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Azerbaijan's economy in numbers:
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.
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%.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.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.
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.
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.