Economy of Azerbaijan
Population: 9.94 M (2018)
GDP per Capita: 4,721 USD (2018)
46,940 M.

GDP USD

(2018)

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25,480 M.

EXPORTS USD

(2018)

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17,710 M.

IMPORTS USD

(2018)

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18.75 %

PUBLIC DEBT

(2018)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 1.41 % (2018)
GDP of 2010 USD USD 57.40 B. (2018)
GDP Current USD USD 46.94 B. (2018)
GDP per Capita Current USD USD 4,721 (2018)
GDP per capita, PPP USD 16,011 (2018)
GDP per Capita, 2010 USD USD 5,769 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 10.17 % (2018)
Government Spending USD 4.77 B. (2018)
Government Debt % GDP 18.75 % (2018)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 146.30 (2018)
Trade Openness 92.01 % (2018)
Exports of Goods and Services % GDP 54.29 % (2018)
Exports Goods & Services USD 25.48 B. (2018)
Exports Annual Growth 1.50 % (2013)
Imports as % GDP 37.72 % (2018)
Total Imports USD 17.71 B. (2018)
Foreign Direct Investment % GDP 2.99 % (2018)
Foreign Direct Investment USD 1.40 B. (2018)
Current Account Balance % GDP USD 12.89 % (2018)
Current Account Balance USD 6.05 B. (2018)
Trade Balance % GDP % (2018)
Trade Balance USD 7.78 B. (2018)
Foreign Exchange Reserves incl Gold USD 6.67 B. (2018)
Remittances % GDP 2.61 % (2018)
Remittances USD 1,080 M. (2018)
Balance of Payments USD 646 M. (2018)

Labor Market

Indicator Value
Labor Force 5.07 M. (2019)
Unemployment Rate 5.40 % (2019)
Unemployment Rate Females 6.34 % (2019)
Unemployment Rate Males 4.72 % (2019)
Youth Unemployment (ages 15-24) 14.23 % (2019)
Labor Force Participation Rate 66.06 % (2019)
Labor Force (Percent Female) 48.74 % (2019)
Female Labor Force Participation Rate 62.92 % (2019)
Male Labor Force Participation Rate 69.35 % (2019)
Dependent People 41.97 % (2018)

Agriculture Sector

Indicator Value
Forest Area 14.10 % (2016)
Forest Area km² 11,656 km² (2016)
Agricultural Land 57.74 % (2016)
Agricultural Land km² 47,730 km² (2016)
Employment 35.90 % (2019)
Value added % GDP 5.25 % (2018)
Agriculture Value added USD 2.46 B. (2018)
Crop Production Index 122.50 (2016)
Precipitation 447 mm (2014)
Arable Land 24 % (2016)
Cereal Yield 2,942 kg/hectare (2017)
Food production index 148 (2016)
Rural Population 44 % (2018)
Fertilizer use of Arable Land 14 kg/hectare (2016)
Livestock Production Index 182 (2016)
Economy of Azerbaijan

According to the World Bank and its latest published data, the economy of the Azerbaijan presents a growth rate of 1.41 % (2018) to the previous year.

With a population that reaches 9.94 M (2018) and a gross domestic product of USD 46.94 B. (2018), it translates a Gross Domestic Product per Capita of USD 4,721 placing its inhabitants on the threshold of an Upper middle income country (according to the World Bank's updated classification).

Azerbaijan also has a workforce of 5.07 M. (2019) with an unemployment rate of 5.40 % (2019), where women represent 6.34 % (2019) and men 4.72 % (2019), the unemployment rate for young people between 15-24 years old stood at 14.23 % (2019). The total number of dependent people stands at 41.97 % (2018).

The central government spent 10.17 % (2018) of its gross domestic product that year, which in absolute terms is USD 4.77 B. (2018). Its consolidated public debt reached 18.75 of its GDP, not exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Azerbaijan exported USD 25.48 B. (2018), which represents 54.29 % (2018) of its gross domestic product, in that same sense its imports reached USD 17.71 B. (2018) with a direct foreign investment of USD 1.40 B. (2018).

Azerbaijan has a forest area of 11,656 km² (2016), which represents 14.10 % (2016) of its total area, an average rainfall of 447 mm (2014) per year and a population of 44 % (2018) living in rural areas. With a total area of 47,730 km² (2016) available for agriculture and 35.90 % (2019) of its employments, the agricultural sector contributes to the economy of the Azerbaijan about USD 2.46 B. (2018) (5.25 % (2018) of its GDP).