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Indicators of economy in Azerbaijan

The essential economic performance of a country is reflected by the gross domestic product. So the total of all goods and services sold. Worldwide gross domestic product in 2020 was at about 10.912 US Dollar per capita. In contrast, the GDP in Azerbaijan reached 4.221 US dollars per inhabitant, or 42.61 bn US Dollar in the whole country. Azerbaijan is therefore currently ranked 89 of the major economies. If this is calculated per inhabitant taking into account the purchasing power parity, then Azerbaijan is in the list of the world's richest countries in place 88.

Inflation in Azerbaijan was in 2021 at around 6.65%. Within the EU, the average in the same year was 2.62%. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 70.2% lower.
The Corruption Perceptions Index for the public sector counts 67 and is compared to other countries moderate.


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Impact of the Covid-19 pandemic in 2020

The consequences of the Covid pandemic in 2020 were considerable in Azerbaijan. Overall, gross domestic product in 2020 fell from 48.17 billion US Dollar auf 42.61 billion US Dollar. With a large drop of 11.56 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% previously to 2.8% now.

Unemployment rates in percent 1991 - 2021

Economic performance 2020

 Azerbaijan
Total
Azerbaijan
per capita
EU
Total
EU
per capita
GDP42.61 bn USD4,221.41 USD15,291.93 tn USD29,710.69 USD
Gross national product45.20 bn USD4,478.18 USD15,330.84 tn USD29,786.28 USD


Development of the Gross domestic product in billion US Dollar 1990 - 2020



Im- and Exports 2020

 Azerbaijan
Total
Azerbaijan
per capita
EU
Total
EU
per capita
Imports15.54 bn USD1,539.45 USD7,340.01 bn USD14,260.90 USD
Exports15.21 bn USD1,506.84 USD7,939.04 bn USD15,424.75 USD


Development of imports and exports in billion US dollars 1995 - 2020

Exports
Imports



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