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Economy of Azerbaijan vs Bahamas compared: GDP & Debt

Updated on by Georank team

Azerbaijan has a GDP of $74.3B compared to $15.8B for the Bahamas, ranking 84/197 and 140/197 by economy size, respectively.

Azerbaijan has $16.1B in government debt (21.7% of GDP), compared to $11.5B (72.5% of GDP) in the Bahamas.

Azerbaijan vs Bahamas GDP by year

Azerbaijan
Bahamas
1x
Year GDP, current $
Azerbaijan Bahamas
2024 $74,315,882,353 $15,832,800,000
2023 $72,428,470,588 $15,271,300,000
2022 $78,807,470,588 $13,896,800,000
2021 $54,825,411,765 $12,037,000,000
2020 $42,693,000,000 $10,363,200,000
2019 $48,174,235,294 $13,277,000,000
2018 $47,112,470,052 $12,819,200,000
2017 $40,866,627,352 $12,446,900,000
2016 $37,866,996,883 $11,880,900,000
2015 $53,076,235,355 $11,837,600,000
2014 $75,239,785,452 $11,139,100,000
2013 $74,160,560,124 $10,475,300,000
2012 $69,679,944,504 $10,720,400,000
2011 $65,952,796,428 $10,070,450,000
2010 $52,909,294,792 $10,095,760,000
2009 $44,292,427,185 $9,981,960,000
2008 $48,851,293,785 $10,526,000,000
2007 $33,049,419,431 $10,618,340,000
2006 $20,981,929,498 $10,167,250,000
2005 $13,245,421,881 $9,836,200,000
2004 $8,680,405,741 $9,055,290,000
2003 $7,276,413,079 $8,870,090,000
2002 $6,236,087,738 $8,881,160,000
2001 $5,707,616,204 $8,317,830,000
2000 $5,272,615,723 $8,076,470,000
1999 $4,581,248,567 $7,683,870,000
1998 $4,446,368,571 $6,833,220,000
1997 $3,962,362,387 $6,332,360,000
1996 $3,176,507,376 $3,609,000,000
1995 $2,417,331,193 $3,429,000,000
1994 $1,193,141,110 $3,259,000,000
1993 $1,570,392,598 $3,092,000,000
1992 $444,658,672 $3,109,000,000
1991 $5,344,000,000 $3,111,160,000
1990 $8,884,848,485 $3,166,000,000
1989 - $3,062,000,000
1988 - $2,817,900,000
1987 - $2,713,999,900
1986 - $2,472,500,000
1985 - $2,320,699,900
1984 - $2,041,100,000
1983 - $1,732,800,000
1982 - $1,578,300,000
1981 - $1,426,500,000
1980 - $1,335,300,000
1979 - $1,139,800,100
1978 - $832,400,000
1977 - $713,000,000
1976 - $642,100,000
1975 - $596,200,000
1974 - $632,400,000
1973 - $670,900,000
1972 - $590,900,000
1971 - $573,400,000
1970 - $539,500,000
1969 - $538,700,000
1968 - $453,800,000
1967 - $398,000,000
1966 - $346,800,000
1965 - $300,272,048
1964 - $266,560,043
1963 - $237,650,038
1962 - $212,170,034
1961 - $190,022,030
1960 - $169,736,027

