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Economy of Azerbaijan vs Botswana compared: GDP & Debt

Updated on by Georank team

Azerbaijan has a GDP of $74.3B compared to $19.4B for Botswana, ranking 84/197 and 133/197 by economy size, respectively.

Azerbaijan has $15.5B in government debt (21% of GDP), compared to $6.36B (43.8% of GDP) in Botswana.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Azerbaijan
GDP, current $

GDP, constant 2015 $
Botswana
GDP, current $

GDP, constant 2015 $
Year GDP
Azerbaijan Botswana
Current $ Constant $ Current $ Constant $
1960 - - $30,411,414 $203,297,646
1961 - - $32,902,613 $216,193,393
1962 - - $35,644,957 $230,606,288
1963 - - $38,091,843 $244,260,590
1964 - - $41,616,348 $260,949,209
1965 - - $45,788,696 $276,120,679
1966 - - $51,465,655 $293,637,827
1967 - - $58,642,354 $311,034,576
1968 - - $66,248,441 $343,901,776
1969 - - $77,361,547 $395,911,433
1970 - - $96,243,234 $463,692,530
1971 - - $127,448,614 $583,423,076
1972 - - $164,460,915 $737,224,723
1973 - - $244,124,164 $894,277,062
1974 - - $306,044,208 $972,953,727
1975 - - $355,168,572 $1,055,131,835
1976 - - $372,025,093 $1,167,475,696
1977 - - $451,624,780 $1,307,713,345
1978 - - $590,407,374 $1,495,145,304
1979 - - $819,870,259 $1,676,784,361
1980 - - $1,060,889,704 $1,877,778,848
1981 - - $1,073,812,830 $2,047,996,824
1982 - - $1,014,945,696 $2,297,146,530
1983 - - $1,172,230,397 $2,599,146,161
1984 - - $1,240,822,167 $2,821,253,171
1985 - - $1,114,783,343 $3,022,275,113
1986 - - $1,392,602,164 $3,269,283,371
1987 - - $1,965,226,890 $3,657,737,272
1988 - - $2,644,554,159 $4,369,166,056
1989 - - $3,083,822,112 $4,939,753,185
1990 $8,884,848,485 $20,567,069,381 $3,790,636,324 $5,274,313,873
1991 $5,344,000,000 $20,423,099,859 $3,942,876,703 $5,667,709,608
1992 $444,658,672 $15,807,479,224 $4,146,464,587 $5,833,040,675
1993 $1,570,392,598 $12,155,951,726 $4,160,129,175 $5,944,807,979
1994 $1,193,141,110 $9,761,229,085 $4,259,259,604 $6,160,480,628
1995 $2,417,331,193 $8,609,404,140 $4,730,599,122 $6,593,587,690
1996 $3,176,507,376 $8,721,326,343 $4,847,757,218 $6,977,980,666
1997 $3,962,362,387 $9,227,163,284 $5,020,265,627 $7,558,959,722
1998 $4,446,368,571 $10,149,879,576 $4,790,481,509 $7,592,496,073
1999 $4,581,248,567 $10,900,970,797 $5,484,263,347 $8,326,480,944
2000 $5,272,615,723 $12,110,978,462 $5,788,329,609 $8,491,986,059
2001 $5,707,616,204 $13,309,965,292 $5,489,608,300 $8,513,264,764
2002 $6,236,087,738 $14,566,281,781 $5,438,863,983 $9,029,979,997
2003 $7,276,413,079 $16,053,251,526 $7,511,582,173 $9,447,697,368
2004 $8,680,405,741 $17,538,787,529 $8,957,467,707 $9,703,335,214
2005 $13,245,421,881 $22,442,902,280 $9,918,907,108 $10,145,481,816
2006 $20,981,929,498 $30,178,119,967 $9,919,158,482 $10,994,036,837
2007 $33,049,419,431 $37,862,439,811 $10,567,270,656 $11,630,872,553
2008 $48,851,293,785 $41,872,616,382 $10,730,829,116 $12,009,117,014
2009 $44,292,427,185 $45,795,872,339 $10,118,459,242 $10,310,519,328
2010 $52,909,294,792 $47,988,960,054 $12,637,273,429 $11,353,915,358
2011 $65,952,796,428 $47,234,094,854 $15,110,643,612 $12,130,342,698
2012 $69,679,944,504 $48,274,633,161 $13,907,464,500 $12,109,617,145
2013 $74,160,560,124 $51,095,520,685 $14,271,738,933 $13,454,136,660
2014 $75,239,785,452 $52,524,961,529 $15,470,088,501 $14,220,638,229
2015 $53,076,235,355 $53,076,235,355 $13,530,748,845 $13,530,748,845
2016 $37,866,996,883 $51,450,192,629 $15,082,637,184 $14,505,561,464
2017 $40,866,627,352 $51,529,227,661 $16,105,155,857 $15,102,375,175
2018 $47,112,470,052 $52,302,373,072 $17,031,943,186 $15,734,967,215
2019 $48,174,235,294 $53,599,371,993 $16,725,908,149 $16,212,015,761
2020 $42,693,000,000 $51,348,755,378 $14,960,251,611 $14,796,887,969
2021 $54,825,411,765 $54,232,727,552 $18,750,182,235 $16,560,125,448
2022 $78,807,470,588 $56,789,627,317 $20,321,150,598 $17,468,616,756
2023 $72,428,470,588 $57,558,829,938 $19,411,266,967 $18,029,021,881
2024 $74,315,882,353 $59,902,281,352 $19,400,774,882 $17,489,977,782

