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Economy of Azerbaijan vs Palestine compared: GDP & Debt

Updated on by Georank team

Azerbaijan has a GDP of $74.3B compared to $13.7B for Palestine, ranking 84/197 and 146/197 by economy size, respectively.

Azerbaijan vs Palestine GDP by year

Azerbaijan
Palestine
1x
Year GDP, current $
Azerbaijan Palestine
2024 $74,315,882,353 $13,711,100,000
2023 $72,428,470,588 $17,847,900,000
2022 $78,807,470,588 $19,165,500,000
2021 $54,825,411,765 $18,109,000,000
2020 $42,693,000,000 $15,531,700,000
2019 $48,174,235,294 $17,133,500,000
2018 $47,112,470,052 $16,276,600,000
2017 $40,866,627,352 $16,128,000,000
2016 $37,866,996,883 $15,405,400,000
2015 $53,076,235,355 $13,972,400,000
2014 $75,239,785,452 $13,989,700,000
2013 $74,160,560,124 $13,515,500,000
2012 $69,679,944,504 $12,208,400,000
2011 $65,952,796,428 $11,186,100,000
2010 $52,909,294,792 $9,681,500,000
2009 $44,292,427,185 $8,085,700,000
2008 $48,851,293,785 $7,310,400,000
2007 $33,049,419,431 $5,815,700,000
2006 $20,981,929,498 $5,348,300,000
2005 $13,245,421,881 $5,125,700,000
2004 $8,680,405,741 $4,603,100,000
2003 $7,276,413,079 $3,968,000,000
2002 $6,236,087,738 $3,555,800,000
2001 $5,707,616,204 $4,003,700,000
2000 $5,272,615,723 $4,313,600,000
1999 $4,581,248,567 $4,271,200,000
1998 $4,446,368,571 $4,067,800,000
1997 $3,962,362,387 $3,759,800,000
1996 $3,176,507,376 $3,409,600,000
1995 $2,417,331,193 $3,282,800,000
1994 $1,193,141,110 $2,843,300,000
1993 $1,570,392,598 -
1992 $444,658,672 -
1991 $5,344,000,000 -
1990 $8,884,848,485 -

Data sources: World Bank | Economy & Growth (1990–2024, retrieved 2026-04-06).

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

GDP per capita in Azerbaijan vs Palestine by year

Azerbaijan
GDP per capita

GDP per capita, PPP
Palestine
GDP per capita

GDP per capita, PPP
1x
Year Current $
Azerbaijan Palestine
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,284 $25,089 $2,592 $4,371
2023 $7,133 $23,652 $3,455 $5,950
2022 $7,771 $22,552 $3,800 $6,163
2021 $5,408 $20,111 $3,679 $5,663
2020 $4,230 $15,164 $3,234 $5,956
2019 $4,806 $16,675 $3,657 $6,508
2018 $4,740 $15,283 $3,562 $6,216
2017 $4,147 $14,316 $3,620 $6,107
2016 $3,881 $14,536 $3,528 $6,062
2015 $5,501 $15,075 $3,272 $5,770
2014 $7,891 $17,564 $3,352 $5,382
2013 $7,875 $17,268 $3,315 $5,288
2012 $7,496 $15,994 $3,067 $5,215
2011 $7,190 $14,805 $2,881 $4,495
2010 $5,844 $14,930 $2,557 $4,121
2009 $4,950 $14,246 $2,192 $3,950
2008 $5,574 $13,217 $2,035 $3,713
2007 $3,851 $11,974 $1,664 $3,486
2006 $2,473 $9,398 $1,570 $3,354
2005 $1,578 $6,855 $1,544 $3,372
2004 $1,045 $5,248 $1,422 $3,014
2003 $884 $4,718 $1,258 $2,469
2002 $763 $4,230 $1,156 $2,179
2001 $704 $3,835 $1,336 $2,515
2000 $655 $3,439 $1,476 $2,783
1999 $574 $3,052 $1,499 $3,052
1998 $562 $2,827 $1,465 $2,852
1997 $506 $2,565 $1,389 $2,530
1996 $409 $2,407 $1,317 $2,269
1995 $315 $2,357 $1,327 $2,302
1994 $157.1 $2,648 $1,202 $2,201
1993 $209.5 $3,272 - -
1992 $60.2 $4,220 - -
1991 $735 $5,412 - -
1990 $1,238 $5,343 - -

Data sources: World Bank | Economy & Growth (1990–2024, retrieved 2026-04-06).

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

Azerbaijan's GDP per capita is $7,284, ranking 101/197, compared to $2,592 in Palestine, ranking 147/197. Adjusted for purchasing power (GDP per capita PPP), Azerbaijan ranks 82nd at $25,089, while Palestine ranks 164th at $4,371.

