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Economy of Azerbaijan vs Malaysia compared: GDP & Debt

Updated on by Georank team

Azerbaijan has a GDP of $74.3B compared to $422B for Malaysia, ranking 84/197 and 38/197 by economy size, respectively.

Azerbaijan has $16.1B in government debt (21.7% of GDP), compared to $296B (70.1% of GDP) in Malaysia.

Azerbaijan vs Malaysia GDP by year

Azerbaijan
Malaysia
1x
Year GDP, current $
Azerbaijan Malaysia
2024 $74,315,882,353 $422,227,005,429
2023 $72,428,470,588 $399,949,418,753
2022 $78,807,470,588 $407,830,525,990
2021 $54,825,411,765 $373,784,553,030
2020 $42,693,000,000 $337,456,163,961
2019 $48,174,235,294 $365,177,721,022
2018 $47,112,470,052 $358,788,845,713
2017 $40,866,627,352 $319,109,094,160
2016 $37,866,996,883 $301,256,033,870
2015 $53,076,235,355 $301,355,266,965
2014 $75,239,785,452 $338,066,095,097
2013 $74,160,560,124 $323,276,235,524
2012 $69,679,944,504 $314,443,047,642
2011 $65,952,796,428 $297,951,668,675
2010 $52,909,294,792 $255,017,638,456
2009 $44,292,427,185 $202,257,453,037
2008 $48,851,293,785 $230,811,614,370
2007 $33,049,419,431 $193,549,569,478
2006 $20,981,929,498 $162,692,258,307
2005 $13,245,421,881 $143,534,405,819
2004 $8,680,405,741 $124,749,473,684
2003 $7,276,413,079 $110,202,368,421
2002 $6,236,087,738 $100,845,526,316
2001 $5,707,616,204 $92,783,947,368
2000 $5,272,615,723 $93,789,736,842
1999 $4,581,248,567 $79,148,421,053
1998 $4,446,368,571 $72,167,498,981
1997 $3,962,362,387 $100,005,323,302
1996 $3,176,507,376 $100,855,393,910
1995 $2,417,331,193 $88,705,342,903
1994 $1,193,141,110 $74,478,356,958
1993 $1,570,392,598 $66,894,966,969
1992 $444,658,672 $59,167,550,163
1991 $5,344,000,000 $49,143,148,094
1990 $8,884,848,485 $44,024,585,240
1989 - $38,847,965,293
1988 - $35,272,109,220
1987 - $32,181,210,158
1986 - $27,734,111,400
1985 - $31,199,633,353
1984 - $33,942,897,422
1983 - $30,347,442,111
1982 - $26,804,493,635
1981 - $25,004,285,792
1980 - $24,488,224,677
1979 - $21,213,264,962
1978 - $16,358,079,862
1977 - $13,139,488,633
1976 - $11,050,234,599
1975 - $9,298,800,799
1974 - $9,496,204,302
1973 - $7,662,902,678
1972 - $5,043,347,250
1971 - $4,244,395,956
1970 - $3,864,145,667
1969 - $3,664,552,041
1968 - $3,330,371,551
1967 - $3,188,924,677
1966 - $3,143,517,944
1965 - $2,956,337,669
1964 - $2,674,423,922
1963 - $2,510,110,348
1962 - $2,001,489,602
1961 - $1,901,856,123
1960 - $1,916,229,477

