AzerbaijanChapitres
Azerbaijan has long relied on hydrocarbons for driving economic growth, but recent strategies aim to diversify beyond oil and gas. The government has launched the Azerbaijan 2030: National Priorities for Socio-Economic Development, focusing on five pillars: (i) strong governance and civil society, (ii) inclusive growth, (iii) competitive human capital, (iv) clean environment, and (v) smart development. The 2022 – 2026 Socio-Economic Development Strategy emphasizes innovation, digital transformation, and integration into global value chains.
Azerbaijan is transitioning toward a greener economy, with plans to reduce greenhouse gas emissions and expand renewable energy. The country’s central bank is embedding climate risk into financial systems, and the government is promoting green zones and sustainable infrastructure. Post-pandemic and post-conflict recovery efforts are shaping a new phase of development, with a focus on rebuilding liberated territories and enhancing regional connectivity.
Source: The World Bank
Indicateurs clés
- Surface
- 86,600 sq km
- Population
- 10,202,850 (2024)
- Type de gouvernement
- presidential republic
- Langues
- Azerbaijani (Azeri) (official) 92.5%, Russian 1.4%, Armenian 1.4%, other 4.7%
- PIB
- $74.32 billion (2024)
- Taux de croissance
- 4.1% (2024)
- HDI
- 83
- Capitale
- Baku
Indicateurs macroéconomiques
In 2024, Azerbaijan’s economy expanded by 4.1%, driven by a robust 6.2% growth in the non-hydrocarbon sector and a modest recovery in the hydrocarbon sector. Natural gas production increased, while the decline in crude oil output was less pronounced. On the demand side, private consumption remained strong, supported by a 5.8% rise in real wages. The unemployment rate fell to 5.3%, down from 5.6% in 2023. However, growth decelerated to 1.5% in the first half of 2025 due to reduction in the hydrocarbon activity and moderation of the growth in the non-energy sectors. Inflation averaged 5.7% in the first half of 2025, still within the Central Bank’s target range of 4±2%. The policy rate remained unchanged at 7.25%, and the nominal effective exchange rate (NEER) appreciated, helping contain inflation.
Source: World Bank
IMF Statistics:
| Subject descriptor | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|
|
All Items, Consumer price index (CPI), Period average, percent change Percent (Units) |
8.782 |
2.215 |
5.7 |
4.5 |
4.0 |
|
Current account balance (credit less debit), Percent of GDP Percent (Units) |
11.5 |
6.285 |
4.267 |
2.259 |
0.612 |
|
Current account balance (credit less debit), US dollar US dollar (Billions) |
8.329 |
4.671 |
3.259 |
1.808 |
0.517 |
|
Exports of goods and services, Volume, Free on board (FOB), Percent change Percent (Units) |
-11.054 |
-2.324 |
-5.787 |
-0.926 |
-3.11 |
|
Gross domestic product (GDP), Constant prices, Percent change Percent (Units) |
1.354 |
4.071 |
3.015 |
2.495 |
2.451 |
|
Gross domestic product (GDP), Current prices, Per capita, US dollar US dollar (Units) |
7151.946 |
7251.303 |
7365.278 |
7624.179 |
7959.569 |
|
Gross domestic product (GDP), Current prices, US dollar US dollar (Billions) |
72.428 |
74.316 |
76.39 |
80.024 |
84.547 |
|
Imports of goods and services, Volume, Cost insurance freight (CIF), Percent change Percent (Units) |
25.384 |
10.29 |
-12.196 |
1.481 |
2.222 |
|
Unemployment rate |
5.456 |
5.394 |
5.334 |
5.274 |
5.215 |
Estimates
Le Luxembourg et le pays
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 16.06.2006 (Memorial 2009, A no. 138, p. 1928)
- Effective as of 01.01.2010
Air Services agreement
None
Source: Administration des contributions directes
Informations supplémentaires
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in Azerbaijan
Embassy of the Grand Duchy of Luxembourg in Azerbaijan
Ambassador with residence in Luxembourg: Mr. Alain DE MUYSER
9, rue du Palais de Justice
L-1841 Luxembourg
Tel.: + 352 247 82311
E-Mail: bakou.amb@mae.etat.lu
Source: Ministry of Foreign Affairs of Luxembourg
Country risk as defined by Office du Ducroire for Azerbaijan
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: Ducroire Office – Country Risk for Azerbaijan
Other useful links