Economic indicators

Azerbaijan Botswana
Gross domestic product
$74.3B
2024
$19.4B
2024
GDP rank
84/197
2024
133/197
2024
GDP growth
2.61%
2023-2024
-0.05%
2023-2024
GDP per capita
$7,284
2024
$7,695
2024
GDP per capita rank
103/197
2024
98/197
2024
GDP per capita, PPP
$25,089
2024
$20,538
2024
Government debt
$15.5B
2024
$6.36B
2024
Debt-to-GDP ratio
21%
2025
43.8%
2025
Government debt per person
$1,519
2024
$2,523
2024
Government debt per person rank
128/185
2024
110/185
2024
Average annual personal income after taxes
$5,824
2025
$4,596
2025
Market capitalization of domestic companies
$1.64B
2024
$3.59B
2023
Income share by richest 10%
24.2%
2005
42.9%
2015
Income share by poorest 10%
4.8%
2005
1.4%
2015
Government expenditure, % of GDP
35.6%
2025
34.9%
2025
Consumer prices inflation
2.21%
2023-2024
2.82%
2023-2024
Central bank interest rate
7%
2025
1.9%
2024
Unemployment rate
5.65%
2022
24.4%
2024
Population
10308499
2595266

GDP per capita in Azerbaijan vs Botswana

Azerbaijan's GDP per capita is $7,284, ranking 103/197, compared to $7,695 in Botswana, ranking 98/197. Adjusted for purchasing power (GDP per capita PPP), Azerbaijan ranks 81st at $25,089, while Botswana ranks 93rd at $20,538.

Azerbaijan
GDP per capita

GDP per capita, PPP
Botswana
GDP per capita

GDP per capita, PPP
Year Current $
Azerbaijan Botswana
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 - - $58.9 -
1961 - - $62.3 -
1962 - - $66 -
1963 - - $68.9 -
1964 - - $73.5 -
1965 - - $79.7 -
1966 - - $89.1 -
1967 - - $100.9 -
1968 - - $113.4 -
1969 - - $131.8 -
1970 - - $163 -
1971 - - $212.2 -
1972 - - $264.2 -
1973 - - $374 -
1974 - - $446 -
1975 - - $493 -
1976 - - $490 -
1977 - - $565 -
1978 - - $695 -
1979 - - $909 -
1980 - - $1,132 -
1981 - - $1,107 -
1982 - - $1,006 -
1983 - - $1,121 -
1984 - - $1,145 -
1985 - - $994 -
1986 - - $1,200 -
1987 - - $1,639 -
1988 - - $2,141 -
1989 - - $2,428 -
1990 $1,238 $5,343 $2,903 $5,978
1991 $735 $5,412 $2,939 $6,463
1992 $60.2 $4,220 $3,005 $6,614
1993 $209.5 $3,272 $2,929 $6,706
1994 $157.1 $2,648 $2,917 $6,903
1995 $315 $2,357 $3,156 $7,348
1996 $409 $2,407 $3,156 $7,728
1997 $506 $2,565 $3,194 $8,322
1998 $562 $2,827 $2,981 $8,268
1999 $574 $3,052 $3,340 $8,999
2000 $655 $3,439 $3,451 $9,187
2001 $704 $3,835 $3,206 $9,226
2002 $763 $4,230 $3,117 $9,753
2003 $884 $4,718 $4,230 $10,224
2004 $1,045 $5,248 $4,957 $10,596
2005 $1,578 $6,855 $5,391 $11,222
2006 $2,473 $9,398 $5,292 $12,304
2007 $3,851 $11,974 $5,529 $13,113
2008 $5,574 $13,217 $5,503 $13,526
2009 $4,950 $14,246 $5,083 $11,446
2010 $5,844 $14,930 $6,216 $12,491
2011 $7,190 $14,805 $7,287 $13,355
2012 $7,496 $15,994 $6,596 $12,475
2013 $7,875 $17,268 $6,667 $13,341
2014 $7,891 $17,564 $7,122 $15,003
2015 $5,501 $15,075 $6,141 $14,144
2016 $3,881 $14,536 $6,749 $16,228
2017 $4,147 $14,316 $7,105 $15,701
2018 $4,740 $15,283 $7,408 $15,786
2019 $4,806 $16,675 $7,172 $15,960
2020 $4,230 $15,164 $6,323 $15,292
2021 $5,408 $20,111 $7,808 $17,961
2022 $7,771 $22,552 $8,329 $19,977
2023 $7,133 $23,652 $7,826 $21,012
2024 $7,284 $25,089 $7,695 $20,538

