Azerbaijan GDP Trends from 1992 to 2024: A overall increase with some decline Flow

Azerbaijan's GDP changed from approximately $1B 193M in 1992 to $78B 749M in 2024, showing an overall 6500.9% sharply increased during the period.
The lowest GDP was recorded in 1992 at $1B 193M, and the highest in 2024 at $78B 749M.
Over the 32-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 14.0%.
For comparison, the average annual growth rate of Armenia was 18.6%, and that of Russia was 11.1%.

Overview of Azerbaijan's GDP (1992–2024)

The Gross Domestic Product (GDP) of Azerbaijan recorded a 6500.9% sharply increased from 1992 to 2024.
The average GDP during this period was $33B 756M, and the median was $37B 830M.
GDP fluctuated within a range of $77B 556M, with a standard deviation of $28B 239M.
The average annual change was $2B 559M.


Azerbaijan GDP from 1992 to 2024

The total market value of goods and services produced annually in Azerbaijan.

Change Chart

    Highest and Lowest GDP Records

    • Lowest GDP: 1992, $1B 193M
    • Highest GDP: 2024, $78B 749M
    • Most Recent GDP: 2024, $78B 749M

    Notable Annual GDP Changes

    • 2022: Significant increase in GDP
    • 2015: Noticeable drop in GDP

    Overall pattern: overall increase with some decline


    Global Economic Events and Azerbaijan's GDP

    COVID-19 Pandemic (2020)

    • Period: From 2019 to 2020
    • GDP Change: $48B 174M → $42B 693M
    • Outcome: sharply declined

    2008 Global Financial Crisis

    • Period: From 2007 to 2009
    • GDP Change: $33B 49M → $44B 297M
    • Outcome: sharply increased

    2001 Dot-com Bubble Burst

    • Period: From 2000 to 2001
    • GDP Change: $5B 273M → $5B 475M
    • Outcome: increased

    1998 Asian Financial Crisis

    • Period: From 1997 to 1998
    • GDP Change: $4B 317M → $4B 280M
    • Outcome: remained stable

    Key Economic Indicators of Azerbaijan (1992–2024)

    yearNominal GDPGDP per CapitaPPP per CapitaPPP GDPGDP GrowthCurrent AccountSavingsFiscal BalancePopulation
    1992
    $ 1B 193M
    $ 159.97
    $ 4,374.22
    $ 32B 625M
    0 %
    -16.598 %
    −11.20 %
    0 %
    7M 459K people
    1993
    $ 1B 309M
    $ 174.88
    $ 3,430.60
    $ 25B 685M
    -23.098 %
    -12.199 %
    10.59 %
    0 %
    7M 487K people
    1994
    $ 2B 258M
    $ 297.16
    $ 2,773.79
    $ 21B 72M
    -19.673 %
    -5.461 %
    −3.59 %
    3.214 %
    7M 597K people
    1995
    $ 2B 417M
    $ 316.23
    $ 2,448.03
    $ 18B 712M
    -13.027 %
    -13.165 %
    6.88 %
    -1.24 %
    7M 644K people
    1996
    $ 3B 177M
    $ 411.14
    $ 2,528.59
    $ 19B 536M
    2.531 %
    -25.894 %
    0.44 %
    -1.929 %
    7M 726K people
    1997
    $ 4B 317M
    $ 553.47
    $ 2,774.27
    $ 21B 639M
    8.884 %
    -21.214 %
    12.68 %
    -0.827 %
    7M 800K people
    1998
    $ 4B 280M
    $ 543.34
    $ 2,944.95
    $ 23B 197M
    6.007 %
    -31.883 %
    6.21 %
    1.732 %
    7M 877K people
    1999
    $ 4B 581M
    $ 576
    $ 3,294.89
    $ 26B 206M
    11.396 %
    -13.09 %
    9.42 %
    -0.633 %
    7M 953K people
    2000
    $ 5B 273M
    $ 656.39
    $ 3,543.97
    $ 28B 468M
    6.227 %
    -3.539 %
    16.22 %
    0.539 %
    8M 32K people
    2001
    $ 5B 475M
    $ 674.78
    $ 3,820.03
    $ 30B 997M
    6.486 %
    -0.945 %
    19.55 %
    22.024 %
    8M 114K people
    2002
    $ 6B 232M
    $ 760.81
    $ 4,205.61
    $ 34B 450M
    9.439 %
    -12.329 %
    19.65 %
    19.672 %
    8M 191K people
    2003
    $ 7B 276M
    $ 879.86
    $ 4,681.96
    $ 38B 716M
    10.208 %
    -27.772 %
    23.41 %
    1.833 %
    8M 269K people
    2004
    $ 8B 682M
    $ 1,039.82
    $ 5,202.50
    $ 43B 436M
    9.254 %
    -29.824 %
    25.39 %
    1.99 %
    8M 349K people
    2005
    $ 13B 239M
    $ 1,567.19
    $ 6,703.24
    $ 56B 625M
    26.4 %
    1.264 %
    38.68 %
    2.908 %
    8M 447K people
    2006
    $ 20B 983M
    $ 2,453.26
    $ 9,176.74
    $ 78B 490M
    34.466 %
    17.67 %
    44.28 %
    0.85 %
    8M 553K people
    2007
    $ 33B 49M
    $ 3,813.75
    $ 11,628.08
    $ 100B 770M
    25 %
    27.288 %
    44.61 %
    2.545 %
    8M 666K people
    2008
    $ 48B 852M
    $ 5,564.44
    $ 12,959.13
    $ 113B 773M
    10.77 %
    33.68 %
    49.45 %
    17.342 %
    8M 779K people
    2009
    $ 44B 297M
    $ 4,964.70
    $ 14,018.14
    $ 125B 75M
    9.26 %
    22.965 %
    39.80 %
    6.036 %
    8M 922K people
    2010
    $ 52B 909M
    $ 5,880.51
    $ 14,773.75
    $ 132B 925M
    5 %
    28.425 %
    44.14 %
    13.836 %
    8M 997K people
    2011
    $ 65B 952M
    $ 7,238.60
    $ 14,905.29
    $ 135B 804M
    0.1 %
    25.998 %
    46.27 %
    10.935 %
    9M 111K people