Azerbaijan - Economy
How is the economy of Azerbaijan? Based on the information we have, Azerbaijan has a oil-based economy; macroeconomic instabilities due to demand shocks; recent state bailout of largest lender; potential economic gains from Nagorno-Karabakh conflict; negatively impacted by COVID-19; investing in human capital to diversify and retain younger generation. Key agricultural products in this country include: milk, wheat, potatoes, barley, tomatoes, watermelons, cotton, apples, onions, maize (2022).
More about the economy of Azerbaijan
Labor force 5.473 million (2023 est.)
Industrial production growth rate 1.34% (2023 est.)
Industries petroleum and petroleum products, natural gas, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles
Population below poverty line 4.9% (2015 est.)
Taxes and other revenues 13.42% (of GDP) (2021 est.)
Fiscal year
Exchange rates
Currency Azerbaijani manats (AZN) per US dollar -
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.)
Exchange rates 2019 1.7 (2019 est.)
Debt - external
Debt - external 2022 $12.319 billion (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $13.749 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $11.338 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $8.29 billion (2021 est.)
Current account balance
Current account balance 2023 $8.329 billion (2023 est.)
Current account balance 2022 $23.478 billion (2022 est.)
Current account balance 2021 $8.203 billion (2021 est.)
Public debt
Public debt 2021 16.82% of GDP (2021 est.)
Budget
Revenues $20.877 billion (2021 est.)
Expenditures $14.882 billion (2021 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 3.87% of GDP (2023 est.)
Remittances 2022 5.01% of GDP (2022 est.)
Remittances 2021 2.78% of GDP (2021 est.)
Average household expenditures
On food 42.4% of household expenditures (2022 est.)
On alcohol and tobacco 2% of household expenditures (2022 est.)
Imports
Imports 2023 $25.016 billion (2023 est.)
Imports 2022 $21.274 billion (2022 est.)
Imports 2021 $16.432 billion (2021 est.)
Imports (partners) Russia 17%, Turkey 17%, China 10%, UAE 5%, Georgia 5% (2022)
Comodities Imports force cars, refined petroleum, crude petroleum, wheat, packaged medicine (2022)
Exports
Imports 2023 $25.016 billion (2023 est.)
Imports 2022 $21.274 billion (2022 est.)
Imports 2021 $16.432 billion (2021 est.)
Exports (partners) Italy 47%, Turkey 9%, Israel 4%, India 4%, Greece 4% (2022)
Comodities Exports force crude petroleum, natural gas, refined petroleum, fertilizers, aluminum (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $215.896 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $213.497 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $203.884 billion (2021 est.)
GDP (official exchange rate) $72.356 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $21,300 (2023 est.)
Real GDP per capita 2022 $21,100 (2022 est.)
Real GDP per capita 2021 $20,100 (2021 est.)
GDP - composition, by sector of origin
Agriculture 5.5% (2023 est.)
Industry 46.6% (2023 est.)
Services 39.1% (2023 est.)
GDP - composition, by end use
Household consumption 53.2% (2023 est.)
Government consumption 14% (2023 est.)
Investment in fixed capital 14.9% (2023 est.)
Investment in inventories 3.5% (2023 est.)
Exports of goods and services 49% (2023 est.)
Imports of goods and services -34.6% (2023 est.)
Unemployment rate
Unemployment rate 2023 5.64% (2023 est.)
Unemployment rate 2022 5.65% (2022 est.)
Unemployment rate 2021 6.04% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 13.5% (2023 est.)
Male 12% (2023 est.)
Female 15.3% (2023 est.)
All Important Facts about Azerbaijan

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Azerbaijan is found in Western Asia