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

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

GDP per capita in Azerbaijan vs Malaysia by year

Azerbaijan
GDP per capita

GDP per capita, PPP
Malaysia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Azerbaijan Malaysia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,284 $25,089 $11,874 $38,779
2023 $7,133 $23,652 $11,386 $36,467
2022 $7,771 $22,552 $11,755 $34,420
2021 $5,408 $20,111 $10,903 $29,823
2020 $4,230 $15,164 $9,958 $27,475
2019 $4,806 $16,675 $10,920 $28,934
2018 $4,740 $15,283 $10,902 $27,794
2017 $4,147 $14,316 $9,863 $26,416
2016 $3,881 $14,536 $9,477 $25,286
2015 $5,501 $15,075 $9,649 $24,526
2014 $7,891 $17,564 $11,013 $24,307
2013 $7,875 $17,268 $10,714 $23,161
2012 $7,496 $15,994 $10,601 $22,639
2011 $7,190 $14,805 $10,217 $21,324
2010 $5,844 $14,930 $8,899 $20,193
2009 $4,950 $14,246 $7,191 $18,923
2008 $5,574 $13,217 $8,372 $19,480
2007 $3,851 $11,974 $7,169 $18,617
2006 $2,473 $9,398 $6,158 $17,426
2005 $1,578 $6,855 $5,556 $16,371
2004 $1,045 $5,248 $4,939 $15,416
2003 $884 $4,718 $4,465 $14,387
2002 $763 $4,230 $4,184 $13,656
2001 $704 $3,835 $3,944 $13,072
2000 $655 $3,439 $4,084 $13,027
1999 $574 $3,052 $3,528 $11,980
1998 $562 $2,827 $3,294 $11,398
1997 $506 $2,565 $4,679 $12,469
1996 $409 $2,407 $4,837 $11,709
1995 $315 $2,357 $4,363 $10,720
1994 $157.1 $2,648 $3,758 $9,806
1993 $209.5 $3,272 $3,462 $9,018
1992 $60.2 $4,220 $3,141 $8,224
1991 $735 $5,412 $2,679 $7,583
1990 $1,238 $5,343 $2,469 $6,887
1989 - - $2,244 -
1988 - - $2,100 -
1987 - - $1,977 -
1986 - - $1,760 -
1985 - - $2,046 -
1984 - - $2,300 -
1983 - - $2,124 -
1982 - - $1,938 -
1981 - - $1,866 -
1980 - - $1,886 -
1979 - - $1,680 -
1978 - - $1,327 -
1977 - - $1,092 -
1976 - - $940 -
1975 - - $811 -
1974 - - $848 -
1973 - - $701 -
1972 - - $472 -
1971 - - $407 -
1970 - - $380 -
1969 - - $368 -
1968 - - $342 -
1967 - - $335 -
1966 - - $339 -
1965 - - $326 -
1964 - - $303 -
1963 - - $291.8 -
1962 - - $238.8 -
1961 - - $232.9 -
1960 - - $240.8 -

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

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

Azerbaijan's GDP per capita is $7,284, ranking 101/197, compared to $11,874 in Malaysia, ranking 79/197. Adjusted for purchasing power (GDP per capita PPP), Azerbaijan ranks 82nd at $25,089, while Malaysia ranks 60th at $38,779.

Economic indicators

Azerbaijan Malaysia
Gross domestic product
$74.3B
2024
$422B
2024
GDP rank
84/197
2024
38/197
2024
GDP growth
4.07%
2023-2024
5.11%
2023-2024
GDP per capita
$7,284
2024
$11,874
2024
GDP per capita rank
101/197
2024
79/197
2024
GDP per capita, PPP
$25,089
2024
$38,779
2024
GDP per capita PPP rank
82/197
2024
60/197
2024
Government debt
$16.1B
2024
$296B
2024
Debt-to-GDP ratio
21.7%
2024
70.1%
2024
Government debt per person
$1,579
2024
$8,322
2024
Government debt per person rank
128/185
2024
62/185
2024
Average annual personal income after taxes
$6,324
2026
$11,005
2026
Market capitalization of domestic companies
$1.64B
2024
$449B
2024
Number of billionaires n/a
19
2025
Income share by richest 10%
24.2%
2005
30.9%
2021
Income share by poorest 10%
4.8%
2005
2.3%
2021
Government expenditure, % of GDP
33.9%
2024
23.9%
2024
Consumer prices inflation
2.21%
2023-2024
1.83%
2023-2024
Central bank interest rate
7%
2025
2.75%
2025
Unemployment rate
5.65%
2022
3.93%
2022
Population
10338778
36512221

