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

Overview Actual Q3 Q4 Q1 Q2 2021
GDP Annual Growth Rate (%) 2.20 -4.5 -4.5 -4.5 2.8 2.8
Unemployment Rate (%) 4.80 5.9 5.9 6.1 6.1 6.1
Inflation Rate (%) 2.90 2.1 2 2 2.6 4
Interest Rate (%) 7.00 6.75 6.25 6 6 6
Balance of Trade (USD Thousand) 1873068.00 2419000 2108900 2108900 2108900 2108900
Current Account (USD Million) 646.00 1315 1400 1400 1400 1400
Current Account to GDP (%) 7.90 10 10 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 -12.5 -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 Q3 Q4 Q1 Q2 2021
GDP Annual Growth Rate (%) 2.20 -4.5 -4.5 -4.5 2.8 2.8
GDP (USD Billion) 48.05 44 44 50 50 50
GDP Constant Prices (AZN Million) 27479.90 55833 78005 17497 28249 80190
Gross Fixed Capital Formation (AZN Million) 5739.30 3895 5481 5481 5900 5635
GDP per capita (USD) 5880.00 5750 5750 5850 5850 5850
GDP per capita PPP (USD) 14403.90 14100 14100 14300 14300 14300
Gross National Product (AZN Million) 75956.30 72538 72538 72538 78083 74569
GDP From Agriculture (AZN Million) 391.70 674 374 374 403 385
GDP From Construction (AZN Million) 835.40 765 798 798 859 820
GDP From Manufacturing (AZN Million) 395.70 351 378 378 407 388
GDP From Mining (AZN Million ) 3953.10 3395 3775 3775 4064 3881
GDP From Public Administration (AZN Million) 161.40 176 154 154 166 158
GDP From Services (AZN Million ) 759.50 594 725 725 781 746
GDP From Transport (AZN Million) 1045.40 949 998 998 1075 1026
GDP From Utilities (AZN Million) 43.80 29.03 41.83 41.83 45.03 43

Labour Actual Q3 Q4 Q1 Q2 2021
Unemployment Rate (%) 4.80 5.9 5.9 6.1 6.1 6.1
Employed Persons (Thousand ) 4938.50 5008 5008 5008 5008 5008
Unemployed Persons (Thousand ) 251.60 255 255 255 245 245
Minimum Wages (AZN/Month) 250.00 250 250 290 290 290
Population (Million) 10.00 10.1 10.1 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) 736.20 560 570 570 570 570
Wages In Manufacturing (AZN/Month) 631.40 590 620 620 620 620

Prices Actual Q3 Q4 Q1 Q2 2021
Inflation Rate (%) 2.90 2.1 2 2 2.6 4
Inflation Rate Mom (%) -0.50 -0.3 0.7 0.7 0.7 0.6
Import Prices (points) 123.40 102 102 102 102 102
Food Inflation (%) 5.50 3 3.5 3.5 3.5 3.5
Export Prices (points) 127.10 105 105 105 105 105
Consumer Price Index CPI (points) 166.09 164 166 168 169 173
Producer Prices (points) 66.10 98.56 114 70.2 76.02 131
Producer Prices Change (%) -26.70 -5.5 8 8 15 15

Money Actual Q3 Q4 Q1 Q2 2021
Interest Rate (%) 7.00 6.75 6.25 6 6 6
Money Supply M2 (AZN Million) 17021.30 14190 14500 14500 14500 14500
Deposit Interest Rate (%) 9.69 9.69 9.69 9.44 9.44 9.44
Foreign Exchange Reserves (USD Million) 6393.80 7050 7350 7350 7350 8150

Trade Actual Q3 Q4 Q1 Q2 2021
Balance of Trade (USD Thousand) 1873068.00 2419000 2108900 2108900 2108900 2108900
Current Account (USD Million) 646.00 1315 1400 1400 1400 1400
Current Account to GDP (%) 7.90 10 10 7.5 7.5 7.5
Imports (USD Thousand) 2590101.00 2380000 2791100 2791100 2791100 2791100
Exports (USD Thousand) 4463169.00 4799000 4900000 4900000 4900000 4900000
Crude Oil Production (BBL/D/1K) 760.00 800 800 800 800 850
Gold Reserves (Tonnes) 0.00 0 0 0 0 0
Foreign Direct Investment (USD Million) 915.00 830 815 815 815 815
Tourist Arrivals 12777.00 19000 19000 19000 19000 19000

Government Actual Q3 Q4 Q1 Q2 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 -12.5 -9.5 -9.5 -9.5
Military Expenditure (USD Million) 1624.00 1490 1490 1490 1490 1490
Government Budget Value (AZN Million) 1135.30 -280 -590 -590 -590 -590
Government Spending (AZN Million) 2554.40 2322 2439 2439 2626 2508
Government Spending To GDP (% of GDP) 28.50 26.1 26.1 26.1 26.1 24

Taxes Actual Q3 Q4 Q1 Q2 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 Q3 Q4 Q1 Q2 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 (%) -1.70 -1.5 3.1 3.1 3.1 3.1
Car Registrations 1170672.00 1170000 1170000 1170000 1170000 1170000
Changes In Inventories (AZN Million) 803.00 36.6 22.9 22.9 22.9 22.9
Mining Production (%) -1.80 -0.5 1.5 2.5 2.5 2.5

Consumer Actual Q3 Q4 Q1 Q2 2021
Retail Sales YoY (%) 3.00 5.8 5.5 5.5 5.5 5.5
Gasoline Prices (USD/Liter) 0.53 0.5 0.48 0.46 0.43 0.41
Disposable Personal Income (AZN Million) 53688.60 51273 51273 51273 55192 52708
Consumer Spending (AZN Million) 12224.60 11245 11674 11674 12567 12001


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.