Markets Actual Q3 Q4 Q1 Q2 2023
Currency 1.70 1.69 1.69 1.69 1.69 1.69

Overview Actual Q3 Q4 Q1 Q2 2023
GDP Annual Growth Rate (%) 6.80 2.8 1.6 1.6 2 1.6
Unemployment Rate (%) 6.00 6 5.9 5.9 5.9 5.6
Inflation Rate (%) 12.60 13.1 11 9.1 8.7 6.5
Interest Rate (%) 7.75 8 8 7.5 7.5 5
Balance of Trade (USD Thousand) 6406225.00 7500000 7500000 7500000 7500000 7500000
Current Account (USD Million) 4352.20 2500 4900 1800 1500 4200
Current Account to GDP (% of GDP) 15.20 10 10 10 10 9
Government Debt to GDP (% of GDP) 18.20 20 20 20 20 20
Government Budget (% of GDP) -1.10 -0.5 -0.5 -0.5 0 -0.5
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 2023
GDP Annual Growth Rate (%) 6.80 2.8 1.6 1.6 2 1.6
GDP (USD Billion) 54.62 50 51 52 52 52
GDP Constant Prices (AZN Million) 50867.50 41192 64638 94343 30518 95853
Gross Fixed Capital Formation (AZN Million) 5841.10 3386 3743 5935 5935 6030
GDP per capita (USD) 5340.49 5890 5890 5890 5890 5890
GDP per capita PPP (USD) 15842.89 14650 14650 14650 14650 14650
Full Year GDP Growth (%) 5.60 2.5 2.5 2.3 2.3 2.3
Gross National Product (AZN Million) 72005.60 74310 74022 73158 73158 74328
GDP From Agriculture (AZN Million) 397.90 578 773 404 404 411
GDP From Construction (AZN Million) 946.70 434 679 962 962 977
GDP From Manufacturing (AZN Million) 544.60 416 517 553 553 562
GDP From Mining (AZN Million ) 3758.50 2293 3503 3819 3819 3880
GDP From Public Administration (AZN Million) 166.50 155 192 169 169 172
GDP From Services (AZN Million ) 818.20 631 680 831 831 845
GDP From Transport (AZN Million) 1276.50 1110 1206 1297 1297 1318
GDP From Utilities (AZN Million) 43.30 36.74 36.39 43.99 43.99 44.7

Labour Actual Q3 Q4 Q1 Q2 2023
Unemployment Rate (%) 6.00 6 5.9 5.9 5.9 5.6
Employed Persons (Thousand ) 4876.60 4900 4900 4900 4800 4860
Unemployed Persons (Thousand ) 315.70 280 280 260 260 260
Minimum Wages (AZN/Month) 300.00 300 300 300 340 340
Population (Million) 10.16 10.2 10.3 10.5 10.5 10.5
Wages (AZN/Month) 824.70 570 570 570 570 570
Wages In Manufacturing (AZN/Month) 644.40 620 620 620 620 620
Retirement Age Men 65.00 65 65 65 65 65
Retirement Age Women 63.00 62 62 62 62 62

Prices Actual Q3 Q4 Q1 Q2 2023
Inflation Rate (%) 12.60 13.1 11 9.1 8.7 6.5
Producer Price Inflation MoM (% ) 7.50 8 8 5 5 5
Inflation Rate Mom (%) 0.70 0.2 0.2 0.2 0.4 0.5
Import Prices (points) 127.90 102 102 102 102 102
Food Inflation (%) 17.90 17.5 15 13 12 8
Export Prices (points) 127.10 105 105 105 100 105
Consumer Price Index CPI (points) 191.40 192 197 202 207 216
Producer Prices Change (%) 120.70 10 8 6 6 8

Money Actual Q3 Q4 Q1 Q2 2023
Interest Rate (%) 7.75 8 8 7.5 7.5 5
Money Supply M2 (AZN Million) 25371.10 24300 24900 25000 25900 26000
Deposit Interest Rate (%) 8.71 8.96 8.96 8.96 8.46 5.96
Foreign Exchange Reserves (USD Million) 7136.50 7190 7280 7290 7300 7800

Trade Actual Q3 Q4 Q1 Q2 2023
Balance of Trade (USD Thousand) 6406225.00 7500000 7500000 7500000 7500000 7500000
Current Account (USD Million) 4352.20 2500 4900 1800 1500 4200
Current Account to GDP (% of GDP) 15.20 10 10 10 10 9
Imports (USD Thousand) 7486654.00 5000000 5000000 5000000 5000000 5000000
Exports (USD Thousand) 13892879.00 12500000 12500000 12500000 12500000 12500000
Crude Oil Production (BBL/D/1K) 681.05 720 740 740 750 750
Gold Reserves (Tonnes) 0.00 0 0 0 0 0
Foreign Direct Investment (USD Million) 1131.27 1000 1000 1000 1000 1000
Tourist Arrivals 2304.00 9000 12000 12000 12000 12000

Government Actual Q3 Q4 Q1 Q2 2023
Government Debt to GDP (% of GDP) 18.20 20 20 20 20 20
Government Budget (% of GDP) -1.10 -0.5 -0.5 -0.5 0 -0.5
Military Expenditure (USD Million) 2173.00 2300 2300 2500 2500 2500
Government Budget Value (AZN Million) 2518.90 1500 2500 900 1500 950
Government Spending (AZN Million) 3239.40 3218 3199 3291 3291 3344
Government Spending To GDP (% of GDP) 29.50 30 30 30 30 32

Taxes Actual Q3 Q4 Q1 Q2 2023
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 2023
Industrial Production (%) 3.90 2.5 2.5 1.8 2 2
Manufacturing Production (%) 19.80 4.5 4.5 4.5 3 3.5
Car Registrations 1264542.00 1280000 1280000 1300000 1300000 1300000
Changes In Inventories (AZN Million) -622.50 300 200 800 500 600
Mining Production (%) -0.10 2.5 3.5 3.5 1.5 3.5

Consumer Actual Q3 Q4 Q1 Q2 2023
Retail Sales YoY (%) 3.10 3.5 3.5 3.5 3.5 2.5
Gasoline Prices (USD/Liter) 0.59 0.61 0.63 0.66 0.68 0.68
Disposable Personal Income (AZN Million) 57181.50 57509 57286 58096 58096 59026
Consumer Spending (AZN Million) 12844.40 12034 13387 13050 13050 13259


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Azerbaijan Forecast - was last updated on Thursday, July 7, 2022.