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Indicators of economy in Azerbaijan

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,230 USD per capita. GDP in Azerbaijan, on the other hand, reached USD 5,388 per capita, or 54.62 billion USD for the whole country. Azerbaijan is therefore currently ranked 87 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then Azerbaijan ranks 88th in the list of the richest countries.

Inflation in Azerbaijan in 2021 was around 6.65%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 70.2 percent lower.
The index for perceived corruption in the public sector is 30, which is rather poor by global standards.


Back to overview: Azerbaijan

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic in 2020 were considerable in Azerbaijan. Overall, gross domestic product in 2020 fell from 48.17 billion US dollars to 42.69 billion US dollars. With a large drop of 11.38 percent, the economy in Azerbaijan has struggled significantly more than other countries. The tourism sector alone slumped by around 83 percent. The unemployment rate rose from 4.8 to 6.5 percent. The consumer inflation rate has risen from 2.6 percent previously to 2.8 percent now.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

 Azerbaijan
Total
Azerbaijan
per capita
EU
Total
EU
per capita
GDP54.62 bn USD5,388.00 USD17.177 tn USD33,384.92 USD
Gross national product49.67 bn USD4,899.66 USD16.895 tn USD32,835.37 USD


Development of gross domestic product in billions of USD 1990 - 2021



Imports and Exports 2021

 Azerbaijan
Total
Azerbaijan
per capita
EU
Total
EU
per capita
Imports16.34 bn USD1,611.50 USD8.916 tn USD17,329.02 USD
Exports25.49 bn USD2,514.13 USD9.554 tn USD18,569.19 USD


Development of imports and exports in billions of USD 1995 - 2021

Exports
Imports



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