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.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
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 |
