Azerbaijan External Debt to GNI
External debt stocks as % of GNI DT.DOD.DECT.GN.ZS
Azerbaijan's external debt to gni was 10.30% in 2025, ranked 112th globally. This represents a 39.6% decrease from 2024. Data from World Bank, covering 1993–2025.
Overview
Azerbaijan's external debt to gni stood at 10.30% in 2025, a decline of +6.75pp from 2024. Based on recent trends, this figure is projected to reach 10.30% by 2025. Azerbaijan ranked 112th globally.
Azerbaijan’s external debt-to‑GNI ratio has risen sharply from a low of 2.26 % in 1993, the earliest year in the 33‑year series, to a peak of 40.66 % in 2016, before easing to 10.30 % in 2025, placing the country 112th globally. The steep climb in the mid‑2010s reflected heightened borrowing to finance large‑scale energy projects and infrastructure upgrades, while the subsequent decline aligns with higher oil prices, fiscal consolidation and debt‑service repayments. Compared with peers of similar rank, Botswana’s ratio stands at 11.79 % and China’s at 12.18 %, indicating that Azerbaijan’s current level remains modest relative to these economies despite its earlier surge. The downward movement since the 2016 apex suggests improving external financing conditions, yet any future slowdown in hydrocarbon revenues or external shocks could reverse the trend, making debt sustainability a key focus for policymakers.
Data & projection
| Year | External Debt to GNI | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 0.19% | - | - |
| 2026* trend | 5.24% | - | - |
| 2025* trend | 10.30% | - | - |
| 2025 | 10.30% | −6.75pp | #112 |
| 2024 | 17.04% | −4.57pp | #12 |
| 2023 | 21.62% | +0.59pp | #14 |
| 2022 | 21.02% | −7.99pp | #15 |
| 2021 | 29.01% | −9.61pp | #24 |
| 2020 | 38.62% | +3.13pp | #40 |
| 2019 | 35.49% | −1.22pp | #43 |
| 2018 | 36.71% | −2.20pp | #48 |
| 2017 | 38.90% | −1.75pp | #55 |
| 2016 | 40.66% | +15.00pp | #60 |
| 2015 | 25.65% | +9.07pp | #34 |
| 2014 | 16.58% | +1.54pp | #15 |
| 2013 | 15.04% | −1.48pp | #9 |
| 2012 | 16.52% | +3.95pp | #16 |
| 2011 | 12.57% | −2.08pp | #10 |
Detected Pattern
Analysis
Azerbaijan matched the Fiscal Dominance Trap pattern in 2022. Historically, 72% of countries showing this pattern (278 out of 386) saw external debt to gni improve within 24 months. View full analysis →
Frequently Asked Questions
Azerbaijan's external debt to gni was 10.30% in 2025. Ranked 112th globally. This represents a 39.6% decrease from the previous year.
Azerbaijan's external debt to gni peaked at 40.66% in 2016.
The lowest external debt to gni in Azerbaijan was 2.26% in 1993.
Azerbaijan ranks 112th globally in external debt to gni as of 2025.
The World Bank indicator code is DT.DOD.DECT.GN.ZS. Data sourced from World Bank.
Azerbaijan's external debt to gni is projected to reach 10.30% by 2025 based on trend extrapolation.
The external debt to gni of Azerbaijan in 2025 was 10.30%. This ranks 112th in the world.
Cite this page
@misc{historysaid_azerbaijan_external-debt-to-gni,
title = {Azerbaijan External Debt to GNI},
url = {https://historysaid.com/azerbaijan/external-debt-to-gni/},
publisher = {HistorySaid},
year = {2026}
}