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Economy of Azerbaijan vs Lesotho compared: GDP & Debt

Updated on by Georank team

Azerbaijan has a GDP of $74.3B compared to $2.27B for Lesotho, ranking 84/197 and 175/197 by economy size, respectively.

Azerbaijan has $16.1B in government debt (21.7% of GDP), compared to $1.29B (56.8% of GDP) in Lesotho.

Azerbaijan vs Lesotho GDP by year

Azerbaijan
Lesotho
1x
Year GDP, current $
Azerbaijan Lesotho
2024 $74,315,882,353 $2,271,759,455
2023 $72,428,470,588 $2,117,962,445
2022 $78,807,470,588 $2,354,980,960
2021 $54,825,411,765 $2,412,130,057
2020 $42,693,000,000 $2,053,699,864
2019 $48,174,235,294 $2,390,702,296
2018 $47,112,470,052 $2,556,247,292
2017 $40,866,627,352 $2,306,741,672
2016 $37,866,996,883 $2,114,426,452
2015 $53,076,235,355 $2,359,686,725
2014 $75,239,785,452 $2,441,063,054
2013 $74,160,560,124 $2,367,112,932
2012 $69,679,944,504 $2,477,702,216
2011 $65,952,796,428 $2,579,409,620
2010 $52,909,294,792 $2,234,754,242
2009 $44,292,427,185 $1,740,894,965
2008 $48,851,293,785 $1,766,902,709
2007 $33,049,419,431 $1,682,131,785
2006 $20,981,929,498 $1,800,092,564
2005 $13,245,421,881 $1,682,343,527
2004 $8,680,405,741 $1,511,236,656
2003 $7,276,413,079 $1,157,825,435
2002 $6,236,087,738 $775,777,239
2001 $5,707,616,204 $825,706,961
2000 $5,272,615,723 $887,291,688
1999 $4,581,248,567 $912,773,681
1998 $4,446,368,571 $928,460,893
1997 $3,962,362,387 $998,004,259
1996 $3,176,507,376 $946,112,493
1995 $2,417,331,193 $1,001,894,000
1994 $1,193,141,110 $878,250,945
1993 $1,570,392,598 $835,582,062
1992 $444,658,672 $831,029,862
1991 $5,344,000,000 $704,325,367
1990 $8,884,848,485 $596,410,264
1989 - $495,409,233
1988 - $470,395,801
1987 - $402,768,324
1986 - $318,858,423
1985 - $268,629,926
1984 - $333,163,670
1983 - $386,699,309
1982 - $348,741,684
1981 - $434,188,034
1980 - $431,542,537
1979 - $290,134,593
1978 - $266,570,067
1977 - $193,315,048
1976 - $147,660,037
1975 - $149,558,896
1974 - $150,851,317
1973 - $121,188,716
1972 - $80,913,200
1971 - $76,480,285
1970 - $68,739,973
1969 - $65,967,974
1968 - $61,445,975
1967 - $59,261,976
1966 - $56,699,977
1965 - $54,879,978
1964 - $51,939,979
1963 - $47,039,981
1962 - $41,859,983
1961 - $35,699,986
1960 - $34,579,986

