Azerbaijan Economy - 2024

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.)

Unemployment rate

6.58% (2021 est.)
6.46% (2020 est.)
4.85% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 16.5% (2021 est.)

male: 14.4%

female: 18.9%

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)

Remittances

2.79% of GDP (2021 est.)
3.29% of GDP (2020 est.)
2.65% of GDP (2019 est.)

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 -

Exchange rates:
1.7 (2021 est.)
1.7 (2020 est.)
1.7 (2019 est.)
1.7 (2018 est.)
1.721 (2017 est.)