Economic indicators

Azerbaijan Palestine
Gross domestic product
$74.3B
2024
$13.7B
2024
GDP rank
84/197
2024
146/197
2024
GDP growth
4.07%
2023-2024
-26.6%
2023-2024
GDP per capita
$7,284
2024
$2,592
2024
GDP per capita rank
101/197
2024
147/197
2024
GDP per capita, PPP
$25,089
2024
$4,371
2024
GDP per capita PPP rank
82/197
2024
164/197
2024
Government debt
$16.1B
2024
n/a
Debt-to-GDP ratio
21.7%
2024
n/a
Government debt per person
$1,579
2024
n/a
Government debt per person rank
128/185
2024
n/a
Average annual personal income after taxes
$6,324
2026
$6,862
2026
Market capitalization of domestic companies
$1.64B
2024
$4.08B
2024
Income share by richest 10%
24.2%
2005
27.1%
2023
Income share by poorest 10%
4.8%
2005
2.5%
2023
Government expenditure, % of GDP
33.9%
2024
20%
2025
Consumer prices inflation
2.21%
2023-2024
53.7%
2023-2024
Central bank interest rate
7%
2025
n/a
Unemployment rate
5.65%
2022
31.4%
2024
Population
10338778
5500288

Inflation comparison by year

Inflation
Azerbaijan

Palestine
1x
Year Consumer prices inflation
Azerbaijan Palestine
2024 2.21% 53.7%
2023 8.79% 5.87%
2022 13.9% 3.74%
2021 6.65% 1.24%
2020 2.76% -0.74%
2019 2.61% 1.58%
2018 2.27% -0.2%
2017 12.9% 0.21%
2016 12.4% -0.22%
2015 4.03% 1.43%
2014 1.37% 1.73%
2013 2.42% 1.72%
2012 1.07% 2.78%
2011 7.86% 2.88%
2010 5.73% 3.75%
2009 1.46% 2.75%
2008 20.8% 9.89%
2007 16.7% 1.86%
2006 8.33% 3.84%
2005 9.68% 4.11%
2004 6.71% 3%
2003 2.23% 4.4%
2002 2.77% 5.71%
2001 1.55% 1.22%
2000 1.81% 2.8%
1999 -8.53% 5.54%
1998 -0.77% 5.58%
1997 3.67% 7.09%

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

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

Over the past 28 years, Azerbaijan has recorded an average annual inflation rate of 5.48%, compared with 4.9% in Palestine. In 2024, inflation was 2.21% in Azerbaijan and 53.7% in Palestine.

Top exports between countries

Azerbaijan
Export category Export value
Machinery & equipment $1.65M
Processed food, beverages & tobacco $147K
Raw materials & minerals $69K
Palestine
Export category Export value
Raw agricultural goods $407K

Balance of trade

Azerbaijan Palestine
Current account balance
$4.67B
2024
-$2.9B
2024
Current account balance ranking
34/190
2024
155/190
2024
Current account balance, % of GDP
+6.29%
2024
-21.1%
2024
Goods imports
$17.2B
2024
$6.87B
2024
Goods exports
$26B
2024
$2.37B
2024
Service imports
$10.2B
2024
$1.39B
2024
Service exports
$8.12B
2024
$514M
2024
Imports of goods and services, % of GDP
36.8%
2024
60.3%
2024
Exports of goods and services, % of GDP
45.9%
2024
21%
2024

Economic freedom indices

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

Azerbaijan Palestine
Economic freedom 64.3 30
Economic freedom ranking 74/197 192/197
Property rights 53.3 n/a
Government integrity 23.6 n/a
Judicial effectiveness 16.5 n/a
Tax burden 87.9 n/a
Government spending 71.3 n/a
Fiscal health 99.1 n/a
Business freedom 71.2 n/a
Labor freedom 56.9 n/a
Monetary freedom 76 n/a
Trade freedom 75.8 n/a
Investment freedom 70 n/a
Financial freedom 70 n/a

Other economic metrics

Azerbaijan Palestine
Services, % of GDP
42.3%
2024
58.5%
2023
Industry, % of GDP
42.6%
2024
15.6%
2023
Agriculture, forestry, and fishing, % of GDP
5.66%
2024
5.7%
2023
GNI, Atlas method
$74.8B
2024
$14.3B
2024
GNI per capita, PPP
$24,220
2024
$4,660
2024
Total reserves including gold
$12.7B
2024
$1.33B
2024
Total reserves ranking
72/177
2024
138/177
2024
Net foreign direct investment
$511M
2024
-$151M
2024
Net inflows of foreign direct investment
$231M
2024
$162M
2024
Net outflows of foreign direct investment
$742M
2024
$10.7M
2024
Servicing debt to the IMF, % of GNI
5.83%
2024
n/a
Poverty at national poverty lines
6%
2012
29.2%
2016
Gross capital formation, % of GDP
21.1%
2024
23.5%
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/palestine | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1985–2025, retrieved 2026-04-06)
  2. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  3. The Heritage Foundation | Economic Freedom Index (2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Fiscal Monitor (2024, retrieved 2026-02-20)
  5. TradeMap (2021–2024, retrieved 2026-02-08)
  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.