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Azerbaijan
Azerbaijan
HistorySaid – pattern
Azerbaijan matched the Fiscal Dominance Trap pattern in 2022. 12 pattern matches detected historically. View →
HistorySaid – ranking
Azerbaijan ranks 109th globally by GDP ($74.3B in 2024). View →
HistorySaid – inflation
Inflation in Azerbaijan fell from 8.8% (2023) to 2.2% (2024) – a 6.6pp shift. View →
HistorySaid – population
Azerbaijan has a population of 10.2 million as of 2024 (growth: 0.48%). View →
Economy & Growth
GDP $74.3B
GDP per Capita $7,284
GDP Growth 4.07%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Agriculture Value Added | 4.61% | 5.51% | 5.66% | 4.94% Trend | 4.70% Trend | 4.46% Trend | – | – | – |
| GDP | $78.8B | $72.4B | $74.3B | $76.4B IMF WEO Oct 2025 | $80.0B IMF WEO Oct 2025 | $84.5B IMF WEO Oct 2025 | $89.6B IMF WEO Oct 2025 | $95.1B IMF WEO Oct 2025 | $100.8B IMF WEO Oct 2025 |
| GDP Deflator | 37.27% | -9.32% | -1.41% | 2.50% Trend | 0.63% Trend | -1.24% Trend | – | – | – |
| GDP Growth | 4.71% | 1.35% | 4.07% | 3.02% IMF WEO Oct 2025 | 2.50% IMF WEO Oct 2025 | 2.45% IMF WEO Oct 2025 | 2.45% IMF WEO Oct 2025 | 2.46% IMF WEO Oct 2025 | 2.48% IMF WEO Oct 2025 |
| GDP PPP | $228.7B | $240.2B | $256.0B | $270.5B IMF WEO Oct 2025 | $282.2B IMF WEO Oct 2025 | $294.0B IMF WEO Oct 2025 | $306.1B IMF WEO Oct 2025 | $319.1B IMF WEO Oct 2025 | $333.2B IMF WEO Oct 2025 |
| GDP per Capita | $7,771 | $7,133 | $7,284 | $7,365 IMF WEO Oct 2025 | $7,624 IMF WEO Oct 2025 | $7,960 IMF WEO Oct 2025 | $8,337 IMF WEO Oct 2025 | $8,738 IMF WEO Oct 2025 | $9,158 IMF WEO Oct 2025 |
| GDP per Capita PPP | $22,552 | $23,652 | $25,089 | $26,081 IMF WEO Oct 2025 | $26,890 IMF WEO Oct 2025 | $27,679 IMF WEO Oct 2025 | $28,476 IMF WEO Oct 2025 | $29,336 IMF WEO Oct 2025 | $30,264 IMF WEO Oct 2025 |
| GNI | $73.5B | $69.4B | $71.7B | $84.5B Trend | $91.9B Trend | $99.3B Trend | – | – | – |
| GNI per Capita | $5,670 | $6,680 | $7,330 | $8,055 Trend | $8,802 Trend | $9,549 Trend | – | – | – |
| Gross Savings | 42.05% | 29.46% | 27.59% | 19.67% IMF WEO Oct 2025 | 16.57% IMF WEO Oct 2025 | 14.59% IMF WEO Oct 2025 | 13.23% IMF WEO Oct 2025 | 13.06% IMF WEO Oct 2025 | 12.92% IMF WEO Oct 2025 |
| Industry Value Added | 56.15% | 45.84% | 42.61% | 46.58% Trend | 46.41% Trend | 46.24% Trend | – | – | – |
| Services Value Added | 32.07% | 39.76% | 42.32% | 39.44% Trend | 39.64% Trend | 39.84% Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Prices & Inflation
Inflation Rate 2.21%
Consumer Price Index 217.67
PPP Conversion Factor 0.49
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Consumer Price Index | 195.76 | 212.96 | 217.67 | 238.09 Trend | 253.48 Trend | 268.87 Trend | – | – | – |
| Inflation Rate | 13.85% | 8.79% | 2.21% | 5.70% IMF WEO Oct 2025 | 4.50% IMF WEO Oct 2025 | 4.00% IMF WEO Oct 2025 | 4.00% IMF WEO Oct 2025 | 4.00% IMF WEO Oct 2025 | 4.00% IMF WEO Oct 2025 |
| PPP Conversion Factor | 0.59 | 0.51 | 0.49 | 0.53 Trend | 0.54 Trend | 0.55 Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Population
Population 10.2M
Population Growth 0.48%
Population Density 122.9
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|