Spending and national debt comparison

In 2024, Azerbaijan's government spending was $25.2B, accounting for 35.6% of its GDP, while Botswana's spent $6.74B, or 34.9% of GDP.

Debt-to-GDP ratio is 21% in Azerbaijan and 43.8% in Botswana, ranking 174/185 and 122/185, respectively.

Azerbaijan
Government spending

Government debt
Botswana
Government spending

Government debt
Year % of GDP
Azerbaijan Botswana
Government spending Government debt Government spending Government debt
1990 - - 40.5% -
1991 - - 42.3% -
1992 - - 43.4% -
1993 - - 44.2% -
1994 14.7% 11.7% 39.2% -
1995 18.9% 19.2% 38.1% -
1996 19.8% 16.7% 37.2% -
1997 18.5% 11.4% 40% -
1998 18.7% 14.3% 44.3% 12%
1999 19.5% 25.4% 41.7% 9.68%
2000 18.2% 13.1% 39.8% 8.37%
2001 16.8% 13% 42.9% 7.61%
2002 23.1% 11.9% 46% 8.55%
2003 21.7% 10.7% 44% 7.29%
2004 24.2% 9.71% 42% 11.3%
2005 22.5% 6.85% 35% 7.74%
2006 25.3% 5.3% 34.1% 6.32%
2007 26.1% 4% 38.3% 6.12%
2008 31.4% 3.22% 48% 7.77%
2009 34.5% 4.73% 54.5% 23.5%
2010 32% 4.98% 44.7% 27.9%
2011 33.7% 4.97% 37.4% 28.1%
2012 36.6% 5.83% 38.3% 27.3%
2013 37.8% 6.18% 34.8% 24.7%
2014 36.4% 8.53% 36.4% 23.9%
2015 38.7% 18% 39.7% 25.7%
2016 35.4% 20.6% 34.2% 22.4%
2017 35.6% 22.5% 35% 19.8%
2018 33.2% 18.7% 35.9% 19.8%
2019 32.5% 17.7% 36.4% 21.3%
2020 40.2% 21.3% 38.5% 24.8%
2021 32.2% 26.3% 33% 23.4%
2022 26.2% 17.3% 29.5% 21.3%
2023 32.7% 21.8% 32.3% 22.5%
2024 33.8% 20.9% 34.7% 32.8%
2025 35.6% 21% 34.9% 43.8%

Government deficit by year

In 2024, Azerbaijan's government surplus, the difference between spending and revenue, was $2.4B, equivalent to 3.23% of GDP. This compares to Botswana's deficit of -$2B, or -10.3% of GDP.

Over the past 26 years, Azerbaijan recorded a fiscal deficit in 5 of those years, while Botswana ran a deficit in 16 years. On average, Azerbaijan posted an annual surplus equal to +4.89% of GDP, compared to deficit of -1.05% of GDP for Botswana.

Deficit/surplus
Azerbaijan

Botswana
Year Deficit/surplus, % of GDP
Azerbaijan Botswana
1994 3.21% -
1995 -1.34% -
1996 -2.25% -
1997 -0.94% -
1998 1.63% -
1999 -1.03% 6.18%
2000 0.14% 8.95%
2001 21.8% -2.96%
2002 19.4% -4.02%
2003 1.6% -0.18%
2004 1.78% 1.42%
2005 2.74% 10.7%
2006 0.66% 13.7%
2007 2.34% 5.92%
2008 17.2% -7.59%
2009 5.86% -14.4%
2010 13.8% -8.36%
2011 10.9% -0.12%
2012 3.71% 0.92%
2013 1.64% 6.07%
2014 2.74% 3.88%
2015 -4.83% -5.06%
2016 -1.17% 0.72%
2017 -1.34% -1.16%
2018 5.43% -5.07%
2019 8.95% -8.43%
2020 -6.44% -11.5%
2021 4.21% -2.46%
2022 5.96% -0.006%
2023 7.92% -4.18%
2024 3.23% -10.3%
2025 -1.25% -11.2%

Inflation comparison by year

Over the past 29 years, Azerbaijan has recorded an average annual inflation rate of 5.97%, compared with 6.81% in Botswana. In 2024, inflation was 2.21% in Azerbaijan and 2.82% in Botswana.

