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%.

Azerbaijan GDP from 1992 to 2024

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

Change Chart

    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)

    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