| Birth Rate | 11.1 | – | – | 9.6 Trend | 9.0 Trend | – | – |
| Death Rate | 5.9 | – | – | 6.2 Trend | 6.1 Trend | – | – |
| Dependency Ratio | 43.59 | 43.61 | – | 43.67 Trend | 43.73 Trend | 43.78 Trend | – |
| Fertility Rate | 1.55 | – | – | 1.43 Trend | 1.38 Trend | – | – |
| Life Expectancy | 74.4 | – | – | 75.1 Trend | 75.7 Trend | – | – |
| Net Migration | -84,122 | 10,864 | 8,731 | – | -5,745 Trend | -4,036 Trend | -2,327 Trend |
| Population | 10.2M | 10.2M | – | 10.2M Trend | 10.2M Trend | 10.3M Trend | – |
| Population Density | 122.9 | – | – | 123.8 Trend | 124.2 Trend | – | – |
| Population Growth | 0.12% | 0.48% | – | 0.13% Trend | 0.06% Trend | -0.01% Trend | – |
| Refugee Population | – | – | – | – | – | – | – |
| Urban Population | 58.51% | 58.57% | – | 58.65% Trend | 58.72% Trend | 58.79% Trend | – |
Italic values are IMF World Economic Outlook projections.
Employment
Unemployment Rate 5.46%
Youth Unemployment 13.09%
Labor Force Participation 63.29%
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Agriculture Employment | 35.14% | 34.69% | 34.23% | – | 33.83% Trend | 33.39% Trend | 32.96% Trend | – | – |
| Female Labor Participation | 61.75% | 61.35% | 60.76% | – | 60.95% Trend | 60.78% Trend | 60.62% Trend | – | – |
| Industry Employment | 15.40% | 15.43% | 15.54% | – | 15.56% Trend | 15.61% Trend | 15.65% Trend | – | – |
| Labor Force Participation | 64.35% | 63.90% | 63.29% | – | 63.49% Trend | 63.32% Trend | 63.15% Trend | – | – |
| Services Employment | 49.46% | 49.88% | 50.24% | – | 50.61% Trend | 51.00% Trend | 51.39% Trend | – | – |
| Unemployment Rate | 5.64% | 5.65% | 5.46% | 5.33% IMF WEO Oct 2025 | 5.27% IMF WEO Oct 2025 | 5.22% IMF WEO Oct 2025 | 5.16% IMF WEO Oct 2025 | 5.10% IMF WEO Oct 2025 | 5.04% IMF WEO Oct 2025 |
| Youth Unemployment | 13.58% | 13.54% | 13.09% | – | 12.73% Trend | 12.41% Trend | 12.08% Trend | – | – |
Italic values are IMF World Economic Outlook projections.
Government
Tax Revenue 17.79%
Government Spending 23.01%
Military Spending 4.99%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Budget Deficit | 5.96% | 7.92% | 4.06% | -1.91% IMF WEO Oct 2025 | -2.00% IMF WEO Oct 2025 | -1.89% IMF WEO Oct 2025 | -1.66% IMF WEO Oct 2025 | -1.44% IMF WEO Oct 2025 | -1.33% IMF WEO Oct 2025 |
| Education Spending | – | – | – | – | – | – | – | – | – |
| Government Debt to GDP | 17.32% | 21.81% | 21.67% | 22.39% IMF WEO Oct 2025 | 23.51% IMF WEO Oct 2025 | 23.87% IMF WEO Oct 2025 | 23.90% IMF WEO Oct 2025 | 24.52% IMF WEO Oct 2025 | 24.95% IMF WEO Oct 2025 |
| Government Revenue | 32.14% | 40.65% | 37.97% | 34.65% IMF WEO Oct 2025 | 33.41% IMF WEO Oct 2025 | 32.44% IMF WEO Oct 2025 | 31.39% IMF WEO Oct 2025 | 30.84% IMF WEO Oct 2025 | 30.33% IMF WEO Oct 2025 |
| Government Spending | 23.01% | – | – | 28.99% Trend | – | – | – | – | – |
| Health Spending | 3.42% | 4.27% | – | 3.58% Trend | 3.35% Trend | – | – | – | – |
| Military Spending | 3.80% | 4.92% | 4.99% | 4.63% Trend | 4.57% Trend | 4.52% Trend | – | – | – |
| Tax Revenue | 15.45% | 17.79% | – | 18.17% Trend | 18.91% Trend | – | – | – | – |
Italic values are IMF World Economic Outlook projections.