Spending and national debt comparison by year

Azerbaijan
Spending

Debt
Malaysia
Spending

Debt
1x
Year % of GDP
Azerbaijan Malaysia
Government spending Government debt Government spending Government debt
2024 33.9% 21.7% 23.9% 70.1%
2023 32.7% 21.8% 24.9% 69.7%
2022 26.2% 17.3% 24.6% 65.5%
2021 32.2% 26.3% 24.5% 69.2%
2020 40.2% 21.3% 25% 67.7%
2019 32.5% 17.7% 23.6% 57.1%
2018 33.2% 18.7% 22.8% 55.6%
2017 35.6% 22.5% 22% 54.4%
2016 35.4% 20.6% 22.9% 55.8%
2015 38.7% 18% 24.7% 57%
2014 36.4% 8.53% 26% 55.4%
2013 37.8% 6.18% 27.8% 55.7%
2012 36.6% 5.83% 28.5% 53.8%
2011 33.7% 4.97% 27.1% 51.9%
2010 32% 4.98% 26.6% 51.2%
2009 34.5% 4.73% 30.9% 50.4%
2008 31.4% 3.22% 26.9% 39.4%
2007 26.1% 4% 25.9% 39.3%
2006 25.3% 5.3% 25.6% 39.7%
2005 22.5% 6.85% 24.5% 40.8%
2004 24.2% 9.71% 25.9% 42%
2003 21.7% 10.7% 28.1% 41.4%
2002 23.1% 11.9% 27.1% 39.5%
2001 16.8% 13% 28.2% 38.1%
2000 18.2% 13.1% 25.6% 32.5%
1999 19.5% 25.4% 24.6% 34.4%
1998 18.7% 14.3% 23.1% 33.6%
1997 18.5% 11.4% 21.2% 29.6%
1996 19.8% 16.7% 22.4% 32.8%
1995 18.9% 19.2% 22.6% 38.2%
1994 14.7% 11.7% 23.3% 43.7%
1993 - - 24.6% 51.1%
1992 - - 28.2% 59.1%
1991 - - 27.4% 67.3%
1990 - - 30.5% 74.1%

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/malaysia | CC BY

In 2024, Azerbaijan's government spending was $25.2B, accounting for 33.9% of its GDP, while Malaysia spent $101B, or 23.9% of GDP.

Debt-to-GDP ratio is 21.7% in Azerbaijan and 70.1% in Malaysia, ranking 174/185 and 58/185, respectively.

Government deficit by year

Deficit/surplus
Azerbaijan

Malaysia
1x
Year Deficit/surplus, % of GDP
Azerbaijan Malaysia
2024 4.06% -3.95%
2023 7.92% -3.97%
2022 5.96% -4.56%
2021 4.21% -6.03%
2020 -6.44% -4.9%
2019 8.95% -2.01%
2018 5.43% -2.64%
2017 -1.34% -2.41%
2016 -1.17% -2.6%
2015 -4.83% -2.55%
2014 2.74% -2.63%
2013 1.64% -3.48%
2012 3.71% -3.1%
2011 10.9% -3.57%
2010 13.8% -4.32%
2009 5.86% -5.88%
2008 17.2% -3.4%
2007 2.34% -2.57%
2006 0.66% -2.6%
2005 2.74% -2.83%
2004 1.78% -3.35%
2003 1.6% -4.6%
2002 19.4% -3.96%
2001 21.8% -4.36%
2000 0.14% -6.05%
1999 -1.03% -3%
1998 1.63% -0.63%
1997 -0.94% 4.84%
1996 -2.25% 3.27%
1995 -1.34% 3.1%
1994 3.21% 5.45%
1993 - 3.44%
1992 - 1.81%
1991 - 1.6%
1990 - 0.15%

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

GeoRank.org/economy/azerbaijan/malaysia | 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 Malaysia's deficit of $16.7B, or 3.95% of GDP.

Over the past 31 years, Azerbaijan recorded a fiscal deficit in 8 of those years, while Malaysia ran a deficit in 27 years. On average, Azerbaijan posted an annual surplus equal to 4.14% of GDP, compared to deficit of 2.56% of GDP for Malaysia.

Inflation comparison by year

Inflation
Azerbaijan

Malaysia
1x
Year Consumer prices inflation
Azerbaijan Malaysia
2024 2.21% 1.83%
2023 8.79% 2.49%
2022 13.9% 3.38%
2021 6.65% 2.48%
2020 2.76% -1.14%
2019 2.61% 0.66%
2018 2.27% 0.88%
2017 12.9% 3.87%
2016 12.4% 2.09%
2015 4.03% 2.1%
2014 1.37% 3.14%
2013 2.42% 2.11%
2012 1.07% 1.66%
2011 7.86% 3.17%
2010 5.73% 1.62%
2009 1.46% 0.58%
2008 20.8% 5.44%
2007 16.7% 2.03%
2006 8.33% 3.61%
2005 9.68% 2.98%
2004 6.71% 1.42%
2003 2.23% 1.09%
2002 2.77% 1.81%
2001 1.55% 1.42%
2000 1.81% 1.53%
1999 -8.53% 2.74%
1998 -0.77% 5.27%
1997 3.67% 2.66%

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

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

Over the past 28 years, Azerbaijan has recorded an average annual inflation rate of 5.48%, compared with 2.25% in Malaysia. In 2024, inflation was 2.21% in Azerbaijan and 1.83% in Malaysia.

