Azerbaijan vs Iceland: Economic Indicators Comparison

Azerbaijan with a GDP of $46.9B ranked the 88th largest economy in the world, while Iceland ranked 108th with $25.9B. By GDP 5-years average growth and GDP per capita, Azerbaijan and Iceland ranked 164th vs 47th and 110th vs 8th, respectively.

Gross Domestic Product & Income

StatAzerbaijanIceland
GDP$46.9B$25.9B
GDP growth, 1 year1.4%4.6%
GDP growth, 5-years average0.4%4.5%
Population10M357k
GDP per capita$4.7k$73k
GDP per capita growth0.51%1.6%
Purchasing Power Parity conversion factor0.44138.33
Price level ratio of PPP conversion factor GDP to market exchange rate0.261.28
GDP per capita, PPP adjusted$18k$56k
GNI, Atlas method$40.3B$24B
GNI per capita$4.1k$68k
GNI, PPP adjusted$170B$19.5B
GNI per capita, PPP adjusted$17k$55k

Financial system and Human development

StatAzerbaijanIceland
Income Tax Rate25%31.8%
Corporate Tax Rate20%20%
Inflation, consumer prices2.3%2.7%
Inflation, GDP deflator11.9%2.4%
Unemployment5.2%2.9%
Economic Freedom Index69.377.1
Personal Freedom Index6.739.27
Human Freedom Index6.448.22
Property Rights Index67.187.6
Judical Effectiveness Index53.963.2
Business Freedom Index80.884.7
Fiscal Health Index99.297.5
Labor Freedom Index66.263.5
Investment Freedom Index7085
Financial Freedom Index6070
Trade Freedom Index74.686.8
Monetary Freedom Index69.880.3
Government Spending Index6344.1
Tax Burden Index8871.7
Government Integrity Index38.790.3
Corruption Perceptions Index2576
Life expectancy at birth, years72.782.2
Suicide mortality rate, per 100,000 people2.614
Mortality caused by road traffic injury, per 100,000 people8.76.6
Intentional homicides, per 100,000 people20.9
International tourism, number of arrivals2.6M2.3M

Government debt & reserves

StatAzerbaijanIceland
Central government debt, % of GDP19.4%35.4%
External debt stocks, % of GNI36.4%N/A
External debt stocks$16.2BN/A
Short-term debt, % of total reserves8.5%N/A
Total debt service, % of exports and primary income10.5%N/A
Adjusted net savings including particulate emission damage, % of GNI9.5%16.6%
Gross savings, % of GDP33%21.2%
Gross capital formation, % of GDP20.1%22.6%
Total reserves including gold$6.7B$6.3B
Foreign direct investment net inflows$1.4B-$434.6M

Exports, imports and economic structure

StatAzerbaijanIceland
Exports of goods and services, % of GDP54.3%47.2%
Imports of goods and services, % of GDP37.7%44.1%
Current account balance (balance of payments)$6.1B$731.3M
Revenue excluding grants, % of GDP35.1%31%
Grants excluding technical cooperation, BoP$45.7MN/A
Personal remittances received$1.2B$168.9M
Industry including construction value added, % of GDP52.2%19.6%
Agriculture, forestry and fishing value added, % of GDP5.3%4.6%
Charges for the use of intellectual property, payments BoP$28.2M$143.4M
Charges for the use of intellectual property, receipts BoP$28k$241.7M
Expense, % of GDP28%30.8%
Government Expenditure, % of GDP35.1%43.2%

Compare with countries close by GDP per capita

Azerbaijan vs

CountryGDP
per capita
Population
South Africa
$6.4k
57.7M
Ecuador
$6.3k
16.6M
Belarus
$6.3k
9.41M
Fiji
$6.3k
906k
Suriname
$6.2k
563k
North Macedonia
$6.1k
2.08M
Bosnia and Herzegovina
$6.1k
3.51M
Namibia
$5.9k
2.53M
Iraq
$5.8k
38.3M
Paraguay
$5.8k
6.81M
Iran
$5.6k
80M
Jamaica
$5.4k
2.89M
Albania
$5.3k
3.02M
Guyana
$5k
778k
Belize
$4.9k
375k
Georgia
$4.7k
3.72M
Guatemala
$4.5k
17.3M
Tonga
$4.4k
108k
Jordan
$4.2k
10.4M
Armenia
$4.2k
2.93M
Samoa
$4.2k
196k
Eswatini
$4.1k
1.37M
Mongolia
$4.1k
3.08M
Algeria
$4.1k
41.3M
Sri Lanka
$4.1k
21.4M
El Salvador
$4.1k
6.42M
Indonesia
$3.9k
264M
Marshall Islands
$3.8k
53.1k
Tuvalu
$3.7k
11.2k
Cape Verde
$3.6k
546k

Iceland vs

CountryGDP
per capita
Population
Monaco
$186k
38.7k
Liechtenstein
$165k
37.9k
Luxembourg
$117k
626k
Switzerland
$83k
8.47M
Norway
$82k
5.37M
Cayman Islands
$81k
58.4k
Ireland
$79k
4.76M
Qatar
$69k
2.64M
Singapore
$65k
5.89M
United States
$63k
325M
Denmark
$61k
5.83M
Australia
$57k
24.5M
Sweden
$55k
10.3M
Netherlands
$53k
17.3M
Austria
$51k
8.81M
Finland
$50k
5.5M
San Marino
$48k
33.4k
Germany
$48k
83.1M
Belgium
$48k
11.4M
Canada
$46k
37.9M
United Arab Emirates
$43k
9.4M
United Kingdom
$43k
66M
Andorra
$42k
76.2k
New Zealand
$42k
4.94M
Israel
$42k
9.09M
France
$41k
66.6M
Japan
$39k
127M
Italy
$34k
60.3M
Kuwait
$34k
4.6M
Bahamas
$32k
395k