Azerbaijan

Country Summary

Introduction

Background

Following its independence in 1991, Azerbaijan succeeded in significantly reducing the poverty rate and has directed revenues from its oil and gas production to develop the country’s infrastructure.

Geography

Area

total: 86,600 sq km
land: 82,629 sq km
water: 3,971 sq km

Climate

dry, semiarid steppe

Natural resources

petroleum, natural gas, iron ore, nonferrous metals, bauxite

People and Society

Population

10,420,515 (2023 est.)

Ethnic groups

Azerbaijani 91.6%, Lezghin 2%, Russian 1.3%, Armenian 1.3%, Talysh 1.3%, other 2.4% (2009 est.)

Languages

Azerbaijani (Azeri) (official) 92.5%, Russian 1.4%, Armenian 1.4%, other 4.7% (2009 est.)

Religions

Muslim 97.3% (predominantly Shia), Christian 2.6%, other <0.1, unaffiliated <0.1 (2020 est.)

Population growth rate

0.63% (2023 est.)

Government

Government type

presidential republic

Capital

name: Baku (Baki, Baky)

Executive branch

chief of state: President Ilham ALIYEV (since 31 October 2003); First Vice President Mehriban ALIYEVA (since 21 February 2017)
head of government: Prime Minister Ali ASADOV (since 8 October 2019); First Deputy Prime Minister Yaqub EYYUBOV (since 13 February 2003)

Legislative branch

description: unicameral National Assembly or Milli Mejlis (125 seats, current 116; members directly elected in single-seat constituencies by simple majority vote to serve 5-year terms)

Economy

Economic overview

oil-based economy; macroeconomic instabilities due to demand shocks; recent state bailout of largest lender; potential economic gains from Nagorno-Karabakh conflict; negatively impacted by COVID-19; investing in human capital to diversify and retain younger generation

Real GDP (purchasing power parity)

$146.305 billion (2021 est.)
$138.546 billion (2020 est.)
$144.771 billion (2019 est.)

Real GDP per capita

$14,400 (2021 est.)
$13,700 (2020 est.)
$14,400 (2019 est.)

Agricultural products

milk, wheat, potatoes, barley, tomatoes, watermelons, cotton, apples, maize, onions

Industries

petroleum and petroleum products, natural gas, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles

Remittances

2.79% of GDP (2021 est.)
3.29% of GDP (2020 est.)
2.65% of GDP (2019 est.)

Exports

$25.488 billion (2021 est.)
$15.209 billion (2020 est.)
$23.63 billion (2019 est.)

Exports - partners

Italy 28%, Turkey 15%, Israel 7%, Germany 5%, India 5% (2017)

Exports - commodities

crude petroleum, natural gas, refined petroleum, cotton, gold (2021)

Imports

$16.337 billion (2021 est.)
$15.538 billion (2020 est.)
$17.712 billion (2019 est.)

Imports - partners

United Kingdom 17%, Russia 17%, Turkey 12%, China 6% (2019)

Imports - commodities

gold, cars, refined petroleum, wheat, packaged medical supplies (2019)

Exchange rates

Azerbaijani manats (AZN) per US dollar -
Exchange rates:
1.7 (2021 est.)
1.7 (2020 est.)
1.7 (2019 est.)
1.7 (2018 est.)
1.721 (2017 est.)


Page last updated: Tuesday, September 26, 2023