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/azerbaijan/bahamas | CC BY

GDP per capita in Azerbaijan vs Bahamas by year

Azerbaijan
GDP per capita

GDP per capita, PPP
Bahamas
GDP per capita

GDP per capita, PPP
1x
Year Current $
Azerbaijan Bahamas
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,284 $25,089 $39,455 $41,198
2023 $7,133 $23,652 $38,232 $39,090
2022 $7,771 $22,552 $34,957 $36,791
2021 $5,408 $20,111 $30,368 $31,065
2020 $4,230 $15,164 $26,179 $27,205
2019 $4,806 $16,675 $33,640 $36,116
2018 $4,740 $15,283 $32,642 $35,228
2017 $4,147 $14,316 $31,875 $34,282
2016 $3,881 $14,536 $30,617 $32,285
2015 $5,501 $15,075 $30,719 $32,138
2014 $7,891 $17,564 $29,137 $31,726
2013 $7,875 $17,268 $27,643 $30,294
2012 $7,496 $15,994 $28,552 $31,036
2011 $7,190 $14,805 $27,091 $30,074
2010 $5,844 $14,930 $27,473 $29,625
2009 $4,950 $14,246 $27,513 $29,197
2008 $5,574 $13,217 $29,392 $30,679
2007 $3,851 $11,974 $30,052 $31,232
2006 $2,473 $9,398 $29,185 $30,402
2005 $1,578 $6,855 $28,602 $29,143
2004 $1,045 $5,248 $26,650 $27,660
2003 $884 $4,718 $26,429 $27,031
2002 $763 $4,230 $26,782 $27,171
2001 $704 $3,835 $25,372 $26,351
2000 $655 $3,439 $24,940 $25,422
1999 $574 $3,052 $24,041 $24,184
1998 $562 $2,827 $21,667 $22,556
1997 $506 $2,565 $20,368 $21,606
1996 $409 $2,407 $11,784 $21,287
1995 $315 $2,357 $11,375 $20,377
1994 $157.1 $2,648 $10,991 $19,441
1993 $209.5 $3,272 $10,613 $18,781
1992 $60.2 $4,220 $10,873 $18,636
1991 $735 $5,412 $11,082 $19,296
1990 $1,238 $5,343 $11,473 $19,817
1989 - - $11,291 -
1988 - - $10,576 -
1987 - - $10,361 -
1986 - - $9,601 -
1985 - - $9,167 -
1984 - - $8,202 -
1983 - - $7,081 -
1982 - - $6,559 -
1981 - - $6,029 -
1980 - - $5,743 -
1979 - - $4,994 -
1978 - - $3,720 -
1977 - - $3,253 -
1976 - - $2,993 -
1975 - - $2,841 -
1974 - - $3,080 -
1973 - - $3,341 -
1972 - - $3,014 -
1971 - - $3,004 -
1970 - - $2,916 -
1969 - - $3,027 -
1968 - - $2,668 -
1967 - - $2,453 -
1966 - - $2,239 -
1965 - - $2,030 -
1964 - - $1,883 -
1963 - - $1,759 -
1962 - - $1,651 -
1961 - - $1,555 -
1960 - - $1,459 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/azerbaijan/bahamas | CC BY

Azerbaijan's GDP per capita is $7,284, ranking 101/197, compared to $39,455 in the Bahamas, ranking 30/197. Adjusted for purchasing power (GDP per capita PPP), Azerbaijan ranks 82nd at $25,089, while the Bahamas ranks 57th at $41,198.

Economic indicators

Azerbaijan Bahamas
Gross domestic product
$74.3B
2024
$15.8B
2024
GDP rank
84/197
2024
140/197
2024
GDP growth
4.07%
2023-2024
3.38%
2023-2024
GDP per capita
$7,284
2024
$39,455
2024
GDP per capita rank
101/197
2024
30/197
2024
GDP per capita, PPP
$25,089
2024
$41,198
2024
GDP per capita PPP rank
82/197
2024
57/197
2024
Government debt
$16.1B
2024
$11.5B
2024
Debt-to-GDP ratio
21.7%
2024
72.5%
2024
Government debt per person
$1,579
2024
$28,616
2024
Government debt per person rank
128/185
2024
25/185
2024
Average annual personal income after taxes
$6,324
2026
$29,535
2026
Market capitalization of domestic companies
$1.64B
2024
n/a
Income share by richest 10%
24.2%
2005
n/a
Income share by poorest 10%
4.8%
2005
n/a
Government expenditure, % of GDP
33.9%
2024
20.6%
2024
Consumer prices inflation
2.21%
2023-2024
0.41%
2023-2024
Central bank interest rate
7%
2025
4%
2016
Unemployment rate
5.65%
2022
8.65%
2023
Population
10338778
405203

