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Economy of Azerbaijan vs Papua New Guinea compared: GDP & Debt

Updated on by Georank team

Azerbaijan has a GDP of $74.3B compared to $31.8B for Papua New Guinea, ranking 84/197 and 110/197 by economy size, respectively.

Azerbaijan has $16.1B in government debt (21.7% of GDP), compared to $16.6B (52.1% of GDP) in Papua New Guinea.

Azerbaijan vs Papua New Guinea GDP by year

Azerbaijan
Papua New Guinea
1x
Year GDP, current $
Azerbaijan Papua New Guinea
2024 $74,315,882,353 $31,800,428,266
2023 $72,428,470,588 $30,816,367,067
2022 $78,807,470,588 $31,653,185,953
2021 $54,825,411,765 $26,109,413,521
2020 $42,693,000,000 $23,848,447,850
2019 $48,174,235,294 $24,750,626,030
2018 $47,112,470,052 $24,109,780,708
2017 $40,866,627,352 $22,742,699,138
2016 $37,866,996,883 $20,758,876,953
2015 $53,076,235,355 $21,723,437,010
2014 $75,239,785,452 $23,210,823,987
2013 $74,160,560,124 $21,261,338,065
2012 $69,679,944,504 $21,295,168,666
2011 $65,952,796,428 $17,985,138,066
2010 $52,909,294,792 $14,250,786,675
2009 $44,292,427,185 $11,619,456,449
2008 $48,851,293,785 $11,670,892,801
2007 $33,049,419,431 $9,545,028,944
2006 $20,981,929,498 $8,354,911,041
2005 $13,245,421,881 $4,865,892,972
2004 $8,680,405,741 $3,927,157,867
2003 $7,276,413,079 $3,536,411,824
2002 $6,236,087,738 $2,999,511,040
2001 $5,707,616,204 $3,081,024,212
2000 $5,272,615,723 $3,521,339,699
1999 $4,581,248,567 $3,477,038,204
1998 $4,446,368,571 $3,789,443,015
1997 $3,962,362,387 $4,936,615,299
1996 $3,176,507,376 $5,155,311,077
1995 $2,417,331,193 $4,636,057,476
1994 $1,193,141,110 $5,502,786,070
1993 $1,570,392,598 $4,974,550,286
1992 $444,658,672 $4,377,980,510
1991 $5,344,000,000 $3,787,394,958
1990 $8,884,848,485 $3,219,729,083
1989 - $3,546,472,566
1988 - $3,656,177,881
1987 - $3,143,851,794
1986 - $2,647,995,602
1985 - $2,423,339,172
1984 - $2,552,662,617
1983 - $2,562,351,551
1982 - $2,368,719,683
1981 - $2,498,190,847
1980 - $2,545,808,456
1979 - $2,293,760,511
1978 - $1,947,878,831
1977 - $1,640,746,619
1976 - $1,511,843,235
1975 - $1,356,603,608
1974 - $1,467,417,672
1973 - $1,299,079,410
1972 - $858,761,926
1971 - $717,750,278
1970 - $645,568,215
1969 - $551,263,864
1968 - $485,184,190
1967 - $441,728,183
1966 - $390,992,063
1965 - $344,176,055
1964 - $305,312,049
1963 - $275,968,044
1962 - $261,184,042
1961 - $244,832,039
1960 - $230,496,037

