Includes Azerbaijan real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Data sets offering a full view of Azerbaijan’s economy, international trade and finance sector. With links to rankings of the country’s best and safest banks. Updated October 2023
Azerbaijan GDP Grounded in Hydrocarbons
In the heart of Eurasia, Azerbaijan’s economy is predominantly fueled by its petroleum and natural gas industries, which account for over 90% of its export revenue and about half of the state budget. Despite the dominance of the hydrocarbon sector, Azerbaijan has been making efforts to diversify its economy, moving towards a greener and more sustainable model, investing in agriculture and tourism, and promoting information technology and logistics activities.
Strategically placed along the Middle Corridor between the East and the West, after Russia invaded Ukraine Azerbaijan became an increasingly attractive trade route. Challenges include an underdeveloped banking system, lack of transparency and geopolitical risks.
Azerbaijan GDP & Economic Overview
|Total Area||86,600 sq km|
|Type of Government||Presidential Republic|
|Capital||Baku (Baki, Baky)|
|Total Population||10.4 million|
|Total GDP||USD 41.6 billion|
|Adult Per Capita GDP (PPP)||USD 20,467|
Click here to find out our pick for the Best Bank in Azerbaijan
Economics, Policy & RegulationGeopolitics And Interest Rates: Q&A with Taleh Kazimov, Central Bank…
Emerging & Frontier MarketsAzerbaijan: Moving Toward A Market Economy
Country ReportAzerbaijan: Regional Stability Wavers
The Central Bank of the Republic of Azerbaijan
Azerbaijani manats (AZN)
|International Reserves||USD 11.3 billion|
See Global Finance‘s evaluations of Gov. Kazimov and his peers in this year’s Central Banker Report Cards – Asia.
Central Bank Leadership
|Total Exports||USD 12 billion|
|Major Trade Partners – Export||
|Total Imports||USD 41.6 billion|
Packaged Medical Supplies
|Major Trade Partners – Import||
Azerbaijan GDP carries a low debt load
The chart at right shows Azerbaijan’s debt load–the ratio of its debt to productive capacity–is among the lowest in Asia. Yet Singapore, which carries a debt at 134% of GDP, is among the world’s wealthiest nations. Azerbaijan’s wealth puts it roughly in the middle of the global pack–#92 in purchasing parity wealth globally.
Click here for an overview of the world’s richest and poorest countries.
|Energy||SOCAR – State Oil Co.of Azerbaijan|
|Finance||International Bank of Azerbaijan|
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000