Spending and national debt comparison by year

Azerbaijan
Spending

Debt
Bahamas
Spending

Debt
1x
Year % of GDP
Azerbaijan Bahamas
Government spending Government debt Government spending Government debt
2024 33.9% 21.7% 20.6% 72.5%
2023 32.7% 21.8% 22.2% 74.8%
2022 26.2% 17.3% 23.9% 79.1%
2021 32.2% 26.3% 26.9% 84.5%
2020 40.2% 21.3% 28.2% 81.9%
2019 32.5% 17.7% 19.9% 59.3%
2018 33.2% 18.7% 19.2% 60.6%
2017 35.6% 22.5% 22.5% 53.4%
2016 35.4% 20.6% 19.4% 51%
2015 38.7% 18% 17.9% 48.5%
2014 36.4% 8.53% 17.6% 46.3%
2013 37.8% 6.18% 18.4% 44.8%
2012 36.6% 5.83% 16.5% 36.4%
2011 33.7% 4.97% 17.1% 35.3%
2010 32% 4.98% 15.3% 33.7%
2009 34.5% 4.73% 15.6% 30.9%
2008 31.4% 3.22% 14.4% 25.5%
2007 26.1% 4% 13.3% 23%
2006 25.3% 5.3% 13% 22.8%
2005 22.5% 6.85% 12.3% 22%
2004 24.2% 9.71% 12.4% 21.4%
2003 21.7% 10.7% 11.8% 20.9%
2002 23.1% 11.9% 11.3% 18.8%
2001 16.8% 13% 11.2% 18.2%
2000 18.2% 13.1% 11.3% 18.7%
1999 19.5% 25.4% 8.78% 18.7%
1998 18.7% 14.3% 11.6% 20%
1997 18.5% 11.4% 12.5% 20.8%
1996 19.8% 16.7% 11.2% 20.2%
1995 18.9% 19.2% 11.2% 20.5%
1994 14.7% 11.7% 11.4% 20.4%
1993 - - 11.5% 19.8%
1992 - - 11.8% 17.9%
1991 - - 12% 15.4%
1990 - - 11.4% 13.2%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1994, retrieved 2026-02-20).

GeoRank.org/economy/azerbaijan/bahamas | CC BY

In 2024, Azerbaijan's government spending was $25.2B, accounting for 33.9% of its GDP, while the Bahamas spent $3.26B, or 20.6% of GDP.

Debt-to-GDP ratio is 21.7% in Azerbaijan and 72.5% in the Bahamas, ranking 174/185 and 53/185, respectively.

Government deficit by year

Deficit/surplus
Azerbaijan

Bahamas
1x
Year Deficit/surplus, % of GDP
Azerbaijan Bahamas
2024 4.06% -1.18%
2023 7.92% -3.49%
2022 5.96% -5.16%
2021 4.21% -11.1%
2020 -6.44% -8.09%
2019 8.95% -1.65%
2018 5.43% -3.24%
2017 -1.34% -5.92%
2016 -1.17% -2.61%
2015 -4.83% -3.24%
2014 2.74% -4.38%
2013 1.64% -5.16%
2012 3.71% -3.15%
2011 10.9% -2.87%
2010 13.8% -2.56%
2009 5.86% -2.45%
2008 17.2% -0.83%
2007 2.34% -0.76%
2006 0.66% -0.43%
2005 2.74% -1.11%
2004 1.78% -1.93%
2003 1.6% -1.63%
2002 19.4% -1.62%
2001 21.8% 0.3%
2000 0.14% 0.09%
1999 -1.03% 1.68%
1998 1.63% -0.41%
1997 -0.94% -1.56%
1996 -2.25% -0.15%
1995 -1.34% 0.18%
1994 3.21% -0.39%
1993 - -1.05%
1992 - -2.23%
1991 - -2.29%
1990 - -2.64%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/azerbaijan/bahamas | CC BY

In 2024, Azerbaijan's government surplus, the difference between spending and revenue, was $3.01B, equivalent to 4.06% of GDP. This compares to the Bahamas' deficit of $187M, or 1.18% of GDP.

Over the past 31 years, Azerbaijan recorded a fiscal deficit in 8 of those years, while the Bahamas ran a deficit in 27 years. On average, Azerbaijan posted an annual surplus equal to 4.14% of GDP, compared to deficit of 2.41% of GDP for the Bahamas.