Debt
External Debt $12.2B
External Debt to GNI 17.04%
Short-term Debt 1.79%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Debt Service | 3.29% | 5.86% | 11.39% | 7.62% Trend | 7.55% Trend | 7.48% Trend |
| Domestic Credit | 14.65% | 20.43% | 21.01% | 22.16% Trend | 23.70% Trend | 25.23% Trend |
| External Debt | $15.5B | $15.0B | $12.2B | $12.2B Trend | $11.3B Trend | $10.4B Trend |
| External Debt to GNI | 21.02% | 21.62% | 17.04% | 10.30% Trend | 5.24% Trend | 0.19% Trend |
| Interest Payments to Revenue | 1.20% | 1.72% | – | 1.29% Trend | 1.19% Trend | – |
| Short-term Debt | 3.28% | 4.09% | 1.79% | 3.03% Trend | 3.24% Trend | 3.46% Trend |
Italic values are IMF World Economic Outlook projections.
Money
Lending Rate 14.67%
Deposit Rate 8.59%
Real Interest Rate 16.31%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Credit to GDP | 18.30% | 23.13% | 26.39% | 23.63% Trend | 23.73% Trend | 23.82% Trend |
| Deposit Rate | 8.98% | 8.65% | 8.59% | 8.65% Trend | 8.62% Trend | 8.60% Trend |
| Lending Rate | 14.59% | 13.96% | 14.67% | 13.12% Trend | 12.38% Trend | 11.63% Trend |
| M2 Money Supply Growth | 23.60% | 5.25% | 3.15% | 7.56% Trend | 6.62% Trend | 5.68% Trend |
| Non-Performing Loans | 2.56% | 1.93% | – | – | – | – |
| Real Interest Rate | -16.52% | 25.68% | 16.31% | 12.34% Trend | 13.26% Trend | 14.18% Trend |
Italic values are IMF World Economic Outlook projections.
Currency
Exchange Rate 1.70
Foreign Reserves $12.7B
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Exchange Rate | 1.70 | 1.70 | 1.70 | 1.70 Trend | 1.70 Trend | 1.70 Trend |
| Foreign Reserves | $11.3B | $13.7B | $12.7B | $15.4B Trend | $16.9B Trend | $18.4B Trend |
| Real Effective Exchange Rate | – | – | – | – | – | – |
| Reserves in Months of Imports | 4.8 | 5.5 | 4.7 | 4.8 Trend | 4.8 Trend | 4.7 Trend |
Italic values are IMF World Economic Outlook projections.
Trade
Exports $34.1B
Imports $27.3B
Trade Balance $6.8B
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Current Account Balance | 29.79% | 11.50% | 6.29% | 4.27% IMF WEO Oct 2025 | 2.26% IMF WEO Oct 2025 | 0.61% IMF WEO Oct 2025 | -0.20% IMF WEO Oct 2025 | -0.62% IMF WEO Oct 2025 | -0.75% IMF WEO Oct 2025 |
| Exports | $47.3B | $35.5B | $34.1B | $45.9B Trend | $50.6B Trend | $55.4B Trend | – | – | – |
| FDI Inflows | -5.68% | 0.35% | 0.31% | -0.88% Trend | -0.70% Trend | -0.53% Trend | – | – | – |
| FDI Outflows | 0.22% | 2.59% | 1.00% | 1.35% Trend | 1.41% Trend | 1.47% Trend | – | – | – |
| Imports | $21.3B | $25.0B | $27.3B | $30.7B Trend | $33.9B Trend | $37.1B Trend | – | – | – |
| Remittances Received | $4.0B | $1.9B | $1.4B | $2.1B Trend | $2.1B Trend | $2.2B Trend | – | – | – |
| Tourism Receipts | – | – | – | – | – | – | – | – | – |
| Trade Balance | $26.0B | $10.5B | $6.8B | $15.1B Trend | $16.6B Trend | $18.2B Trend | – | – | – |
| Trade Openness | 86.98% | 83.54% | 82.69% | 88.88% Trend | 91.74% Trend | 94.60% Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Financial Markets
Market Capitalization 2.20%
Stock Turnover Ratio 0.44%
Listed Companies 36
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Interest Rate Spread | 5.61% | 5.31% | 6.08% | 4.48% Trend | 3.75% Trend | 3.03% Trend |
| Listed Companies | 29 | 23 | 36 | 38 Trend | 42 Trend | 46 Trend |
| Market Capitalization | 1.86% | 2.18% | 2.20% | 1.59% Trend | 1.28% Trend | 0.98% Trend |
| Stock Turnover Ratio | 0.16% | 0.18% | 0.44% | -0.07% Trend | -0.26% Trend | -0.44% Trend |
Italic values are IMF World Economic Outlook projections.
