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Economy of Azerbaijan
 Baku, the financial capital of Azerbaijan | |
| Currency | Azerbaijani manat (AZN, ₼) |
|---|---|
| Calendar year | |
Trade organisations | CIS, ECO, GUAM, WTO (observer) |
Country group |
|
| Statistics | |
| Population |  10,153,958 (2023)[2] |
| GDP | |
| GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
 2.1% (2024)[3] | |
Population below poverty line |
|
| 33.7 medium (2021)[4] | |
 23 out of 100 points (2023, 154th rank) | |
Labour force | |
Labour force by occupation |
|
| Unemployment | |
Average gross salary | AZN 839 / €466 monthly (December, 2022) |
| 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.)[10] |
Export goods | oil and gas, machinery, foodstuffs, cotton |
Main export partners | |
| Imports | $14.5 billion (2022 Dec.)[10] |
Import goods | machinery and equipment, foodstuffs, metals, chemicals |
Main import partners |
|
FDI stock | |
| $4.65 billion (2024 est.)[3] | |
Gross external debt |  $15.51 billion (2024 est.)[3] |
| Public finances | |
| 20.5% of GDP (2024 est.)[3] | |
| 5.55% (of GDP) (2019 est.)[4] | |
| Revenues | 17.175 billion (2022 est.)[12] |
| Expenses | 19.002 billion (2022 est.)[13] |
| $70,1 billion (2024 est.)[4] | |
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.[18][19] Since 2014, GDP growth has slowed down substantially.[19]
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.[20] Gas and oil make up 90% of Azerbaijan's export revenues and 60% of its finances.[21]
Azerbaijan's economy is characterized by corruption and inequality.[18] The country's oil wealth has significantly strengthened the stability of Ilham Aliyev's regime and enriched ruling elites in Azerbaijan.[22][23][24][25] The country's oil wealth has enabled the state to host lavish international events, as well as engage in extensive lobbying efforts abroad.[26][27]
The national currency is the Azerbaijani manat. The private sector is weak in Azerbaijan, as the economy is dominated by state-owned enterprises.[19] More than half of the formal labor force works for the government in Azerbaijan.[19]
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 21 April 2024.
- ^ "World Bank Open Data".
- ^ a b c d e f g h i "World Economic Outlook Database, April 2024 Edition. (Azerbaijan)". International Monetary Fund. April 2024. Retrieved 21 April 2024.
- ^ a b c d e f g h "Azerbaijan". The World Factbook (2025 ed.). Central Intelligence Agency. Retrieved 16 August 2019. (Archived 2019 edition.)
- ^ a b "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 17 November 2022.
- ^ "Labor force, total – Azerbaijan". data.worldbank.org. World Bank. Retrieved 3 November 2019.
- ^ "Employment to population ratio, 15+, total (%) (national estimate) – Azerbaijan". data.worldbank.org. World Bank. Retrieved 3 November 2019.
- ^ "World Economic Outlook Database, April 2022". IMF.org. International Monetary Fund. Retrieved 20 April 2020.
- ^ "Unemployment, youth total (% of total labor force ages 15-24) (national estimate) – Azerbaijan". data.worldbank.org. World Bank. Retrieved 6 March 2020.
- ^ a b "Azərbaycan Dövlət Gömrük Komitəsi".
- ^ a b "Foreign trade partners of Azerbaijan". The States Customs Committee of the Republic of Azerbaijan. Retrieved 31 December 2022.
- ^ "Доходы и расходы госбюджета Азербайджана на 2022 год увеличиваются". 20 June 2022.
- ^ "Доходы и расходы госбюджета Азербайджана на 2022 год увеличиваются". 20 June 2022.
- ^ "Azerbaijan at BBB- according to Fitch Ratings" (in Turkish). London. 27 January 2012. Archived from the original on 31 December 2013.
- ^ "Moody's changes outlook on Azerbaijan's sovereign ratings to positive from stable". 8 March 2011.
- ^ "Sovereigns Ratings List".
- ^ "Azerbaijan Rating Stable". London. 13 January 2012. Archived from the original on 30 January 2015. Retrieved 1 April 2012.
- ^ a b Levine, Joshua (15 August 2012). "Big in Baku". The New York Times. ISSN 0362-4331.
- ^ a b c d "Azerbaijan: Country economic memorandum" (PDF). World Bank. September 2022.
- ^ Lo, Joe (9 December 2023). "Oil-reliant Azerbaijan chosen to host Cop29 climate talks". Climate Home News. Retrieved 9 December 2023.
- ^ "Oil-rich nations 'pushback' against fossil fuel phaseout". www.ft.com. 2024.
- ^ Altstadt, Audrey L. (2017). Frustrated Democracy in Post-Soviet Azerbaijan. Columbia University Press. pp. 114–120. ISBN 978-0-231-80141-6.
- ^ Waal, Thomas de (2 November 2018). The Caucasus: An Introduction. Oxford University Press. pp. 185–186, 226–229. ISBN 978-0-19-068311-5.
- ^ Ross, Michael (2012). The Oil Curse: How Petroleum Wealth Shapes the Development of Nations. Princeton University Press. p. 60. ISBN 978-0-691-14545-7.
- ^ Cornell, Svante E. (2015). Azerbaijan Since Independence. Routledge. pp. 210–211, 235. ISBN 978-1-317-47621-4.
- ^ Project, Organized Crime and Corruption Reporting. "The Azerbaijani Laundromat". OCCRP.
- ^ Harding, Luke; Barr, Caelainn; Nagapetyants, Dina (4 September 2017). "Everything you need to know about the Azerbaijani Laundromat". The Guardian – via www.theguardian.com.
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