Azerbaijan: Economy
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Income Level (by per capita GNI) Source: The World Bank Possible values: High Income, Upper Middle Income, Lower Middle Income and Low Income |
Upper Middle Income |
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Level of Development
Source: United Nations Possible values: Developed, In Transition and Developing |
In Transition |
| Economic Trivia | Azerbaijan's economy relies on oil and gas which accounts for 90% of all exports. |
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Trade
Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. |
Top 3 Trade Partners (2021): Italy, Turkey, and Russia |
| Top Industries Source: CIA World Factbook | petroleum and petroleum products, natural gas, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $180,753,518,095 (2022) |
| GDP Growth Rate (annual %) | 4.617% (2022) |
| GDP Per Capita, PPP (current international) | $17,764 (2022) |
GDP Country Rank 79/197 (2022)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 13.852% (2022) |
| External debt stocks, total (DOD, current US$) | $14,644,711,893 (2021) |
| Total tax rate (% of commercial profits) | 40.7% (2019) |
| Real Interest Rate (5 year average %) | -16.509% (2022) |
| Manufacturing, value added (% of GDP) | 5.006% (2022) |
| Current Account Balance (BoP, current US$) | $23,478,081,000 (2022) |
Labor and Employment [1]
| Labor Force, Total | 5,160,258 (2022) |
| Employment in Agriculture (% of total employment) | 34.187% (2021) |
| Employment in Industry (% of total employment) | 15.445% (2021) |
| Employment in Services (% of total employment) | 50.368% (2021) |
| Unemployment Rate | 5.462% (2022) |
Trade [1]
| Imports of goods and services (current US$) | $21,274,411,765 (2022) |
| Exports of goods and services (current US$) | $47,274,117,647 (2022) |
| Total Merchandise Trade (% of GDP) | 71.382% (2022) |
| FDI, net inflows (BoP, current US$) | ($4,474,481,000) (2022) |
| Commercial Service Exports (current US$) | $6,370,173,000 (2022) |
Economic Snapshot [1]
Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years.
How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Azerbaijan’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.