Azerbaijan: economy

What is Azerbaijan's GDP growth rate?

Azerbaijan's GDP was 0.8% higher in real terms in January-June 2026 than a year earlier, at AZN 65.2 billion in nominal terms, according to State Statistical Committee data cited by the Central Bank of Azerbaijan in its August 2026 Monetary Policy Review. The non-oil and gas sector made up 69.9% of nominal GDP.

Oil and gas output in nominal terms fell 0.7%, with crude oil production down 3.1% and gas up 1.1%, so the non-oil economy drove growth. The IMF World Economic Outlook of October 2026 projects 1.7% growth for 2026 and 2.3% for 2027, after 1.4% in 2025.

Official sources: Central Bank of Azerbaijan: Monetary Policy Review, August 2026 · IMF World Economic Outlook, October 2026

What is the inflation rate in Azerbaijan?

Annual inflation in Azerbaijan was 5.5% in September 2026, according to the Central Bank of Azerbaijan. In August it was 5.7%, with food, alcoholic beverages and tobacco up 7.2%, paid services 5.0% and non-food goods 3.7%, according to the bank's rate decision of 23 September 2026.

The central bank's target is 4%, with a band of 2 points either side, so inflation is within the target range. Core inflation, which leaves out volatile items, was 5.1% in August. The bank names higher world energy and food prices as the main risk to the outlook. The IMF projects average inflation of 5.8% for 2026.

Official sources: Central Bank of Azerbaijan · Central Bank of Azerbaijan: Rate decision, 23 September 2026

What is the Central Bank of Azerbaijan's refinancing rate?

The Central Bank of Azerbaijan's refinancing rate is 6.5%. On 23 September 2026 the bank kept it unchanged, kept the ceiling of its interest rate corridor at 7.5% and cut the floor by 0.5 points to 5%.

The bank says the lower floor is meant to encourage lending between banks, because the banking sector has surplus liquidity of AZN 6.3 billion. The refinancing rate is the bank's main policy rate and guides other manat interest rates. The next decision will be announced on 29 October 2026, brought forward from 4 November.

Official sources: Central Bank of Azerbaijan: Rate decision, 23 September 2026

What is Azerbaijan's GDP per person?

Azerbaijan's GDP per person was about $7,322 in 2025, according to the IMF World Economic Outlook of October 2026, which projects about $8,497 for 2026. The World Bank puts the population at 10,246,996 in 2025.

The IMF converts GDP into US dollars at market exchange rates, so the figure moves with oil and gas prices and the manat. Figures adjusted for price differences between countries (purchasing power parity) are higher. Values for 2026 are estimates.

Official sources: IMF World Economic Outlook, October 2026 · World Bank: Population, total

Is Azerbaijan's economy growing?

According to the World Bank, real GDP growth in Azerbaijan was 1.4% in 2025. Its high point since 2005 was 2006, at 34.5%; its low point was 2020, at -4.2%. Europe & Central Asia median: 2.1%; Azerbaijan is 31st highest of 49. World rank, highest first: 142nd of 180.

What is Azerbaijan's GDP per person?

According to the World Bank, GDP per person in Azerbaijan was $7,411 in 2025. Its high point since 2005 was 2014, at $7,891; its low point was 2005, at $1,578. Across Europe & Central Asia the middle value was $28,420, and Azerbaijan placed 44th highest of 49. World rank, highest first: 91st of 180.

What is Azerbaijan's GDP per person adjusted for prices?

The latest figure from the World Bank, for 2025, is $26,113 in international dollars. That is the highest since at least 2005. Across Europe & Central Asia the middle value was $50,946 in international dollars, and Azerbaijan placed 41st highest of 49. Of 179 countries with 2025 data, 73rd highest.

How much does Azerbaijan export?

The latest figure from the World Bank, for 2025, is 43.0% of GDP. Since 2005 it has ranged from 35.6% of GDP (2020) to 68.1% of GDP (2007). Europe & Central Asia median: 47.7% of GDP; Azerbaijan is 27th highest of 46. Of 133 countries with 2025 data, 48th highest.

Does Azerbaijan earn more abroad than it spends?

The latest figure from the IMF, for 2025, is 4.6% of GDP. Its high point since 2005 was 2008, at 33.7% of GDP; its low point was 2016, at -3.6% of GDP. Across Europe & Central Asia the middle value was -0.3% of GDP, and Azerbaijan placed 9th highest of 47. Worldwide: 25th of 132.

How much foreign investment does Azerbaijan receive?

In 2025, net inflows of foreign direct investment in Azerbaijan was 0.5% of GDP, according to the IMF. The peak was 33.8% of GDP in 2005 and the low -5.7% of GDP in 2022. Across Europe & Central Asia the middle value was 1.9% of GDP, and Azerbaijan placed 35th highest of 49. Worldwide: 143rd of 179.

How high are loan rates in Azerbaijan?

The latest figure from the IMF, for 2025, is 15.3%. Its high point since 2005 was 2010, at 20.7%; its low point was 2023, at 14.0%. It is 3rd highest of 17 in Europe & Central Asia, where the median is 8.0%. Of 73 countries with 2025 data, 15th highest.