Inflation comparison by year

Inflation
Azerbaijan

Bahamas
1x
Year Consumer prices inflation
Azerbaijan Bahamas
2024 2.21% 0.41%
2023 8.79% 3.05%
2022 13.9% 5.61%
2021 6.65% 2.9%
2020 2.76% 0.04%
2019 2.61% 2.49%
2018 2.27% 2.27%
2017 12.9% 1.52%
2016 12.4% -0.35%
2015 4.03% 1.86%
2014 1.37% 1.51%
2013 2.42% 0.72%
2012 1.07% 1.97%
2011 7.86% 3.2%
2010 5.73% 1.34%
2009 1.46% 2.06%
2008 20.8% 4.49%
2007 16.7% 2.49%
2006 8.33% 2.39%
2005 9.68% 1.59%
2004 6.71% 0.98%
2003 2.23% 3.03%
2002 2.77% 2.17%
2001 1.55% 2.04%
2000 1.81% 1.61%
1999 -8.53% 1.25%
1998 -0.77% 1.34%
1997 3.67% 0.54%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/azerbaijan/bahamas | CC BY

Over the past 28 years, Azerbaijan has recorded an average annual inflation rate of 5.48%, compared with 1.95% in the Bahamas. In 2024, inflation was 2.21% in Azerbaijan and 0.41% in the Bahamas.

Balance of trade

Azerbaijan Bahamas
Current account balance
$4.67B
2024
-$1.05B
2024
Current account balance ranking
34/190
2024
127/190
2024
Current account balance, % of GDP
+6.29%
2024
-6.65%
2024
Goods imports
$17.2B
2024
$4.6B
2024
Goods exports
$26B
2024
$874M
2024
Service imports
$10.2B
2024
$2.47B
2024
Service exports
$8.12B
2024
$5.9B
2024
Imports of goods and services, % of GDP
36.8%
2024
41.5%
2024
Exports of goods and services, % of GDP
45.9%
2024
37.8%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Azerbaijan Bahamas
Economic freedom 64.3 65.1
Economic freedom ranking 74/197 66/197
Property rights 53.3 62.7
Government integrity 23.6 67.1
Judicial effectiveness 16.5 79.8
Tax burden 87.9 96.1
Government spending 71.3 83.8
Fiscal health 99.1 9.1
Business freedom 71.2 69.4
Labor freedom 56.9 66.5
Monetary freedom 76 77.2
Trade freedom 75.8 59.4
Investment freedom 70 50
Financial freedom 70 60

Economic freedom comparison by year

Azerbaijan
Bahamas
1x
Year Economic freedom index
Azerbaijan Bahamas
2026 64.3 65.1
2025 62.5 63.2
2024 61.6 62.5
2023 61.4 62.6
2022 61.6 68.7
2021 70.1 64.6
2020 69.3 64.5
2019 65.4 62.9
2018 64.3 63.3
2017 63.6 61.1
2016 60.2 70.9
2015 61 68.7
2014 61.3 69.8
2013 59.7 70.1
2012 58.9 68
2011 59.7 68
2010 58.8 67.3
2009 58 70.3
2008 55.3 71.1
2007 54.6 72
2006 53.2 72.3
2005 54.4 72.6
2004 53.4 72.1
2003 54.1 73.5
2002 53.3 74.4
2001 50.3 74.8
2000 49.8 73.9
1999 47.4 74.7
1998 43.1 74.5
1997 34 74.5
1996 30 74
1995 - 71.8

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/azerbaijan/bahamas | CC BY

The Economic Freedom Index for Azerbaijan is 64.3, ranking 74/197, compared to 65.1 for the Bahamas, ranking 66/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Azerbaijan Bahamas
Services, % of GDP
42.3%
2024
77.2%
2024
Industry, % of GDP
42.6%
2024
9.63%
2024
Agriculture, forestry, and fishing, % of GDP
5.66%
2024
0.51%
2024
GNI, Atlas method
$74.8B
2024
$14.9B
2024
GNI per capita, PPP
$24,220
2024
$39,550
2024
Total reserves including gold
$12.7B
2024
$2.51B
2023
Total reserves ranking
72/177
2024
122/177
2023
Net foreign direct investment
$511M
2024
-$77.6M
2024
Net inflows of foreign direct investment
$231M
2024
$241M
2024
Net outflows of foreign direct investment
$742M
2024
$163M
2024
Servicing debt to the IMF, % of GNI
5.83%
2024
n/a
Poverty at national poverty lines
6%
2012
9.3%
2020
Gross capital formation, % of GDP
21.1%
2024
26.8%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/azerbaijan/bahamas | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  6. LivingCost (2026, retrieved 2025-10-14)
  7. International Monetary Fund (IMF) | Public Finances in Modern History (1994, retrieved 2026-02-20)
  8. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.