Azerbaijan
A hydrocarbon economy on the Caspian with very large financial buffers and a non-oil sector that has slowed.
Oil output, including condensate, fell from 41.0 million tonnes in 2016 to 27.7 million in 2025. Gas production is rising and exports to Europe run at about 13 bcm a year, while the State Oil Fund now pays more into the budget than it receives from oil and gas.
Strategic reserves of about USD 86bn and public debt of about 20% of GDP support investment-grade ratings from Fitch and Moody's. The Port of Baku is the Caspian hub of the Middle Corridor.
Key indicators
- Real GDP growth
- 1.4%2025 · State Statistical Committee via Report.az
- Nominal GDP
- USD 75.9bn2025; AZN 129.1bn at AZN 1.70 per USD · State Statistical Committee via Report.az
- Non-oil share of GDP
- 71.5%2025 · Ministry of Finance via Caliber.az
- Refinancing rate
- 6.5%Held September 2026 · Central Bank of Azerbaijan via Interfax
- State Oil Fund assets
- USD 72.6bn30 June 2026 · SOFAZ
- Sovereign rating, Fitch
- BBB-, stableJune 2026 · Fitch via Caliber.az
- Sovereign rating, Moody's
- Baa3, positiveUpgraded July 2025 · Moody's via APA
- Currency
- Azerbaijani manat (AZN), held at 1.70 per US dollarIMF Article IV 2026
CIG research on Azerbaijan
Research library
Azerbaijan in data
CIG DataAzerbaijan's non-oil growth has slowed sharply since 2022
Real growth, %, 2020–2025
The oil fund now pays out more than it receives from oil and gas
SOFAZ oil and gas revenue and transfers to the state budget, AZN bn