Browse a full set of economic indicators


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

Macroeconomy & Sovereign Data

Total Area 86,600 sq km
Type of Government Presidential Republic
Capital Baku (Baki, Baky)
Total Population 10.4 million
Median Age 32.5
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

Banking & Sovereign Finance

Central Bank The Central Bank of the Republic of Azerbaijan

Currency Azerbaijani manats (AZN)

International Reserves USD 11.3 billion
Sovereign Ratings S&P BB+
Moody’s Ba1
Fitch BB+
See Global Finance‘s evaluations of Gov. Kazimov and his peers in this year’s Central Banker Report Cards – Asia.

Foreign Direct Investment

Central Bank Leadership

Geopolitics & Interest Rates

Governor Taleh Kazimov, head of the Central Bank of the Republic of Azerbaijan, talks to Global Finance about central banking, monetary policy, rising energy prices and more. Click HERE

International Trade

Total Exports USD 12 billion
Leading Exports Crude Petroleum
Natural Gas
Refined Petroleum
Major Trade Partners – Export Italy
Russian Federation
Total Imports USD 41.6 billion
Leading Imports Gold
Refined Petroleum
Packaged Medical Supplies
Major Trade Partners – Import Russian Federation
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.

Azerbaijan's Leading Companies

Energy SOCAR – State Oil Co.of Azerbaijan
Transportation Azerbaijani Airlines
Telecom Azercell
Diversified Pasha Holding
Finance International Bank of Azerbaijan

Global Finance Rankings & Awards: Asia

Global Finance Magazine awards recognize excellence in finance throughout the year, naming the world's best in a range of categories including Trade Finance, Investment Banking, Treasury & Cash Management, Innovation, Sustainable Finance and more.

Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings


Fitch 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