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 | |
---|---|---|---|---|
GDP | 54.62 bn USD | 5,388.00 USD | 17.177 tn USD | 33,384.92 USD |
Gross national product | 49.67 bn USD | 4,899.66 USD | 16.895 tn USD | 32,835.37 USD |
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
› 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 | |
---|---|---|---|---|
Imports | 16.34 bn USD | 1,611.50 USD | 8.916 tn USD | 17,329.02 USD |
Exports | 25.49 bn USD | 2,514.13 USD | 9.554 tn USD | 18,569.19 USD |
Development of imports and exports in billions of USD 1995 - 2021
Exports
Imports