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

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

GDP per capita in Azerbaijan vs Lesotho by year

Azerbaijan
GDP per capita

GDP per capita, PPP
Lesotho
GDP per capita

GDP per capita, PPP
1x
Year Current $
Azerbaijan Lesotho
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,284 $25,089 $972 $3,001
2023 $7,133 $23,652 $916 $2,881
2022 $7,771 $22,552 $1,030 $2,761
2021 $5,408 $20,111 $1,067 $2,545
2020 $4,230 $15,164 $919 $2,559
2019 $4,806 $16,675 $1,082 $2,568
2018 $4,740 $15,283 $1,171 $2,632
2017 $4,147 $14,316 $1,069 $2,619
2016 $3,881 $14,536 $992 $2,942
2015 $5,501 $15,075 $1,121 $3,035
2014 $7,891 $17,564 $1,174 $2,771
2013 $7,875 $17,268 $1,151 $2,538
2012 $7,496 $15,994 $1,218 $2,291
2011 $7,190 $14,805 $1,281 $2,279
2010 $5,844 $14,930 $1,119 $2,153
2009 $4,950 $14,246 $879 $2,036
2008 $5,574 $13,217 $898 $2,064
2007 $3,851 $11,974 $861 $1,932
2006 $2,473 $9,398 $925 $1,813
2005 $1,578 $6,855 $861 $1,681
2004 $1,045 $5,248 $767 $1,561
2003 $884 $4,718 $583 $1,484
2002 $763 $4,230 $389 $1,385
2001 $704 $3,835 $413 $1,350
2000 $655 $3,439 $443 $1,273
1999 $574 $3,052 $456 $1,199
1998 $562 $2,827 $465 $1,179
1997 $506 $2,565 $502 $1,154
1996 $409 $2,407 $480 $1,103
1995 $315 $2,357 $513 $1,037
1994 $157.1 $2,648 $456 $995
1993 $209.5 $3,272 $439 $932
1992 $60.2 $4,220 $444 $893
1991 $735 $5,412 $382 $830
1990 $1,238 $5,343 $330 $764
1989 - - $279 -
1988 - - $270.4 -
1987 - - $236.5 -
1986 - - $191.4 -
1985 - - $165.4 -
1984 - - $211 -
1983 - - $252 -
1982 - - $233.9 -
1981 - - $299.8 -
1980 - - $307 -
1979 - - $212.4 -
1978 - - $200.8 -
1977 - - $149.9 -
1976 - - $117.8 -
1975 - - $123.2 -
1974 - - $128.7 -
1973 - - $107 -
1972 - - $74 -
1971 - - $72.4 -
1970 - - $67.4 -
1969 - - $67.1 -
1968 - - $64.8 -
1967 - - $64.8 -
1966 - - $64.3 -
1965 - - $64.3 -
1964 - - $62.6 -
1963 - - $58.4 -
1962 - - $53.5 -
1961 - - $47 -
1960 - - $47 -

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

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

Azerbaijan's GDP per capita is $7,284, ranking 101/197, compared to $972 in Lesotho, ranking 181/197. Adjusted for purchasing power (GDP per capita PPP), Azerbaijan ranks 82nd at $25,089, while Lesotho ranks 180th at $3,001.

Economic indicators

Azerbaijan Lesotho
Gross domestic product
$74.3B
2024
$2.27B
2024
GDP rank
84/197
2024
175/197
2024
GDP growth
4.07%
2023-2024
2.85%
2023-2024
GDP per capita
$7,284
2024
$972
2024
GDP per capita rank
101/197
2024
181/197
2024
GDP per capita, PPP
$25,089
2024
$3,001
2024
GDP per capita PPP rank
82/197
2024
180/197
2024
Government debt
$16.1B
2024
$1.29B
2024
Debt-to-GDP ratio
21.7%
2024
56.8%
2024
Government debt per person
$1,579
2024
$552
2024
Government debt per person rank
128/185
2024
164/185
2024
Average annual personal income after taxes
$6,324
2026
$6,545
2026
Market capitalization of domestic companies
$1.64B
2024
n/a
Income share by richest 10%
24.2%
2005
32.9%
2017
Income share by poorest 10%
4.8%
2005
1.7%
2017
Government expenditure, % of GDP
33.9%
2024
53.5%
2024
Consumer prices inflation
2.21%
2023-2024
6.11%
2023-2024
Central bank interest rate
7%
2025
6.5%
2025
Unemployment rate
5.65%
2022
18.7%
2024
Population
10338778
2396633

