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2024
GDP growth by 4.1% to $74 billion or $7.2 thousand per capita
In 2024, the nominal volume GDP Azerbaijan amounted to 126.3 billion manats ($74.29 billion at the exchange rate as of January 17, 2025). Such data on January 16, 2025 was published by State the Committee on Statistics of the Republic.
It is reported that in 2024, GDP growth was recorded at 4.1%. At the same time, the Ministry of Economy of the country predicted an increase of 4.2%. For comparison, in 2023, the Azerbaijani economy grew by 1.1%.
In 2024, growth in the oil and gas sector was recorded at 0.3%, while the non-oil and gas sector showed an increase of 6.2%. In the structure of GDP, industry accounted for 35.9%, trade in vehicles and their repair - 10.7%, transport and warehousing - 7%, construction - 6.7%, agriculture and forestry, fish farming - 5.7%, information and communications sectors - 1.9%, in the sphere of accommodation of tourists and catering facilities - 2.4%, in other sectors - 19.9%.
Net taxes on products and imports accounted for 9.8 percent of GDP. GDP per capita was recorded at around 12,382,5 manat ($7283.82).[1]
The share of the oil and gas industry in GDP over 6 years decreased from 40.2% to 30.6%
The share GDP Azerbaijan of the oil and gas sector in decreased to 30.6% in 2024 against 40.2% in 2018. This was announced on February 13, 2025 by the Minister of Economy of the country Mikail Dzhabbarov. According to him, during the same period, the volume of oil production decreased from 38.8 million tons to 29.1 million tons.
The decline in the oil and gas sector is offset by the expansion of the non-oil sector of the economy thanks to reforms and measures to increase the transparency of the economy.
The Minister of Economy noted that as a result of reforms and bleaching measures, GDP growth continued due to the expansion of the non-oil sector, amid a decrease in oil production compared to 2018.
According to the State Committee of Statistics of Azerbaijan, the production of petroleum products in 2024 amounted to $2.8 billion, having decreased by 10% compared to 2023.
2022: 4.6% GDP growth
in GDP Azerbaijan 2022 increased by 4.6% compared to 2021. This is evidenced by the data of the State Statistics Committee of the republic, which were published in January 2023.
In absolute terms, the gross domestic product of Azerbaijan in 2022 increased by 133.8 billion manats. In the oil and gas sector of the economy, value added decreased by 2.7%, while in the non-oil sector it increased by 9.1%.
In the structure of GDP, 51.1% fell on industry, 8.2% - trade, repair of vehicles, 6.0% - transport and warehousing, 4.8% - construction, 4.8% - agriculture, forestry and fishing, 1.4% - information and communications, 1.6% - to the share of accommodation tourists and the catering sector, 14.7% - to other areas.
Earlier in January 2023, Azerbaijani President Ilham Aliyev said that in 2022 the country's GDP reached a record 134 billion manats (about $80 billion). According to him, the country's foreign trade turnover exceeded $50 billion, while the positive balance of foreign trade (excess of export volumes over imports) amounted to $25 billion. The republic's external debt in 2022 decreased from 17% to 9.5% of GDP, to $7 billion.
Aliyev stressed that such results indicate the economic independence of the country. In his opinion, the country is able to attract unlimited foreign loans, if such a need arises, but so far it is not.
The Government of Azerbaijan for 2022 predicted GDP growth at 3.5%, nominal volume - up to 130 billion manats. GDP per capita in 2022 was 13,292,2 manata.
The mass arrival of Russians in post-Soviet countries had a positive impact on the economies of host states in 2022. This partly helped the economy of Azerbaijan.[2]
2021: GDP growth of 5.6%
In 2021, the volume of gross domestic product (GDP) in Azerbaijan in real prices amounted to 92.86 billion manats, which is more than 20 billion manats or 28.2% more than in 2020. However, GDP growth turned out to be much more modest in comparable prices - 5.6%, according to the data of the State Committee of Statistics of Azerbaijan, published in mid-January 2022.
In the structure of GDP, industry accounted for 42.5%, trade and repair of vehicles - 10.1%, transport and warehousing - 6.9%, construction - 5.9%, agriculture and forestry, fish farming - 5.9%, the information and communications sector - 1.8%, to the sphere of accommodation of tourists and catering facilities - 1.3%, to other sectors - 17.2%.
The share of taxes in GDP was 8.4%. GDP per capita in 2021 amounted to 9 thousand 269.3 manats.
In 2021, tax revenues in Azerbaijan increased by 15.5%, amounting to 8.5 billion manats. The forecast was fulfilled by 117.7%. Receipts from the non-oil sector reached 6.4 billion manats, which is 13.5% more than in 2020 and 12.2% higher than forecast, Azerbaijani Economy Minister Mikail Jabbarov wrote on his Twitter account.
According to him, in 2021, receipts on contributions to compulsory state social insurance in Azerbaijan increased by 8% compared to 2020 and exceeded 3.8 billion manats. Thus, the forecast was fulfilled by 109.9%.
Dzhabbarov noted that, although in 2020 the country's GDP decreased due to the COVID-19 coronavirus pandemic, in 2021 this figure not only recovered, but also exceeded the 2019 figure.
According to the State Committee for Statistics of Azerbaijan, the nominal volume of industrial production in the country in 2021 amounted to 54.5 billion manats, real growth - 5.2%. The increase in the non-oil and gas sector was 18.9%.[3]
2020: Trade with Russia accounts for 6.3% of Azerbaijan's GDP
2019:15% of Azerbaijan's GDP comes from tourism revenues
2016: GDP $17.2 thousand per person
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