Economic Growth in Azerbaijan
The Azerbaijani economy recorded an average real GDP growth rate of 1.7% in the decade up to 2022, below the 2.5% average for Eastern Europe. In 2022, real GDP growth was 4.6%. For more GDP information, visit our dedicated page.
Azerbaijan GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Azerbaijan from 2014 to 2023.
Source: Macrobond.
Azerbaijan GDP Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 2.5 | -4.2 | 5.6 | 4.6 | 1.1 |
| GDP (USD bn) | 48.1 | 42.6 | 54.6 | 78.7 | 72.4 |
| GDP (EUR bn) | 43.0 | 37.5 | 46.2 | 74.7 | 66.9 |
| GDP (AZN bn) | 81.7 | 72.4 | 92.9 | 133.8 | 123.0 |
| Economic Growth (Nominal GDP, ann. var. %) | 2.4 | -11.3 | 28.2 | 44.1 | -8.1 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Azerbaijani GDP projections for the next ten years 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. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Azerbaijani GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Azerbaijani GDP projections.
Want to get access to the full dataset of Azerbaijani GDP forecasts? Send an email to info@focus-economics.com.