The current outlook for the Republic of Azerbaijan’s economy can be described as one of "cautious optimism". After being severely affected by both the COVID-19 containment measures and the decline in global oil prices, economy of Azerbiajan demonstrated a fast recovery.
GDP at current prices reached 79 billion of US dollars in 2022, with real GDP growth of 4.6% annually. Yet economy of Azerbaijan is noticeably depending on oil and gas exports, however compared to the last decade a considerable improvement is observed. The participation of non-oil GDP in total economy increased from 48% in 2011 up to 52% in 2022. Azerbaijan continues its efforts on diversifying the economy and encouraging non-hydrocarbons export. As a result, non-oil GDP growth in 2022 reached 9.1%, which is 4.5% p.p. higher than total GDP growth.