Top exports between countries

Azerbaijan
Export category Export value
Raw materials & minerals $34M
Chemicals & pharma $4.13M
Processed food, beverages & tobacco $910K
Machinery & equipment $845K
Raw agricultural goods $102K
Metals $83K
Textiles & consumer goods $30K
Wood & paper products $4K
Precious metals & jewellery $3K
Malaysia
Export category Export value
Machinery & equipment $17.6M
Chemicals & pharma $3.36M
Raw materials & minerals $2.41M
Processed food, beverages & tobacco $1.12M
Miscellaneous $356K
Metals $285K
Precious metals & jewellery $241K
Textiles & consumer goods $99K
Wood & paper products $49K
Raw agricultural goods $3K

Balance of trade

Azerbaijan Malaysia
Current account balance
$4.67B
2024
$7.15B
2024
Current account balance ranking
34/190
2024
26/190
2024
Current account balance, % of GDP
+6.29%
2024
+1.69%
2024
Goods imports
$17.2B
2024
$223B
2024
Goods exports
$26B
2024
$248B
2024
Service imports
$10.2B
2024
$56.4B
2024
Service exports
$8.12B
2024
$53.4B
2024
Imports of goods and services, % of GDP
36.8%
2024
66%
2024
Exports of goods and services, % of GDP
45.9%
2024
71.3%
2024

Economic freedom indices

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

Azerbaijan Malaysia
Economic freedom 64.3 68
Economic freedom ranking 74/197 51/197
Property rights 53.3 62.7
Government integrity 23.6 52.9
Judicial effectiveness 16.5 63.4
Tax burden 87.9 83.5
Government spending 71.3 82
Fiscal health 99.1 62.5
Business freedom 71.2 79.6
Labor freedom 56.9 55.4
Monetary freedom 76 80.8
Trade freedom 75.8 83
Investment freedom 70 60
Financial freedom 70 50

Economic freedom comparison by year

Azerbaijan
Malaysia
1x
Year Economic freedom index
Azerbaijan Malaysia
2026 64.3 68
2025 62.5 67.1
2024 61.6 65.7
2023 61.4 67.3
2022 61.6 68.1
2021 70.1 74.4
2020 69.3 74.7
2019 65.4 74
2018 64.3 74.5
2017 63.6 73.8
2016 60.2 71.5
2015 61 70.8
2014 61.3 69.6
2013 59.7 66.1
2012 58.9 66.4
2011 59.7 66.3
2010 58.8 64.8
2009 58 64.6
2008 55.3 63.9
2007 54.6 63.8
2006 53.2 61.6
2005 54.4 61.9
2004 53.4 59.9
2003 54.1 61.1
2002 53.3 60.1
2001 50.3 60.2
2000 49.8 66
1999 47.4 68.9
1998 43.1 68.2
1997 34 66.8
1996 30 69.9
1995 - 71.9

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

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

The Economic Freedom Index for Azerbaijan is 64.3, ranking 74/197, compared to 68 for Malaysia, ranking 51/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Azerbaijan Malaysia
Services, % of GDP
42.3%
2024
53.7%
2024
Industry, % of GDP
42.6%
2024
37%
2024
Agriculture, forestry, and fishing, % of GDP
5.66%
2024
8.13%
2024
GNI, Atlas method
$74.8B
2024
$414B
2024
GNI per capita, PPP
$24,220
2024
$37,450
2024
Total reserves including gold
$12.7B
2024
$116B
2024
Total reserves ranking
72/177
2024
24/177
2024
Net foreign direct investment
$511M
2024
-$2.55B
2024
Net inflows of foreign direct investment
$231M
2024
$15.6B
2024
Net outflows of foreign direct investment
$742M
2024
$13B
2024
Servicing debt to the IMF, % of GNI
5.83%
2024
n/a
Poverty at national poverty lines
6%
2012
5.8%
2023
Gross capital formation, % of GDP
21.1%
2024
22%
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/malaysia | 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. TradeMap (2020–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. International Monetary Fund (IMF) | Public Finances in Modern History (1994, 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.