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
0.43% (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, December 12, 2023