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

GeoRank.org/economy/azerbaijan/papua-new-guinea | CC BY

GDP per capita in Azerbaijan vs Papua New Guinea by year

Azerbaijan
GDP per capita

GDP per capita, PPP
Papua New Guinea
GDP per capita

GDP per capita, PPP
1x
Year Current $
Azerbaijan Papua New Guinea
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,284 $25,089 $3,007 $4,875
2023 $7,133 $23,652 $2,966 $4,668
2022 $7,771 $22,552 $3,102 $4,420
2021 $5,408 $20,111 $2,608 $3,977
2020 $4,230 $15,164 $2,430 $3,900
2019 $4,806 $16,675 $2,576 $4,060
2018 $4,740 $15,283 $2,566 $3,910
2017 $4,147 $14,316 $2,478 $3,923
2016 $3,881 $14,536 $2,316 $3,813
2015 $5,501 $15,075 $2,485 $3,670
2014 $7,891 $17,564 $2,723 $3,500
2013 $7,875 $17,268 $2,561 $3,110
2012 $7,496 $15,994 $2,635 $3,026
2011 $7,190 $14,805 $2,288 $2,919
2010 $5,844 $14,930 $1,867 $2,912
2009 $4,950 $14,246 $1,569 $2,692
2008 $5,574 $13,217 $1,625 $2,583
2007 $3,851 $11,974 $1,371 $2,622
2006 $2,473 $9,398 $1,238 $2,444
2005 $1,578 $6,855 $744 $2,322
2004 $1,045 $5,248 $621 $2,187
2003 $884 $4,718 $577 $2,142
2002 $763 $4,230 $506 $2,125
2001 $704 $3,835 $538 $2,168
2000 $655 $3,439 $636 $2,196
1999 $574 $3,052 $650 $2,280
1998 $562 $2,827 $733 $2,285
1997 $506 $2,565 $990 $2,432
1996 $409 $2,407 $1,071 $2,578
1995 $315 $2,357 $998 $2,436
1994 $157.1 $2,648 $1,228 $2,558
1993 $209.5 $3,272 $1,151 $2,451
1992 $60.2 $4,220 $1,051 $2,100
1991 $735 $5,412 $942 $1,869
1990 $1,238 $5,343 $826 $1,703
1989 - - $934 -
1988 - - $985 -
1987 - - $865 -
1986 - - $745 -
1985 - - $697 -
1984 - - $750 -
1983 - - $769 -
1982 - - $726 -
1981 - - $781 -
1980 - - $813 -
1979 - - $748 -
1978 - - $648 -
1977 - - $558 -
1976 - - $525 -
1975 - - $482 -
1974 - - $533 -
1973 - - $483 -
1972 - - $327 -
1971 - - $279.7 -
1970 - - $257.6 -
1969 - - $225.3 -
1968 - - $202.9 -
1967 - - $189 -
1966 - - $171.1 -
1965 - - $153.9 -
1964 - - $139.5 -
1963 - - $128.9 -
1962 - - $124.7 -
1961 - - $119.7 -
1960 - - $115.5 -

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

GeoRank.org/economy/azerbaijan/papua-new-guinea | CC BY

Azerbaijan's GDP per capita is $7,284, ranking 101/197, compared to $3,007 in Papua New Guinea, ranking 140/197. Adjusted for purchasing power (GDP per capita PPP), Azerbaijan ranks 82nd at $25,089, while Papua New Guinea ranks 159th at $4,875.

Economic indicators

Azerbaijan Papua New Guinea
Gross domestic product
$74.3B
2024
$31.8B
2024
GDP rank
84/197
2024
110/197
2024
GDP growth
4.07%
2023-2024
3.8%
2023-2024
GDP per capita
$7,284
2024
$3,007
2024
GDP per capita rank
101/197
2024
140/197
2024
GDP per capita, PPP
$25,089
2024
$4,875
2024
GDP per capita PPP rank
82/197
2024
159/197
2024
Government debt
$16.1B
2024
$16.6B
2024
Debt-to-GDP ratio
21.7%
2024
52.1%
2024
Government debt per person
$1,579
2024
$1,566
2024
Government debt per person rank
128/185
2024
129/185
2024
Average annual personal income after taxes
$6,324
2026
$2,362
2026
Market capitalization of domestic companies
$1.64B
2024
$1.68B
2017
Income share by richest 10%
24.2%
2005
31%
2009
Income share by poorest 10%
4.8%
2005
1.9%
2009
Government expenditure, % of GDP
33.9%
2024
20.4%
2024
Consumer prices inflation
2.21%
2023-2024
0.6%
2023-2024
Central bank interest rate
7%
2025
5%
2025
Unemployment rate
5.65%
2022
2.69%
2022
Population
10338778
11002753

