Economy of Azerbaijan

Economy of Azerbaijan
	Baku, the financial capital of Azerbaijan
Currency	Azerbaijani manat (AZN, ₼)
Fiscal year	Calendar year
Trade organisations	CIS, ECO, GUAM, WTO (observer)
Country group	Developing/Emerging; Upper-middle income economy;
Statistics
Population	10,156,256 (2022 Dec.)
GDP	$80.89 billion (nominal, 2024); $201.298 billion (PPP, 2024 est.);
GDP rank	91th (nominal, 2020); 60nd (PPP, 2020);
GDP growth	1.5% (2018) 2.2% (2019e); −4.3% (2020) 4.8% (2021f); 4.0% (2022f) 5.3% (2023f); 3.7% (2024f) 3.1% (2025f);
GDP per capita	$7,125; (nominal, 2023) $19,820 (PPP, 2024 est.);
GDP per capita rank	119th (nominal, 2020); 113rd (PPP, 2020);
GDP by sector	agriculture: 6.93%; industry: 41.38%; services: 42.52%; (2020 est.);
Inflation (CPI)	13.6% (2023 Jan.)
Population below poverty line	4.8% (2019 est.); 7.0% on less than $5.50/day (2020);
Gini coefficient	33.7 medium (2021)
Human Development Index	0.745 high (2021) (91st); 0.685 medium IHDI (2021);
Labour force	5,073,024 (2019); 63.0% employment rate (2018);
Labour force by occupation	agriculture: 37%; industry: 14.3%; services: 48.9%; (2014);
Unemployment	5.0% (2020 est.); 4.9% (2018); 13.4% youth unemployment (2015);
Average gross salary	[[\|AZN 839 / €466 monthly (December, 2022)]]
Average net salary	[[\|AZN 720 / €400 monthly (December, 2022)]]
Main industries	petroleum and natural gas; petroleum products; oilfield equipment; steel; iron ore; cement; chemicals; petrochemicals; textiles; machinery; cotton; foodstuffs
External
Exports	$38.1 billion (2022 Dec.)
Export goods	oil and gas, machinery, foodstuffs, cotton
Main export partners	Italy 46.6%; Turkey 9.29%; Israel 4.41%; India 4.36%; Greece 3.65%; Spain 2.65%; Russia 2.56%; Croatia 2.50%; Czech Republic 2.42%; United Kingdom 2.04% (2022);
Imports	$14.5 billion (2022 Dec.)
Import goods	machinery and equipment, foodstuffs, metals, chemicals
Main import partners	Russia 18.81%; Turkey 15.8%; China 14.35%; Germany 4.56%; Turkmenistan 3.51%; United States 3.3%; Iran 3.28%; Italy 2.34%; Japan 2%; South Korea 1.85% (2022 Dec.);
FDI stock	$79.53 billion (31 December 2017 est.); Abroad: $19.6 billion (31 December 2017 est.);
Current account	$4.4 billion (2019 est.)
Gross external debt	$8.927 billion (2020 est.)
Public finances
Government debt	17.59% of GDP (2020 est.)
Budget balance	5.55% (of GDP) (2019 est.)
Revenues	17.175 billion (2022 est.)
Expenses	19.002 billion (2022 est.)
Credit rating	Fitch:; BB+; Outlook: Negative; Moody's:; Ba2; Outlook: Stable; Standard & Poor's:; BB+; AAA (T&C Assessment); Outlook: Stable;
Foreign reserves	$70,1 billion (2024 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Azerbaijan is highly dependent on oil and gas exports, in particular since the completion of the Baku-Tbilisi-Ceyhan Pipeline. The transition to oil production in the late 1990s led to rapid economic growth over the period 1995–2014. Since 2014, GDP growth has slowed down substantially.

Large oil reserves are a major contributor to Azerbaijan's economy. Gas and oil make up two-thirds of Azerbaijan's GDP, making it one of the top ten most fossil fuel-dependent economies in the world.

Azerbaijan's economy is characterized by corruption and inequality. The country's oil wealth has significantly strengthened the stability of Ilham Aliyev's regime and enriched ruling elites in Azerbaijan. The country's oil wealth has enabled the state to host lavish international events, as well as engage in extensive lobbying efforts abroad.

The national currency is the Azerbaijani manat. The private sector is weak in Azerbaijan, as the economy is dominated by state-owned enterprises. More than half of the formal labor force works for the government in Azerbaijan.

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