Robust Economy

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.

 

 

 

Gross Domestic Product (GDP) ​
Created with Highcharts 8.2.2Bln USDBln AZN20112012201320142015201620172018201920202021202220406080100120140Highcharts.com
GDP GROWTH (2011-2022)
Created with Highcharts 8.2.2GDP growth201120122013201420152016201720182019202020212022-6-4-202468
NON-OIL GDP (2011-2022)
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NON-OIL GDP GROWTH (2011-2022) ​
Created with Highcharts 8.2.2Non-oil GDP growth201120122013201420152016201720182019202020212022-10-5051015
GDP PER CAPITA (2011-2022)​
Created with Highcharts 8.2.2Bln USDBln AZN2011201220132014201520162017201820192020202120222k4k6k8k10k12k14kHighcharts.com
Currency rate
Created with Highcharts 8.2.2USD to AZN20112012201320142015201620172018201920202021202200.511.52
Annual Inflation(2011-2022)
Created with Highcharts 8.2.2Annual Infilation rate2011201220132014201520162017201820192020202120220246810121416
Budget
Created with Highcharts 8.2.2Budget revenues (Bln USD)Budget expenditures (Bln USD)20112012201320142015201620172018201920202021202251015202530Highcharts.com