Spending and national debt comparison by year

Azerbaijan
Spending

Debt
Lesotho
Spending

Debt
1x
Year % of GDP
Azerbaijan Lesotho
Government spending Government debt Government spending Government debt
2024 33.9% 21.7% 53.5% 56.8%
2023 32.7% 21.8% 49.4% 61.5%
2022 26.2% 17.3% 50.8% 64.4%
2021 32.2% 26.3% 53.8% 58%
2020 40.2% 21.3% 54.4% 54.7%
2019 32.5% 17.7% 53.6% 58.2%
2018 33.2% 18.7% 51.9% 48.2%
2017 35.6% 22.5% 50.4% 41%
2016 35.4% 20.6% 54.1% 41.5%
2015 38.7% 18% 51.7% 45.8%
2014 36.4% 8.53% 50.1% 41.5%
2013 37.8% 6.18% 58.4% 41.2%
2012 36.6% 5.83% 58.1% 39.8%
2011 33.7% 4.97% 60.2% 36.2%
2010 32% 4.98% 55.3% 33.8%
2009 34.5% 4.73% 66.4% 35.9%
2008 31.4% 3.22% 54.1% 47%
2007 26.1% 4% 48.1% 49.6%
2006 25.3% 5.3% 43.2% 43.7%
2005 22.5% 6.85% 37.6% 41%
2004 24.2% 9.71% 36.3% 49.4%
2003 21.7% 10.7% 39.8% 52.6%
2002 23.1% 11.9% 41.2% 79.6%
2001 16.8% 13% 41.4% 108.7%
2000 18.2% 13.1% 39.3% 88.5%
1999 19.5% 25.4% 50.8% 83%
1998 18.7% 14.3% 51.4% 79.4%
1997 18.5% 11.4% 44.6% 65.7%
1996 19.8% 16.7% 41.5% 71.6%
1995 18.9% 19.2% 42.1% 62.8%
1994 14.7% 11.7% 40.2% 67%
1993 - - 36% 71.2%
1992 - - 35.3% 64.4%
1991 - - 31.3% 11.9%
1990 - - 32.9% 18%
1989 - - 35.8% 112.5%
1988 - - 35.3% 105.2%
1987 - - 40.3% 97.4%
1986 - - 33.2% 92.5%
1985 - - 32.8% 86.3%
1984 - - 26.8% 57.2%
1983 - - 27.2% 56.7%
1982 - - 29.9% 61.4%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1994, retrieved 2026-02-20).

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

In 2024, Azerbaijan's government spending was $25.2B, accounting for 33.9% of its GDP, while Lesotho spent $1.22B, or 53.5% of GDP.

Debt-to-GDP ratio is 21.7% in Azerbaijan and 56.8% in Lesotho, ranking 174/185 and 92/185, respectively.

Government deficit by year

Deficit/surplus
Azerbaijan

Lesotho
1x
Year Deficit/surplus, % of GDP
Azerbaijan Lesotho
2024 4.06% 9.04%
2023 7.92% 7.31%
2022 5.96% -6.41%
2021 4.21% -4.95%
2020 -6.44% 1.18%
2019 8.95% -5.72%
2018 5.43% -4.41%
2017 -1.34% -2.02%
2016 -1.17% -9.43%
2015 -4.83% -1.38%
2014 2.74% 3.16%
2013 1.64% -2.58%
2012 3.71% 4.56%
2011 10.9% -9.85%
2010 13.8% -1.49%
2009 5.86% -4.16%
2008 17.2% 8.1%
2007 2.34% 10.8%
2006 0.66% 11.6%
2005 2.74% 4.46%
2004 1.78% 6.05%
2003 1.6% 0.89%
2002 19.4% -2.44%
2001 21.8% -2.76%
2000 0.14% -0.95%
1999 -1.03% -15.3%
1998 1.63% -11.8%
1997 -0.94% 0.27%
1996 -2.25% 2.11%
1995 -1.34% 5.13%
1994 3.21% 5.69%
1993 - 7.55%
1992 - 4.65%
1991 - 9.74%
1990 - 8.78%
1989 - 3.88%
1988 - -1.87%
1987 - -2.85%
1986 - 0.87%
1985 - 1.68%
1984 - 4.82%
1983 - 1.85%
1982 - -2.03%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-02-20).

GeoRank.org/economy/azerbaijan/lesotho | 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 Lesotho's surplus of $205M, or 9.04% of GDP.

Over the past 31 years, Azerbaijan recorded a fiscal deficit in 8 of those years, while Lesotho ran a deficit in 16 years. On average, Azerbaijan posted an annual surplus equal to 4.14% of GDP, compared to deficit of 0.17% of GDP for Lesotho.

