WorldFactbook.ioFree API →

World Factbook

Azerbaijan

Azarbaycan Respublikasi

Last updated: 2026-03-28 (today)

Budget

note

note: central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated

revenues

$30.966 billion (2022 est.)

expenditures

$22.95 billion (2022 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2022

$47.274 billion (2022 est.)

Exports 2023

$35.487 billion (2023 est.)

Exports 2024

$34.113 billion (2024 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

Imports 2022

$21.274 billion (2022 est.)

Imports 2023

$25.016 billion (2023 est.)

Imports 2024

$27.339 billion (2024 est.)

Industries

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

Labor force

5.02 million (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

note

note: central government debt as a % of GDP

Public debt 2021

16.8% of GDP (2021 est.)

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

Remittances 2022

5% of GDP (2022 est.)

Remittances 2023

2.6% of GDP (2023 est.)

Remittances 2024

1.8% of GDP (2024 est.)

Exchange rates

Currency

Azerbaijani manats (AZN) per US dollar -

Exchange rates 2020

1.7 (2020 est.)

Exchange rates 2021

1.7 (2021 est.)

Exchange rates 2022

1.7 (2022 est.)

Exchange rates 2023

1.7 (2023 est.)

Exchange rates 2024

1.7 (2024 est.)

Debt - external

note

note: present value of external debt in current US dollars

Debt - external 2023

$12.378 billion (2023 est.)

Economic overview

upper-middle income, oil-dependent Caucasus economy; minimal economic diversification and dominance of state-owned enterprises; growth and fiscal consolidation supported by oil revenues, but risks remain from demand shocks; potential economic gains from Nagorno-Karabakh ceasefire; education investments to diversify and retain human capital

Unemployment rate

note

note: % of labor force seeking employment

Unemployment rate 2022

5.7% (2022 est.)

Unemployment rate 2023

5.7% (2023 est.)

Unemployment rate 2024

5.6% (2024 est.)

Exports - partners

Italy 37%, Turkey 19%, Israel 5%, Greece 4%, Russia 4% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

Russia 17%, China 16%, Turkey 14%, Georgia 4%, Germany 4% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

Real GDP per capita 2022

$21,100 (2022 est.)

Real GDP per capita 2023

$21,300 (2023 est.)

Real GDP per capita 2024

$22,100 (2024 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2022

4.7% (2022 est.)

Real GDP growth rate 2023

1.4% (2023 est.)

Real GDP growth rate 2024

4.1% (2024 est.)

Agricultural products

milk, wheat, barley, potatoes, tomatoes, watermelons, onions, apples, maize, cotton (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

crude petroleum, natural gas, refined petroleum, plastics, electricity (2023)

note: top five export commodities based on value in dollars

Imports - commodities

cars, crude petroleum, refined petroleum, broadcasting equipment, garments (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

Current account balance 2022

$23.478 billion (2022 est.)

Current account balance 2023

$8.329 billion (2023 est.)

Current account balance 2024

$4.671 billion (2024 est.)

Taxes and other revenues

15.4% (of GDP) (2022 est.)

note: central government tax revenue as a % of GDP

GDP (official exchange rate)

$74.316 billion (2024 est.)

note: data in current dollars at official exchange rate

GDP - composition, by end use

note

note: figures may not total 100% due to rounding or gaps in data collection

household consumption

55.4% (2024 est.)

government consumption

14.4% (2024 est.)

investment in inventories

4.3% (2024 est.)

investment in fixed capital

16.8% (2024 est.)

exports of goods and services

45.9% (2024 est.)

imports of goods and services

-36.8% (2024 est.)

Average household expenditures

on food

42.7% of household expenditures (2023 est.)

on alcohol and tobacco

2% of household expenditures (2023 est.)

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

Inflation rate (consumer prices) 2022

13.9% (2022 est.)

Inflation rate (consumer prices) 2023

8.8% (2023 est.)

Inflation rate (consumer prices) 2024

2.2% (2024 est.)

Industrial production growth rate

2.1% (2024 est.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

Real GDP (purchasing power parity) 2022

$213.497 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$216.388 billion (2023 est.)

Real GDP (purchasing power parity) 2024

$225.198 billion (2024 est.)

Youth unemployment rate (ages 15-24)

male

12.3% (2024 est.)

note

note: % of labor force ages 15-24 seeking employment

total

13.7% (2024 est.)

female

15.3% (2024 est.)

Reserves of foreign exchange and gold

note

note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Reserves of foreign exchange and gold 2022

$11.338 billion (2022 est.)

Reserves of foreign exchange and gold 2023

$13.749 billion (2023 est.)

Reserves of foreign exchange and gold 2024

$12.699 billion (2024 est.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

42.6% (2024 est.)

services

42.3% (2024 est.)

agriculture

5.7% (2024 est.)