Azerbaijan Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

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

Real GDP (purchasing power parity)

$146.305 billion (2021 est.)

$138.546 billion (2020 est.)

$144.771 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.6% (2021 est.)

-4.3% (2020 est.)

2.5% (2019 est.)

Real GDP per capita

$14,400 (2021 est.)

$13,700 (2020 est.)

$14,400 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$48.104 billion (2019 est.)

Inflation rate (consumer prices)

6.65% (2021 est.)

2.76% (2020 est.)

2.61% (2019 est.)

Credit ratings

Fitch rating: BB+ (2016)

Moody's rating: Ba2 (2017)

Standard & Poors rating: BB+ (2016)

note: The year refers to the year in which the current credit rating was first obtained.

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.)

Agricultural products

milk, wheat, potatoes, barley, tomatoes, watermelons, cotton, apples, maize, onions

Industries

petroleum and petroleum products, natural gas, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles

Industrial production growth rate

1.95% (2021 est.)

Labor force

4.919 million (2021 est.)

Labor force - by occupation

agriculture: 37%

industry: 14.3%

services: 48.9% (2014)

Unemployment rate

6.58% (2021 est.)

6.46% (2020 est.)

4.85% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 16.5%

male: 14.4%

female: 18.9% (2021 est.)

Population below poverty line

4.9% (2015 est.)

Gini Index coefficient - distribution of family income

33.7 (2008)

Average household expenditures

on food: 38.6% of household expenditures (2018 est.)

on alcohol and tobacco: 1.6% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3.4%

highest 10%: 27.4% (2008)

Budget

revenues: $19.95 billion (2019 est.)

expenditures: $16.001 billion (2019 est.)

Budget surplus (+) or deficit (-)

-1.6% (of GDP) (2017 est.)

Public debt

54.1% of GDP (2017 est.)

50.7% of GDP (2016 est.)

Taxes and other revenues

14.22% (of GDP) (2019 est.)

Fiscal year

calendar year

Current account balance

$8.292 billion (2021 est.)

-$227.568 million (2020 est.)

$4.365 billion (2019 est.)

Exports

$25.488 billion (2021 est.)

$15.209 billion (2020 est.)

$23.63 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Italy 28%, Turkey 15%, Israel 7%, Germany 5%, India 5% (2017)

Exports - commodities

crude petroleum, natural gas, refined petroleum, cotton, gold (2021)

Imports

$16.337 billion (2021 est.) note: data are in current year dollars

$15.538 billion (2020 est.) note: data are in current year dollars

$17.712 billion (2019 est.) note: data are in current year dollars

Imports - partners

United Kingdom 17%, Russia 17%, Turkey 12%, China 6% (2019)

Imports - commodities

gold, cars, refined petroleum, wheat, packaged medical supplies (2019)

Reserves of foreign exchange and gold

$8.307 billion (31 December 2021 est.)

$7.634 billion (31 December 2020 est.)

$7.043 billion (31 December 2019 est.)

Debt - external

$17.41 billion (31 December 2017 est.)

$13.83 billion (31 December 2016 est.)

Exchange rates

Azerbaijani manats (AZN) per US dollar -

1.7 (2021 est.)

1.7 (2020 est.)

1.7 (2019 est.)

1.7 (2018 est.)

1.721 (2017 est.)

NOTE: The information regarding Azerbaijan on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Azerbaijan 2023 information contained here. All suggestions for corrections of any errors about Azerbaijan 2023 should be addressed to the CIA or the source cited on each page.