Inflation
Azerbaijan

Botswana
Year Inflation
Azerbaijan Botswana Azerbaijan Botswana
1996 19.8% 10.1%
1997 3.67% 8.72%
1998 -0.77% 6.66%
1999 -8.53% 7.75%
2000 1.81% 8.6%
2001 1.55% 6.56%
2002 2.77% 8.03%
2003 2.23% 9.19%
2004 6.71% 6.95%
2005 9.68% 8.61%
2006 8.33% 11.6%
2007 16.7% 7.08%
2008 20.8% 12.7%
2009 1.46% 8.03%
2010 5.73% 6.95%
2011 7.86% 8.46%
2012 1.07% 7.54%
2013 2.42% 5.88%
2014 1.37% 4.4%
2015 4.03% 3.06%
2016 12.4% 2.81%
2017 12.9% 3.31%
2018 2.27% 3.24%
2019 2.61% 2.77%
2020 2.76% 1.89%
2021 6.65% 7.24%
2022 13.9% 11.7%
2023 8.79% 5.07%
2024 2.21% 2.82%

Balance of trade

Azerbaijan Botswana
Current account balance
$4.67B
2024
-$821M
2024
Current account balance ranking
36/189
2024
116/189
2024
Current account balance, % of GDP
+6.29%
2024
-4.23%
2024
Goods imports
$17.2B
2024
$6.86B
2024
Goods exports
$26B
2024
$4.66B
2024
Service imports
$10.2B
2024
$1.29B
2024
Service exports
$8.12B
2024
$935M
2024
Imports of goods and services, % of GDP
36.8%
2024
40.9%
2024
Exports of goods and services, % of GDP
45.9%
2024
26%
2024

Economic freedom indices

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

Azerbaijan Botswana
Economic freedom 62.5 69.9
Economic freedom ranking 83/197 36/197
Property rights 52.9 74.1
Government integrity 22 60.1
Judicial effectiveness 16.7 70.5
Tax burden 87.9 84.9
Government spending 72.3 70.8
Fiscal health 99 90.4
Business freedom 71.2 70.6
Labor freedom 57.6 60.7
Monetary freedom 70.1 68.3
Trade freedom 69.8 78.8
Investment freedom 70 50
Financial freedom 60 60

Economic freedom by year comparison

The Economic Freedom Index for Azerbaijan is 62.5, ranking 83/197, compared to 69.9 for Botswana, ranking 36/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Azerbaijan
Botswana
Year Economic freedom index
Azerbaijan Botswana
1995 - 56.8
1996 30 61.6
1997 34 59.1
1998 43.1 62.8
1999 47.4 62.9
2000 49.8 65.8
2001 50.3 66.8
2002 53.3 66.2
2003 54.1 68.6
2004 53.4 69.9
2005 54.4 69.3
2006 53.2 68.8
2007 54.6 68.1
2008 55.3 68.2
2009 58 69.7
2010 58.8 70.3
2011 59.7 68.8
2012 58.9 69.6
2013 59.7 70.6
2014 61.3 72
2015 61 69.8
2016 60.2 71.1
2017 63.6 70.1
2018 64.3 69.9
2019 65.4 69.5
2020 69.3 69.6
2021 70.1 67.6
2022 61.6 64.8
2023 61.4 64.9
2024 61.6 68
2025 62.5 69.9

More economic indicators

Azerbaijan Botswana
Services, % of GDP
42.3%
2024
63.5%
2024
Industry, % of GDP
42.6%
2024
29.4%
2024
Agriculture, forestry, and fishing, % of GDP
5.66%
2024
1.71%
2024
GNI, Atlas method
$74.6B
2024
$19.5B
2024
GNI per capita, PPP
$24,170
2024
$20,570
2024
Total reserves including gold
$12.7B
2024
$3.46B
2024
Total reserves ranking
72/177
2024
113/177
2024
Net foreign direct investment
$511M
2024
-$464M
2024
Net inflows of foreign direct investment
$231M
2024
$467M
2024
Net outflows of foreign direct investment
$742M
2024
$3.02M
2024
Servicing debt to the IMF, % of GNI
2.65%
2023
1.28%
2023
Poverty at national poverty lines
6%
2012
16.1%
2015
Gross capital formation, % of GDP
21.1%
2024
36.2%
2024

GDP per capita map

GDP per capita

Compare countries by 7 more topics

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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.