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Panorama econòmic

Economic indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

Declining global gas and oil prices and the armed conflict between Armenia and Azerbaijan in Nagorno-Karabakh took a toll on Azerbaijan's economic growth from recent years. After entering a recession in 2020, Azerbaijan’s economy rebounded in 2021, with growth estimated at 3%. Private consumption (55% of GDP) was the main driver, coupled with increased energy prices that favoured the country’s exports. In total, the country's oil and gas production is expected to reach 746,000 barrels per day in 2022, up from 565,000 barrels in 2020. The IMF forecasts a gradual deceleration of GDP, at 2.3% this year and 1.7% in 2023.

The current account returned to a significant surplus in 2021, thanks to increased demand and higher prices for hydrocarbon and to the resumption of expatriate remittances (representing 3% of GDP). In early 2022 Azerbaijan reinstated the limit on the growth of budget spending of 3% year-on-year and committed to a reduction in the non-oil primary deficit. Public debt reached 28.9% in 2021 (from a pre-pandemic level of 17.7%). It is projected to remain stable this year before increasing to 30.9% in 2023 (IMF). The recovery in domestic demand, as well as the surge in global food and oil prices, affected inflation, which surpassed the Central Bank’s 4% target, reaching 4.4% in 2021. The rate is expected to ease in 2022 following the decision of the Central Bank to increase its main policy rate by 25 basis points to 7,25%, whereas pressure on imported prices should reduce, resulting in a rate of around 3.2% over the forecast horizon.

After peaking in 2020, the unemployment rate returned on a downward path last year, standing at 6.4%. For 2022 and 2023, the IMF forecasts a rate of 6.3% and 6.2%, respectively. Azerbaijan’s GDP per capita (PPP) stood at USD 14,856 as of 2021 (IMF). According to Asian Development Bank, 4.8% of the population lives below the national poverty line. Finally, the problem of corruption remains unresolved and may act as an impediment to the country's development.

 
GDP Indicators 201920202021 (e)2022 (e)2023 (e)
GDP (billions USD) 48.17e42.61e52.6554.7355.98
GDP (constant prices, annual % change) 2.5e-4.3e3.02.31.7
GDP per capita (USD) 4,826e4,232e5,1675,3085,365
General government gross debt (in % of GDP) 17.7e21.4e28.928.930.9
Inflation rate (%) 2.7e2.8e4.43.23.2
Unemployment rate (% of the labor force) 4.8e7.2e6.46.36.2
Current Account (billions USD) 4.37-0.23e4.114.233.45
Current account (in % of GDP) 9.1-0.5e7.87.76.2

Font: IMF – World Economic Outlook Database, 2016

Note: (e) Estimated data

 
Monetary indicators 20162017201820192020
Azerbaijanian New Manat (AZN) - Average annual exchange rate for 1 EUR 1.701.942.011.911.94

Font: World Bank, 2015

 

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Actualitzacions: April 2022

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