Spending and national debt comparison by year

Azerbaijan
Spending

Debt
Papua New Guinea
Spending

Debt
1x
Year % of GDP
Azerbaijan Papua New Guinea
Government spending Government debt Government spending Government debt
2024 33.9% 21.7% 20.4% 52.1%
2023 32.7% 21.8% 22.3% 53.9%
2022 26.2% 17.3% 21.9% 48.2%
2021 32.2% 26.3% 22% 52.6%
2020 40.2% 21.3% 23.5% 48.7%
2019 32.5% 17.7% 21.3% 38.2%
2018 33.2% 18.7% 20.3% 36.7%
2017 35.6% 22.5% 18.4% 32.5%
2016 35.4% 20.6% 20.9% 33.7%
2015 38.7% 18% 22.8% 29.9%
2014 36.4% 8.53% 27.1% 26.9%
2013 37.8% 6.18% 27.6% 24.9%
2012 36.6% 5.83% 22.4% 19.1%
2011 33.7% 4.97% 19.7% 16.3%
2010 32% 4.98% 18.4% 17.3%
2009 34.5% 4.73% 24.7% 21.7%
2008 31.4% 3.22% 19.8% 21.6%
2007 26.1% 4% 18% 22.2%
2006 25.3% 5.3% 19.4% 26%
2005 22.5% 6.85% 20.6% 31.6%
2004 24.2% 9.71% 19.4% 37.2%
2003 21.7% 10.7% 18.7% 40.4%
2002 23.1% 11.9% 20.8% 48.4%
2001 16.8% 13% 21.6% 47.7%
2000 18.2% 13.1% 20.5% 42.3%
1999 19.5% 25.4% 21.4% 41.8%
1998 18.7% 14.3% 20% 45.7%
1997 18.5% 11.4% 20.6% 43.9%
1996 19.8% 16.7% 17.6% 37.8%
1995 18.9% 19.2% 17.1% 36.6%
1994 14.7% 11.7% 19.3% 40.1%
1993 - - 23.5% 30%
1992 - - 22.8% 30.4%
1991 - - 22.4% -
1990 - - 24.5% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1992–1994, retrieved 2026-02-20).

GeoRank.org/economy/azerbaijan/papua-new-guinea | CC BY

In 2024, Azerbaijan's government spending was $25.2B, accounting for 33.9% of its GDP, while Papua New Guinea spent $6.48B, or 20.4% of GDP.

Debt-to-GDP ratio is 21.7% in Azerbaijan and 52.1% in Papua New Guinea, ranking 174/185 and 100/185, respectively.

Government deficit by year

Deficit/surplus
Azerbaijan

Papua New Guinea
1x
Year Deficit/surplus, % of GDP
Azerbaijan Papua New Guinea
2024 4.06% -3.23%
2023 7.92% -4.34%
2022 5.96% -5.25%
2021 4.21% -6.84%
2020 -6.44% -8.85%
2019 8.95% -4.98%
2018 5.43% -2.58%
2017 -1.34% -2.47%
2016 -1.17% -4.75%
2015 -4.83% -4.55%
2014 2.74% -6.27%
2013 1.64% -6.87%
2012 3.71% -1.19%
2011 10.9% 2.22%
2010 13.8% 3.06%
2009 5.86% -5.48%
2008 17.2% 2.73%
2007 2.34% 6.9%
2006 0.66% 5.34%
2005 2.74% 2.85%
2004 1.78% 2.03%
2003 1.6% 0.19%
2002 19.4% -1.75%
2001 21.8% -1.33%
2000 0.14% 0.3%
1999 -1.03% -1.94%
1998 1.63% -0.16%
1997 -0.94% 0.67%
1996 -2.25% 2.05%
1995 -1.34% 1.08%
1994 3.21% -1.01%
1993 - -4.9%
1992 - -4.33%
1991 - -0.62%
1990 - -2.04%

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

GeoRank.org/economy/azerbaijan/papua-new-guinea | 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 Papua New Guinea's deficit of $1.03B, or 3.23% of GDP.

Over the past 31 years, Azerbaijan recorded a fiscal deficit in 8 of those years, while Papua New Guinea ran a deficit in 19 years. On average, Azerbaijan posted an annual surplus equal to 4.14% of GDP, compared to deficit of 1.43% of GDP for Papua New Guinea.

Inflation comparison by year

Inflation
Azerbaijan

Papua New Guinea
1x
Year Consumer prices inflation
Azerbaijan Papua New Guinea
2024 2.21% 0.6%
2023 8.79% 2.3%
2022 13.9% 5.25%
2021 6.65% 4.48%
2020 2.76% 4.87%
2019 2.61% 3.93%
2018 2.27% 4.37%
2017 12.9% 5.42%
2016 12.4% 6.67%
2015 4.03% 6%
2014 1.37% 5.22%
2013 2.42% 4.96%
2012 1.07% 4.54%
2011 7.86% 4.44%
2010 5.73% 6.01%
2009 1.46% 6.92%
2008 20.8% 10.8%
2007 16.7% 0.91%
2006 8.33% 2.37%
2005 9.68% 1.78%
2004 6.71% 2.16%
2003 2.23% 14.7%
2002 2.77% 11.8%
2001 1.55% 9.3%
2000 1.81% 15.6%
1999 -8.53% 14.9%
1998 -0.77% 13.6%
1997 3.67% 3.96%

