Markets Actual Q4 Q1 Q2 Q3 2021
Currency 1.69 1.69 1.69 1.69 1.69 1.69

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Annual Growth Rate (%) 2.20 -4.5 -4.5 2.8 2.8 2.8
Unemployment Rate (%) 4.80 5.9 6.1 6.1 6.1 6.1
Inflation Rate (%) 2.90 2 2 2.6 2.3 3
Interest Rate (%) 6.50 6.25 6 6 6 6
Balance of Trade (USD Thousand) 1873068.00 2108900 2108900 2108900 2108900 2108900
Current Account (USD Million) 646.00 1400 1400 1400 1400 1400
Current Account to GDP (%) 7.90 10 7.5 7.5 7.5 7.5
Government Debt to GDP (%) 48.40 50.1 50.1 50.1 50.1 53.4
Government Budget (% of GDP) -0.40 -12.5 -9.5 -9.5 -9.5 -9.5
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 25.00 25 25 25 25 25

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Annual Growth Rate (%) 2.20 -4.5 -4.5 2.8 2.8 2.8
GDP (USD Billion) 48.05 44 50 50 50 50
GDP Constant Prices (AZN Million) 52074.00 84410 78005 17497 28249 86605
Gross Fixed Capital Formation (AZN Million) 2973.70 3538 5481 5481 5900 3629
GDP per capita (USD) 5880.00 5750 5850 5850 5850 5850
GDP per capita PPP (USD) 14403.90 14100 14300 14300 14300 14300
Gross National Product (AZN Million) 75956.30 71338 72538 72538 78083 73193
GDP From Agriculture (AZN Million) 181.70 732 374 374 403 751
GDP From Construction (AZN Million) 250.10 828 798 798 859 850
GDP From Manufacturing (AZN Million) 356.20 345 378 378 407 353
GDP From Mining (AZN Million ) 2401.70 3711 3775 3775 4064 3808
GDP From Public Administration (AZN Million) 157.50 208 154 154 166 213
GDP From Services (AZN Million ) 540.50 635 725 725 781 652
GDP From Transport (AZN Million) 809.00 1045 998 998 1075 1072
GDP From Utilities (AZN Million) 36.80 31.84 41.83 41.83 45.03 32.67

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 4.80 5.9 6.1 6.1 6.1 6.1
Employed Persons (Thousand ) 4938.50 5008 5008 5008 5008 5008
Unemployed Persons (Thousand ) 251.60 255 255 245 245 245
Minimum Wages (AZN/Month) 250.00 250 290 290 290 290
Population (Million) 10.00 10.1 10.2 10.2 10.2 10.2
Retirement Age Men 63.50 64.5 64.5 64.5 64.5 65
Retirement Age Women 60.50 61.5 61.5 61.5 61.5 62
Wages (AZN/Month) 710.20 570 570 570 570 570
Wages In Manufacturing (AZN/Month) 631.40 620 620 620 620 620

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) 2.90 2 2 2.6 2.3 3
Inflation Rate Mom (%) 0.10 0.7 0.7 0.7 0.7 0.6
Import Prices (points) 123.40 102 102 102 102 102
Food Inflation (%) 5.20 3.5 3.5 3.5 3.5 3.5
Export Prices (points) 127.10 105 105 105 105 105
Consumer Price Index CPI (points) 164.92 166 166 170 170 171
Producer Prices (points) 6.50 139 114 70.2 76.02 160
Producer Prices Change (%) -29.10 8 8 8 15 15

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 6.50 6.25 6 6 6 6
Money Supply M2 (AZN Million) 17927.60 14500 14500 14500 14500 14500
Deposit Interest Rate (%) 9.69 6.43 9.69 9.44 9.44 8.43
Foreign Exchange Reserves (USD Million) 6393.80 7350 7350 7350 7350 8150

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (USD Thousand) 1873068.00 2108900 2108900 2108900 2108900 2108900
Current Account (USD Million) 646.00 1400 1400 1400 1400 1400
Current Account to GDP (%) 7.90 10 7.5 7.5 7.5 7.5
Imports (USD Thousand) 2590101.00 2791100 2791100 2791100 2791100 2791100
Exports (USD Thousand) 4463169.00 4900000 4900000 4900000 4900000 4900000
Crude Oil Production (BBL/D/1K) 644.00 800 800 800 800 850
Gold Reserves (Tonnes) 0.00 0 0 0 0 0
Foreign Direct Investment (USD Million) 915.00 815 815 815 815 815
Tourist Arrivals 12777.00 6000 9000 9000 9000 9000

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 48.40 50.1 50.1 50.1 50.1 53.4
Government Budget (% of GDP) -0.40 -12.5 -9.5 -9.5 -9.5 -9.5
Military Expenditure (USD Million) 1624.00 1490 1490 1490 1490 1490
Government Budget Value (AZN Million) 677.60 -590 -590 -590 -590 -590
Government Spending (AZN Million) 1900.70 2319 2439 2439 2626 2379
Government Spending To GDP (% of GDP) 28.50 26.1 26.1 26.1 26.1 24

Taxes Actual Q4 Q1 Q2 Q3 2021
Corporate Tax Rate (%) 20.00 20 20 20 20 20
Personal Income Tax Rate (%) 25.00 25 25 25 25 25
Sales Tax Rate (%) 18.00 18 18 18 18 18
Social Security Rate (%) 25.00 25 25 25 25 25
Social Security Rate For Companies (%) 22.00 22 22 22 22 22
Social Security Rate For Employees (%) 3.00 3 3 3 3 3

Business Actual Q4 Q1 Q2 Q3 2021
Industrial Production (%) 1.80 1.8 1.8 1.8 1.8 1.8
Manufacturing Production (%) 8.00 4.8 4.8 4.8 4.8 4.8
Leading Economic Index (%) -3.90 3.1 3.1 3.1 3.1 3.1
Car Registrations 1170672.00 1170000 1170000 1170000 1170000 1170000
Changes In Inventories (AZN Million) 255.50 22.9 22.9 22.9 22.9 22.9
Mining Production (%) -1.20 1.5 2.5 2.5 2.5 2.5

Consumer Actual Q4 Q1 Q2 Q3 2021
Retail Sales YoY (%) 3.00 5.5 5.5 5.5 5.5 5.5
Gasoline Prices (USD/Liter) 0.53 0.48 0.48 0.46 0.43 0.45
Disposable Personal Income (AZN Million) 53688.60 47584 51273 51273 55192 48821
Consumer Spending (AZN Million) 11226.80 11563 11674 11674 12567 11864


This page has economic forecasts for Azerbaijan including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Azerbaijan economy.