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%.
Azerbaijan GDP from 1992 to 2024
The total market value of goods and services produced annually in Azerbaijan.
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.
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)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1992 | 0 % | $ 1B 193M | $ 32B 625M | $ 159.97 | $ 4,374.22 | −11.20 % | 7M 459K people | -16.598 % | 0 % |
1993 | -23.098 % | $ 1B 309M | $ 25B 685M | $ 174.88 | $ 3,430.60 | 10.59 % | 7M 487K people | -12.199 % | 0 % |
1994 | -19.673 % | $ 2B 258M | $ 21B 72M | $ 297.16 | $ 2,773.79 | −3.59 % | 7M 597K people | -5.461 % | 3.214 % |
1995 | -13.027 % | $ 2B 417M | $ 18B 712M | $ 316.23 | $ 2,448.03 | 6.88 % | 7M 644K people | -13.165 % | -1.24 % |
1996 | 2.531 % | $ 3B 177M | $ 19B 536M | $ 411.14 | $ 2,528.59 | 0.44 % | 7M 726K people | -25.894 % | -1.929 % |
1997 | 8.884 % | $ 4B 317M | $ 21B 639M | $ 553.47 | $ 2,774.27 | 12.68 % | 7M 800K people | -21.214 % | -0.827 % |
1998 | 6.007 % | $ 4B 280M | $ 23B 197M | $ 543.34 | $ 2,944.95 | 6.21 % | 7M 877K people | -31.883 % | 1.732 % |
1999 | 11.396 % | $ 4B 581M | $ 26B 206M | $ 576 | $ 3,294.89 | 9.42 % | 7M 953K people | -13.09 % | -0.633 % |
2000 | 6.227 % | $ 5B 273M | $ 28B 468M | $ 656.39 | $ 3,543.97 | 16.22 % | 8M 32K people | -3.539 % | 0.539 % |
2001 | 6.486 % | $ 5B 475M | $ 30B 997M | $ 674.78 | $ 3,820.03 | 19.55 % | 8M 114K people | -0.945 % | 22.024 % |
2002 | 9.439 % | $ 6B 232M | $ 34B 450M | $ 760.81 | $ 4,205.61 | 19.65 % | 8M 191K people | -12.329 % | 19.672 % |
2003 | 10.208 % | $ 7B 276M | $ 38B 716M | $ 879.86 | $ 4,681.96 | 23.41 % | 8M 269K people | -27.772 % | 1.833 % |
2004 | 9.254 % | $ 8B 682M | $ 43B 436M | $ 1,039.82 | $ 5,202.50 | 25.39 % | 8M 349K people | -29.824 % | 1.99 % |
2005 | 26.4 % | $ 13B 239M | $ 56B 625M | $ 1,567.19 | $ 6,703.24 | 38.68 % | 8M 447K people | 1.264 % | 2.908 % |
2006 | 34.466 % | $ 20B 983M | $ 78B 490M | $ 2,453.26 | $ 9,176.74 | 44.28 % | 8M 553K people | 17.67 % | 0.85 % |
2007 | 25 % | $ 33B 49M | $ 100B 770M | $ 3,813.75 | $ 11,628.08 | 44.61 % | 8M 666K people | 27.288 % | 2.545 % |
2008 | 10.77 % | $ 48B 852M | $ 113B 773M | $ 5,564.44 | $ 12,959.13 | 49.45 % | 8M 779K people | 33.68 % | 17.342 % |
2009 | 9.26 % | $ 44B 297M | $ 125B 75M | $ 4,964.70 | $ 14,018.14 | 39.80 % | 8M 922K people | 22.965 % | 6.036 % |
2010 | 5 % | $ 52B 909M | $ 132B 925M | $ 5,880.51 | $ 14,773.75 | 44.14 % | 8M 997K people | 28.425 % | 13.836 % |
2011 | 0.1 % | $ 65B 952M | $ 135B 804M | $ 7,238.60 | $ 14,905.29 | 46.27 % | 9M 111K people | 25.998 % | 10.935 % |