Azerbaijan - Economy
How is the economy of Azerbaijan? Based on the information we have, Azerbaijan has a
upper-middle income, oil-dependent Caucasus economy; minimal economic diversification and dominance of state-owned enterprises; growth and fiscal consolidation supported by oil revenues, but risks remain from demand shocks; potential economic gains from Nagorno-Karabakh ceasefire; education investments to diversify and retain human capital
. Key agricultural products in this country include: milk, wheat, barley, potatoes, tomatoes, watermelons, onions, apples, maize, cotton (2023).More about the economy of Azerbaijan
| Labor force | 5.02 million (2024 est.) |
|---|---|
| Industrial production growth rate | 2.1% (2024 est.) |
| Industries | petroleum and petroleum products, natural gas, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles |
| Population below poverty line | |
| Taxes and other revenues | 15.4% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Azerbaijani manats (AZN) per US dollar - |
| Exchange rates 2024 | 1.7 (2024 est.) |
| Exchange rates 2023 | 1.7 (2023 est.) |
| Exchange rates 2022 | 1.7 (2022 est.) |
| Exchange rates 2021 | 1.7 (2021 est.) |
| Exchange rates 2020 | 1.7 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $12.378 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $12.699 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $13.749 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $11.338 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $4.671 billion (2024 est.) |
| Current account balance 2023 | $8.329 billion (2023 est.) |
| Current account balance 2022 | $23.478 billion (2022 est.) |
| Public debt | |
| Public debt 2021 | 16.8% of GDP (2021 est.) |
| Budget | |
| Revenues | $30.966 billion (2022 est.) |
| Expenditures | $22.95 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 1.8% of GDP (2024 est.) |
| Remittances 2023 | 2.6% of GDP (2023 est.) |
| Remittances 2022 | 5% of GDP (2022 est.) |
| Average household expenditures | |
| On food | 42.7% of household expenditures (2023 est.) |
| On alcohol and tobacco | 2% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $27.339 billion (2024 est.) |
| Imports 2023 | $25.016 billion (2023 est.) |
| Imports 2022 | $21.274 billion (2022 est.) |
| Imports (partners) | Russia 17%, China 16%, Turkey 14%, Georgia 4%, Germany 4% (2023) |
| Comodities Imports force | cars, crude petroleum, refined petroleum, broadcasting equipment, garments (2023) |
| Exports | |
| Imports 2024 | $27.339 billion (2024 est.) |
| Imports 2023 | $25.016 billion (2023 est.) |
| Imports 2022 | $21.274 billion (2022 est.) |
| Exports (partners) | Italy 37%, Turkey 19%, Israel 5%, Greece 4%, Russia 4% (2023) |
| Comodities Exports force | crude petroleum, natural gas, refined petroleum, plastics, electricity (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $225.198 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $216.388 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $213.497 billion (2022 est.) |
| GDP (official exchange rate) | $74.316 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $22,100 (2024 est.) |
| Real GDP per capita 2023 | $21,300 (2023 est.) |
| Real GDP per capita 2022 | $21,100 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 5.7% (2024 est.) |
| Industry | 42.6% (2024 est.) |
| Services | 42.3% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 55.4% (2024 est.) |
| Government consumption | 14.4% (2024 est.) |
| Investment in fixed capital | 16.8% (2024 est.) |
| Investment in inventories | 4.3% (2024 est.) |
| Exports of goods and services | 45.9% (2024 est.) |
| Imports of goods and services | -36.8% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 5.6% (2024 est.) |
| Unemployment rate 2023 | 5.7% (2023 est.) |
| Unemployment rate 2022 | 5.7% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 13.7% (2024 est.) |
| Male | 12.3% (2024 est.) |
| Female | 15.3% (2024 est.) |
All Important Facts about Azerbaijan
Want to know more about Azerbaijan? Check all different factbooks for Azerbaijan below.
-
Azerbaijan Factbook
-
The Economy of Azerbaijan
-
Learn about the Government of Azerbaijan
-
Communication in Azerbaijan
-
Popular Universities in Azerbaijan
-
Enerny in Azerbaijan
-
Transport in Azerbaijan
-
The Geography and society of Azerbaijan
-
The Environment of Azerbaijan
-
Military and security in Azerbaijan