The skyline in Azerbaijan

Azerbaiyán Economy

Azerbaijan's economy in numbers:

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.

Average real GDP growth of 1.7% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

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%.

GDP by economic sector
GDP by type of expenditure

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.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The 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.


The unemployment rate averaged 5.3% in the decade to 2022. For more information on Azerbaijan's unemployment click here.


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.
The economy gathered steam at the tail end of 2023, according to a preliminary release: Annual economic activity growth rose to 1.1% in January–December (January–September: +0.8% yoy), spearheaded by increased activity in the oil and gas sector. Weaker external demand exacerbated a poor performance in the non-oil-and-gas sector; merchandise exports fell at a sharper annual clip in October–November than in Q3. That said, annual retail sales growth in Q4 outpaced that of Q3 amid a near three-year-low inflation rate and a looser monetary policy backdrop, boding well for private spending. In politics, tensions with neighboring Armenia flared up in mid-January following disputes over border delimitation in mid-January; Azerbaijan’s interest in establishing the Zangezur Corridor threatens the resolution of the 35-year old dispute. Renewed military conflict would weigh on the domestic economy.
Projections out to 2033.

43 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 15 expert analysts.

Want to get insight on the economic outlook for Azerbaijan in the coming years? FocusEconomics collects projections out to 2033 on 43 economic indicators for Azerbaijan from a panel of 15 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 .

Azerbaiyán Datos económicos

2018 2019 2020 2021 2022
Población (millones) 9.9 10.0 10.1 10.1 10.2
PIB (en millones de dólares) 46.9 48.1 42.6 54.6 78.7
PIB per cápita (USD) 4,738 4,819 4,236 5,399 7,690
PIB (en millones de euros) 39.8 43.0 37.4 46.2 74.7
PIB per cápita (EUR) 4,023 4,307 3,711 4,566 7,298
PIB (en miles de millones de AZN) 79.8 81.7 72.4 92.9 133.8
Crecimiento económico (PIB nominal, var. anual) 13.8 2.4 -11.3 28.2 44.1
Crecimiento económico (PIB, var. anual) 1.4 2.5 -4.2 5.6 4.6
Producción industrial (% var. anual) 1.5 1.8 -5.0 5.2 -1.1
Ventas al por menor (% var. anual) 3.0 3.6 -1.3 3.2 3.1
Desempleo (% de la población activa, aop) 4.9 4.9 6.4 6.4 5.8
Saldo fiscal (% del PIB) 5.5 8.9 -6.7 4.1 -
Deuda pública (% del PIB) 18.7 17.7 21.3 26.4 -
Inflación (IPC, % var. anual, aop) 3.3 2.4 2.9 4.7 13.0
Tasa de refinanciación (%, eop) 9.75 7.50 6.25 7.25 8.25
Tipo de cambio (AZN por USD, eop) 1.70 1.70 1.70 1.70 1.70
Tipo de cambio (AZN por USD, aop) 1.70 1.70 1.70 1.70 1.70
Tipo de cambio (AZN por EUR, eop) 1.94 1.90 2.08 1.93 1.82
Tipo de cambio (AZN por EUR, aop) 2.00 1.90 1.94 2.01 1.79
Balanza por cuenta corriente (en millones de dólares) 6.1 4.4 -0.2 8.3 -
Balanza por cuenta corriente (% del PIB) 12.9 9.1 -0.5 15.2 -
Balanza comercial de mercancías (en millones de USD) 9.8 8.5 2.5 11.3 -
Exportaciones de mercancías (en millones de dólares) 20.8 19.9 12.6 21.7 -
Importaciones de mercancías (en millones de dólares) 11.0 11.3 10.1 10.4 -
Exportaciones de mercancías (% var. anual) 37.2 -4.5 -36.6 72.3 -
Importaciones de mercancías (% var. anual) 21.2 3.5 -11.1 3.4 -
Inversión extranjera directa (en millones de dólares) 1.4 1.5 0.5 -1.7 -
Reservas internacionales (en millones de dólares) 6.7 7.0 7.6 8.3 11.3
Reservas internacionales (meses de importaciones) 7.3 7.5 9.1 9.6 -
Deuda externa (en millones de dólares) 16.2 15.8 15.8 14.6 -
Deuda externa (% del PIB) 34.6 32.9 37.1 26.8 -

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