Browse a full set of economic indicators


Includes historical data for Azerbaijan’s Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.

Energy And Location Key To Economic Growth

In the heart of Eurasia, Azerbaijan’s economy is primarily fueled by its petroleum and natural gas industries, which account for over 90% of export revenues 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.

Macroeconomy & Sovereign Data

Type of Government Presidential Republic
Capital Baku
Sovereign Ratings S&P: BB+
Moody’s: Ba1
Fitch: BB+
Total Population 10.4 million
Median Age 32.5
Adult Per Capita Income (PPP) USD 20,467.05
Total GDP (2023) USD 81 billion

Azerbaijan GDP & Economic Overview

Most Recent Content

Banking & Finance

Trade & Investment

Total Exports USD 12.8 billion (2022)
Leading Exports Gold
Refined Petroleum
Packaged Medical Supplies                                                                  
Total Imports USD 41.6 billion (2022)
Leading Imports Crude Petroleum
Natural Gas
Refined Petroleum
Source: World Integrated Trade Solution

Azerbaijan Leading Companies

State Oil Co.of Azerbaijan (SOCAR) Energy, Exploration & Production
Azerbaijani Airlines Industrials
Azercell Telecommunication Services
Pasha Holding Financials
AtaHolding Conglomerates, Construction & Engineering, Telecommunications
International Bank of Azerbaijan Financials

Major Trade Partners — Import

Russia 17.7%
Türkiye 15.8%
China 14.0%
Germany 5.41%
Ukraine 4.0%

Major Trade Partners — Export

Italy 41.6%
Türkiye 13.0%
Russia 4.2%
Israel 4.0%
Croatia 3.4%

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