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 31 December 2017 | $17.41 billion (31 December 2017 est.) |
| Debt - external 31 December 2016 | $13.83 billion (31 December 2016 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 | $19.95 billion (2019 est.) |
| Expenditures | $16.001 billion (2019 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 | 43.6% of household expenditures (2021 est.) |
| On alcohol and tobacco | 2% of household expenditures (2021 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 | 6.1% (2017 est.) |
| Industry | 53.5% (2017 est.) |
| Services | 40.4% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 57.6% (2017 est.) |
| Government consumption | 11.5% (2017 est.) |
| Investment in fixed capital | 23.6% (2017 est.) |
| Investment in inventories | 0.5% (2017 est.) |
| Exports of goods and services | 48.7% (2017 est.) |
| Imports of goods and services | -42% (2017 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
Want to know more about Azerbaijan? Check all different factbooks for Azerbaijan below.
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Azerbaijan Factbook
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The Economy of Azerbaijan
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Learn about the Government of Azerbaijan
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Communication in Azerbaijan
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Popular Universities in Azerbaijan
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Enerny in Azerbaijan
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Transport in Azerbaijan
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The Geography and society of Azerbaijan
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The Environment of Azerbaijan
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Military and security in Azerbaijan