Azerbaijan/Economy

Economy of Azerbaijan

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$72.4B(2023)
GDP PPP (USD)
$239.6B(2023)
GDP per Capita (USD)
$7,126(2023)
GDP Growth (inflation-adjusted)
1.1%(2023)
Inflation (CPI Annual %)
2.2%(2024)

Trade & Finance

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Exports (as share of GDP)
49%(2023)
Imports (as share of GDP)
34.6%(2023)
FDI Inflows (as share of GDP)
0.3%(2023)
Remittance Inflow (USD)
$1.9B(2023)
Tax Revenue (as share of GDP)
15.4%(2022)

Labor & Income

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Unemployment Rate
5.6%(2024)
Employment in Services
49.7%(2023)
Poverty Rate
6%(2012)
GINI Index
26.6(2005)
GNI per Capita (USD)
$6,660(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
1720 kg oil eq.(2022)
Renewable Energy Consumption (%)
1.3%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Azerbaijan

  • The economic architecture of Azerbaijan is substantial, anchored by a Gross Domestic Product (GDP) of approximately $72.36B
    2023
    . This places it as the 82nd largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $7.13K
    2023
    , while its GDP in Purchasing Power Parity (PPP) terms is estimated at $239.61B, reflecting the population's domestic purchasing power. The economy is seeing modest growth of 1.1%
    2023
    , accompanied by stable price levels, with inflation (CPI) at 2.2%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The country maintains a strong trade surplus, with exports representing 49.0% of GDP and imports 34.6%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 0.35% of the economy
    2023
    . This performance positions the country 149th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $1.91B annually
    2023
    , highlighting the economic importance of its diaspora. Fiscal capacity is moderate, with tax revenue at 15.4% of GDP
    2022
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $6,660
    2023
    . Globally, this ranks the nation 96th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The labor market is stable, with unemployment at 5.6%
    2024
    . The services sector is a primary driver of the labor market, accounting for 49.7% of total employment
    2023
    . Poverty remains a key issue, with 6.0% of the population living below the national poverty line
    2012
    . The country has a relatively equitable distribution of income, with a Gini index of 26.6
    2005
    .
  • On the environment and energy front, energy consumption per capita is 1,720.316 kg of oil equivalent
    2022
    . The energy mix is still heavily reliant on traditional sources, with renewables contributing 1.3%
    2021
    . Its commitment to clean energy places it 20th among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Maintaining a balance between growth, inflation, and employment is the central challenge for economic policymakers.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

The benefits of growth appear to be broadly shared, with relatively low poverty and a more equitable income distribution.

Energy & Sustainability

Heavy reliance on fossil fuels creates significant long-term risks related to climate change, price volatility, and energy security.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.