Inflation comparison by year

Inflation
Azerbaijan

Lesotho
1x
Year Consumer prices inflation
Azerbaijan Lesotho
2024 2.21% 6.11%
2023 8.79% 6.34%
2022 13.9% 8.27%
2021 6.65% 6.05%
2020 2.76% 4.98%
2019 2.61% 5.19%
2018 2.27% 4.75%
2017 12.9% 4.45%
2016 12.4% 6.6%
2015 4.03% 3.22%
2014 1.37% 5.37%
2013 2.42% 4.87%
2012 1.07% 6.05%
2011 7.86% 5.04%
2010 5.73% -2.41%
2009 1.46% -16.9%
2008 20.8% 10.7%
2007 16.7% 8.01%
2006 8.33% 6.07%
2005 9.68% 3.44%
2004 6.71% 5.02%
2003 2.23% 6.63%
2002 2.77% 33.8%
2001 1.55% -9.62%
2000 1.81% 6.13%
1999 -8.53% -
1998 -0.77% -
1997 3.67% -

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

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

Over the past 25 years, Azerbaijan has recorded an average annual inflation rate of 6.36%, compared with 5.13% in Lesotho. In 2024, inflation was 2.21% in Azerbaijan and 6.11% in Lesotho.

Balance of trade

Azerbaijan Lesotho
Current account balance
$4.67B
2024
$89.2M
2024
Current account balance ranking
34/190
2024
68/190
2024
Current account balance, % of GDP
+6.29%
2024
+3.93%
2024
Goods imports
$17.2B
2024
$1.67B
2024
Goods exports
$26B
2024
$965M
2024
Service imports
$10.2B
2024
$415M
2024
Service exports
$8.12B
2024
$15.4M
2024
Imports of goods and services, % of GDP
36.8%
2024
98.6%
2023
Exports of goods and services, % of GDP
45.9%
2024
42.9%
2023

Economic freedom indices

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

Azerbaijan Lesotho
Economic freedom 64.3 54.9
Economic freedom ranking 74/197 130/197
Property rights 53.3 41.7
Government integrity 23.6 39.6
Judicial effectiveness 16.5 43.6
Tax burden 87.9 76.4
Government spending 71.3 21.3
Fiscal health 99.1 93.5
Business freedom 71.2 50.6
Labor freedom 56.9 57
Monetary freedom 76 74.8
Trade freedom 75.8 65.4
Investment freedom 70 55
Financial freedom 70 40

Economic freedom comparison by year

Azerbaijan
Lesotho
1x
Year Economic freedom index
Azerbaijan Lesotho
2026 64.3 54.9
2025 62.5 54.1
2024 61.6 51.9
2023 61.4 51.6
2022 61.6 48.1
2021 70.1 53.5
2020 69.3 54.5
2019 65.4 53.1
2018 64.3 53.9
2017 63.6 53.9
2016 60.2 50.6
2015 61 49.6
2014 61.3 49.5
2013 59.7 47.9
2012 58.9 46.6
2011 59.7 47.5
2010 58.8 48.1
2009 58 49.7
2008 55.3 52.1
2007 54.6 53.2
2006 53.2 54.7
2005 54.4 53.9
2004 53.4 50.3
2003 54.1 52
2002 53.3 48.9
2001 50.3 50.6
2000 49.8 48.4
1999 47.4 48.2
1998 43.1 48.4
1997 34 47.2
1996 30 47

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Azerbaijan is 64.3, ranking 74/197, compared to 54.9 for Lesotho, ranking 130/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Azerbaijan Lesotho
Services, % of GDP
42.3%
2024
48%
2024
Industry, % of GDP
42.6%
2024
30.9%
2024
Agriculture, forestry, and fishing, % of GDP
5.66%
2024
6.5%
2024
GNI, Atlas method
$74.8B
2024
$2.75B
2024
GNI per capita, PPP
$24,220
2024
$3,580
2024
Total reserves including gold
$12.7B
2024
$1.01B
2024
Total reserves ranking
72/177
2024
142/177
2024
Net foreign direct investment
$511M
2024
$12.6M
2024
Net inflows of foreign direct investment
$231M
2024
-$12.6M
2024
Net outflows of foreign direct investment
$742M
2024
$0
2024
Servicing debt to the IMF, % of GNI
5.83%
2024
4.06%
2024
Poverty at national poverty lines
6%
2012
49.7%
2017
Gross capital formation, % of GDP
21.1%
2024
27.2%
2023

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/lesotho | 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 (1996–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1982–1994, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

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.