Azerbaijan External Debt
Total external debt stocks DT.DOD.DECT.CD
Azerbaijan's external debt was $12.2B in 2025, ranked 64th globally. This represents a 0.3% increase from 2024. Data from World Bank, covering 1993–2025.
Overview
Azerbaijan's external debt stood at $12.2B in 2025, a rise of +$35.0M from 2024. Based on recent trends, this figure is projected to reach $12.2B by 2025. Azerbaijan ranked 64th globally.
Azerbaijan’s external debt has risen sharply from a modest 35,540,000.00 in 1993, the all‑time trough, to 12,234,412,684.75 in 2025, placing the country 64th globally and ranking it alongside peers such as Papua New Guinea (12,756,535,969.21) and Kyrgyz Republic (12,008,811,259.71). The debt trajectory peaked in 2018 at 16,463,882,677.60 before receding to the current level, reflecting a post‑peak contraction that coincides with broader fiscal consolidation and diversification of export revenues. Over the 33‑year coverage period, the average annual increase has been driven by infrastructure financing and external borrowing to support energy sector expansion, yet the recent decline suggests improved debt‑service capacity and a shift toward domestic funding sources. If global commodity prices remain stable and fiscal reforms continue, the downward trend is likely to persist, potentially reducing the debt burden relative to GDP in the coming years.
Data & projection
| Year | External Debt | YoY change | Rank |
|---|---|---|---|
| 2027* trend | $10.4B | - | - |
| 2026* trend | $11.3B | - | - |
| 2025* trend | $12.2B | - | - |
| 2025 | $12.2B | +$35.0M | #64 |
| 2024 | $12.2B | −$2.8B | #56 |
| 2023 | $15.0B | −$467.7M | #64 |
| 2022 | $15.5B | −$119.7M | #66 |
| 2021 | $15.6B | −$807.3M | #68 |
| 2020 | $16.4B | −$53.1M | #70 |
| 2019 | $16.4B | −$26.2M | #72 |
| 2018 | $16.5B | +$1.2B | #73 |
| 2017 | $15.3B | +$828.2M | #75 |
| 2016 | $14.5B | +$1.3B | #75 |
| 2015 | $13.2B | +$1.1B | #75 |
| 2014 | $12.1B | +$1.5B | #72 |
| 2013 | $10.6B | −$259.9M | #73 |
| 2012 | $10.9B | +$3.1B | #73 |
| 2011 | $7.7B | +$436.6M | #67 |
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 improve within 24 months. View full analysis →
Frequently Asked Questions
Azerbaijan's external debt was $12.2B in 2025. Ranked 64th globally. This represents a 0.3% increase from the previous year.
Azerbaijan's external debt peaked at $16.5B in 2018.
The lowest external debt in Azerbaijan was $35.5M in 1993.
Azerbaijan ranks 64th globally in external debt as of 2025.
The World Bank indicator code is DT.DOD.DECT.CD. Data sourced from World Bank.
Azerbaijan's external debt is projected to reach $12.2B by 2025 based on trend extrapolation.
Azerbaijan's external debt was approximately 12.23 billion ($12.2B) in 2025.
The external debt of Azerbaijan in 2025 was $12.2B. This ranks 64th in the world.
Cite this page
@misc{historysaid_azerbaijan_external-debt,
title = {Azerbaijan External Debt},
url = {https://historysaid.com/azerbaijan/external-debt/},
publisher = {HistorySaid},
year = {2026}
}