GDP per capita in Azerbaijan nearly triples over past 20 years

Over the past 20 years (2003–2023), the gross domestic product (GDP) per capita in Azerbaijan increased by 2.9 times and amounted to 12,114.5 manats ($7,127.67), Report informs.

During the reporting period, GDP in Azerbaijan increased by 3.6 times to 123 billion manats ($72.37 billion) from 7.1 billion manats ($4.17 billion). Also, the GDP in the oil and gas sector increased from 2.3 billion manats ($1.35 billion) to 45.3 billion manats ($26.65 billion), and the non-oil and gas sector increased by 3.5 times from 4.9 billion manats ($2.88 billion) to 77.7 billion manats ($45.72 billion).

In 2003–2023, the share of the private sector in GDP increased by 13.2 percentage points, from 73.3% to 86.5%. The share of industry in GDP increased by 3.1 percentage points, from 37.3% to 40.4%.