Political Stability
Political Stability -0.73
Government Effectiveness -0.03
Regulatory Quality -0.11
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Control of Corruption | -0.85 | -1.04 | -1.20 | -1.26 Trend | -1.33 Trend |
| Government Effectiveness | 0.21 | -0.04 | -0.03 | 0.09 Trend | 0.12 Trend |
| Political Stability | -0.84 | -0.92 | -0.73 | -0.87 Trend | -0.88 Trend |
| Regulatory Quality | -0.07 | -0.10 | -0.11 | 0.02 Trend | 0.06 Trend |
| Rule of Law | -0.61 | -0.63 | -0.57 | -0.55 Trend | -0.53 Trend |
| Voice and Accountability | -1.53 | -1.44 | -1.41 | -1.36 Trend | -1.32 Trend |
Italic values are IMF World Economic Outlook projections.
Health
Health Expenditure per Capita $300
Infant Mortality Rate 13.3
Maternal Mortality Ratio 18.00
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Health Expenditure per Capita | $251 | $261 | $300 | $338 Trend | $360 Trend |
| Hospital Beds | 4.35 | 3.80 | 3.68 | 3.60 Trend | 3.49 Trend |
| Infant Mortality Rate | 14.8 | 14.1 | 13.3 | 11.6 Trend | 10.8 Trend |
| Maternal Mortality Ratio | 55.00 | 32.00 | 18.00 | 31.40 Trend | 31.90 Trend |
| Physicians | 3.12 | 3.19 | – | 3.10 Trend | – |
Italic values are IMF World Economic Outlook projections.
Education
Literacy Rate 99.78%
Tertiary Enrollment 41.34%
Education Spending 3.66%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Education Spending | 3.05% | 3.66% | – | 3.46% Trend | 3.43% Trend | – |
| Literacy Rate | – | 99.78% | – | 99.78% Trend | 99.78% Trend | – |
| Primary Enrollment | 99.81% | 101.98% | 105.63% | 106.38% Trend | 108.29% Trend | 110.19% Trend |
| Tertiary Enrollment | 41.00% | 41.39% | 41.34% | 43.51% Trend | 44.74% Trend | 45.97% Trend |
Italic values are IMF World Economic Outlook projections.
Energy
Renewable Energy 1.30%
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| CO2 Emissions | – | – | – | – | – |
| CO2 per Capita | – | – | – | – | – |
| Electricity Access | 100.00% | 100.00% | 100.00% | 100.00% Trend | 100.00% Trend |
| Energy Use per Capita | 1,624 | 1,714 | 1,732 | 1,825 Trend | 1,872 Trend |
| Forest Area | 13.83% | 13.97% | 14.11% | 14.39% Trend | 14.53% Trend |
| Renewable Energy | 1.30% | – | – | – | – |
Italic values are IMF World Economic Outlook projections.
Technology
Internet Users 89.00%
Mobile Subscriptions 107.69
R&D Spending 0.18%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| High-tech Exports | 3.91% | 4.17% | 2.91% | 2.16% Trend | 1.54% Trend | 0.91% Trend |
| Internet Users | 88.00% | 89.00% | – | 93.42% Trend | 95.34% Trend | – |
| Mobile Subscriptions | 107.51 | 107.69 | – | 109.21 Trend | 110.08 Trend | – |
| Patent Applications | – | – | – | – | – | – |
| R&D Spending | 0.15% | 0.18% | – | 0.15% Trend | 0.14% Trend | – |
Italic values are IMF World Economic Outlook projections.
Inequality
Gini Index 26.6
Poverty Rate 0.00%
Income Share Top 10% 24.20%
▾
| Indicator | 2003 | 2004 | 2005 |
|---|---|---|---|
| Gini Index | 26.8 | 26.6 | 26.6 |
| Income Share Bottom 10% | 4.50% | 4.80% | 4.80% |
| Income Share Top 10% | 23.60% | 24.40% | 24.20% |
| Poverty Rate | 0.20% | 0.00% | 0.00% |
Italic values are IMF World Economic Outlook projections.