Azerbaijan

Azerbaijan slipped 2 places to 88th, between Slovenia and Bolivia, as US$ GDP rose only +2.0% to US$75.9 billion and real growth ran at +1.4%. It remains below its 2022 peak of US$78.8 billion. Industry accounts for 39.5% of output, close to services at 45.3%, yet manufacturing makes up just 6.0%; agriculture contributes 5.9%. Inflation stood at 5.6%, unemployment at 5.5% and government gross debt at a modest 20.1% of GDP.

The long-run climb is steep: Azerbaijan ranked 116th in 2000 with GDP of US$5.3 billion, and its US$ GDP has grown 14.4 times since. It is now about the size of the Baton Rouge, LA metro area. Low local prices lift GDP per capita 19 places on a PPP basis, from 102nd at US$7,411 to 83rd at $26,113 international dollars. The IMF projects a +36% rise to US$103.3 billion by 2030, which would keep Azerbaijan 88th.