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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 12,183 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 2022 was around 13.85%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.

The index for perceived corruption in the public sector is 23, 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 7.2 percent. The consumer inflation rate has risen from 2.6 percent previously to 2.8 percent now.

In 2021, there was already a recovery and the gross domestic product increased to 54.62 billion US dollars (=113.4% of 2019).

Income and purchasing power

The average monthly income in Azerbaijan is 408 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 68.5 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Azerbaijan than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 78.0 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

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


In the Global Innovation Index, Azerbaijan ranked 93rd in 2022 with 21.5 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points.

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


› Debt budget development
› Development of inflation
› Corruption in Azerbaijan
› Cost of living in a global comparison


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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