Azerbaijan's Macroeconomic Analysis:
Nominal GDP of USD 72.4 billion in 2023.
Nominal GDP of USD 78.7 billion in 2022.
GDP per capita of USD 7,753 compared to the global average of USD 10,589.
GDP per capita of USD 7,104 compared to the global average of USD 10,589.
Average real GDP growth of 1.6% over the last decade.
Average real GDP growth of 1.7% over the last decade.
Sector Analysis
In 2021, services accounted for 46% of overall GDP, manufacturing 7%, other industrial activity 41%, and agriculture 6%. Looking at GDP by expenditure, private consumption accounted for 52% of GDP in 2021, government consumption 13%, fixed investment 17%, and net exports 18%.International trade
In 2021, manufactured products made up 5% of total merchandise exports, mineral fuels 88%, food 4%, ores and metals 1% and agricultural raw materials 1%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 74% of total merchandise imports, mineral fuels 3%, food 19%, ores and metals 1% and agricultural raw materials 2%, with other goods accounting for 1% of the total. Total exports were worth USD 42 billion in 2022, while total imports were USD 14 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 1.7% in the decade to 2022. To read more about GDP growth in Azerbaijan, go to our dedicated page.
Fiscal policy
Azerbaijan's fiscal surplus averaged 1.7% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 5.3% in the decade to 2022. For more information on Azerbaijan's unemployment click here.
Inflation
Inflation averaged 5.8% in the decade to 2022. Go to our Azerbaijan inflation page for extra insight.
Monetary Policy
Azerbaijan's monetary policy rate ended 2022 at 8.25%, up from 5.00% a decade earlier. See our Azerbaijan monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the manat weakened by 52.9% vs the U.S. dollar. For more info on the manat, click here.
Economic situation in Azerbaijan
Our panel expects the economy to be decelerating in Q4. That said, data at hand suggests upside risks to this prediction: GDP growth accelerated to 4.9% in January–October from January–September’s 4.7%, fueled by faster increases in industrial output, agricultural activity and retail sales. That said, in the same period, tight borrowing conditions drove a sharper fall in fixed investment compared to January–September, and public expenditure lost steam. In other news, in mid-October, Azerbaijan and Iran signed a deal to connect the Azerbaijani mainland to the Nakhchivan exclave via railway through Iran, boding well for investment, regional integration and a comprehensive peace deal with Armenia; after making significant progress in H1, peace talks had stalled due to Azerbaijan’s plans to establish a corridor connecting its territories through Armenia.Azerbaijan Economic Forecasts
Projections out to 2034.46 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 14 expert analysts.
Want to get insight on the economic outlook for Azerbaijan in the coming years? FocusEconomics collects projections out to 2034 on 46 economic indicators for Azerbaijan from a panel of 14 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Azerbaijan economy. To download a sample report on the Azerbaijan's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.