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

GeoRank.org/economy/azerbaijan/papua-new-guinea | CC BY

Over the past 28 years, Azerbaijan has recorded an average annual inflation rate of 5.48%, compared with 6.35% in Papua New Guinea. In 2024, inflation was 2.21% in Azerbaijan and 0.6% in Papua New Guinea.

Top exports between countries

Azerbaijan
Export category Export value
Machinery & equipment $128K
Textiles & consumer goods $11K
Chemicals & pharma $5K
Metals $2K
Papua New Guinea
Export category Export value
Chemicals & pharma $1K

Balance of trade

Azerbaijan Papua New Guinea
Current account balance
$4.67B
2024
$4.77B
2024
Current account balance ranking
34/190
2024
33/190
2024
Current account balance, % of GDP
+6.29%
2024
+15%
2024
Goods imports
$17.2B
2024
$4.69B
2024
Goods exports
$26B
2024
$13.4B
2024
Service imports
$10.2B
2024
$2.4B
2024
Service exports
$8.12B
2024
$75.2M
2024
Imports of goods and services, % of GDP
36.8%
2024
58.9%
2004
Exports of goods and services, % of GDP
45.9%
2024
72.2%
2004

Economic freedom indices

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

Azerbaijan Papua New Guinea
Economic freedom 64.3 54.3
Economic freedom ranking 74/197 134/197
Property rights 53.3 45
Government integrity 23.6 30.8
Judicial effectiveness 16.5 41.1
Tax burden 87.9 70.9
Government spending 71.3 86.1
Fiscal health 99.1 65.3
Business freedom 71.2 34.2
Labor freedom 56.9 65.1
Monetary freedom 76 77.4
Trade freedom 75.8 80.2
Investment freedom 70 25
Financial freedom 70 30

Economic freedom comparison by year

Azerbaijan
Papua New Guinea
1x
Year Economic freedom index
Azerbaijan Papua New Guinea
2026 64.3 54.3
2025 62.5 52.5
2024 61.6 49.4
2023 61.4 51.7
2022 61.6 54.6
2021 70.1 58.9
2020 69.3 58.4
2019 65.4 58.4
2018 64.3 55.7
2017 63.6 50.9
2016 60.2 53.2
2015 61 53.1
2014 61.3 53.9
2013 59.7 53.6
2012 58.9 53.8
2011 59.7 52.6
2010 58.8 53.5
2009 58 54.8
2008 55.3 -
2007 54.6 -
2006 53.2 -
2005 54.4 -
2004 53.4 -
2003 54.1 -
2002 53.3 -
2001 50.3 57.2
2000 49.8 55.8
1999 47.4 56.3
1998 43.1 55.2
1997 34 56.7
1996 30 58.6

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

GeoRank.org/economy/azerbaijan/papua-new-guinea | CC BY

The Economic Freedom Index for Azerbaijan is 64.3, ranking 74/197, compared to 54.3 for Papua New Guinea, ranking 134/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Azerbaijan Papua New Guinea
Services, % of GDP
42.3%
2024
41.5%
2024
Industry, % of GDP
42.6%
2024
37.2%
2024
Agriculture, forestry, and fishing, % of GDP
5.66%
2024
17.2%
2024
GNI, Atlas method
$74.8B
2024
$30.7B
2024
GNI per capita, PPP
$24,220
2024
$4,580
2024
Total reserves including gold
$12.7B
2024
$3.9B
2023
Total reserves ranking
72/177
2024
107/177
2023
Net foreign direct investment
$511M
2024
$968M
2024
Net inflows of foreign direct investment
$231M
2024
-$198M
2024
Net outflows of foreign direct investment
$742M
2024
$770M
2024
Servicing debt to the IMF, % of GNI
5.83%
2024
19.7%
2024
Poverty at national poverty lines
6%
2012
39.9%
2009
Gross capital formation, % of GDP
21.1%
2024
20%
2004

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/papua-new-guinea | 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. TradeMap (2020–2023, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1992–1994, retrieved 2026-02-20)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. 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.