 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$225.198 billion (2024 est.)
Real GDP growth rate
4.07%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
4.7% (2022 est.)
Real GDP growth rate 2023:
1.4% (2023 est.)
Real GDP growth rate 2024:
4.1% (2024 est.)
Real GDP per capita
$25,089
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$21,100 (2022 est.)
Real GDP per capita 2023:
$21,300 (2023 est.)
Real GDP per capita 2024:
$22,100 (2024 est.)
Remittances
$1.35 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
5% of GDP (2022 est.)
Remittances 2023:
2.6% of GDP (2023 est.)
Remittances 2024:
1.8% of GDP (2024 est.)
Reserves of foreign exchange and gold
$12.7 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$11.338 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$13.749 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$12.699 billion (2024 est.)
Revenue (excl grants)
40 % of GDP
Tax revenue
18 % of GDP
Taxes and other revenues
15.4% (of GDP) (2022 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
5.46%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
5.7% (2022 est.)
Unemployment rate 2023:
5.7% (2023 est.)
Unemployment rate 2024:
5.6% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
15.3% (2024 est.)
Male:
12.3% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
13.7% (2024 est.)
Economic Rankings
Inflation Rate
#47
External Debt
#66
Exports
#68
Reserves
#73
GDP (PPP)
#74
GDP per Capita
#78
GDP (Nominal)
#83
Imports
#86
Unemployment Rate
#88
GDP Growth Rate
#108
Gini Index
#166
Quick Facts
Industries
petroleum and petroleum products, natural gas, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles
Agricultural products
milk, wheat, barley, potatoes, tomatoes, watermelons, onions, apples, maize, cotton (2023)
Labor force
5.02 million (2024 est.)
Exports - partners
Italy 37%, Turkey 19%, Israel 5%, Greece 4%, Russia 4% (2023)
Imports - partners
Russia 17%, China 16%, Turkey 14%, Georgia 4%, Germany 4% (2023)
Exchange rates
Azerbaijani manats (AZN) per US dollar -
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