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Economy of Azerbaijan vs Trinidad and Tobago compared: GDP & Debt

Updated on by Georank team

Azerbaijan has a GDP of $74.3B compared to $25.6B for Trinidad and Tobago, ranking 84/197 and 115/197 by economy size, respectively.

Azerbaijan has $16.1B in government debt (21.7% of GDP), compared to $16.5B (64.2% of GDP) in Trinidad and Tobago.

Azerbaijan vs Trinidad and Tobago GDP by year

Azerbaijan
Trinidad and Tobago
1x
Year GDP, current $
Azerbaijan Trinidad
2024 $74,315,882,353 $25,633,544,529
2023 $72,428,470,588 $25,036,993,423
2022 $78,807,470,588 $28,341,164,301
2021 $54,825,411,765 $24,222,963,263
2020 $42,693,000,000 $20,888,515,184
2019 $48,174,235,294 $23,477,745,792
2018 $47,112,470,052 $23,883,058,083
2017 $40,866,627,352 $23,830,750,901
2016 $37,866,996,883 $23,624,322,193
2015 $53,076,235,355 $26,841,141,793
2014 $75,239,785,452 $29,474,180,005
2013 $74,160,560,124 $28,560,537,057
2012 $69,679,944,504 $27,147,349,937
2011 $65,952,796,428 $25,433,007,437
2010 $52,909,294,792 $22,157,920,592
2009 $44,292,427,185 $19,172,165,226
2008 $48,851,293,785 $27,871,587,350
2007 $33,049,419,431 $21,641,620,050
2006 $20,981,929,498 $18,369,361,094
2005 $13,245,421,881 $15,982,389,018
2004 $8,680,405,741 $13,280,291,990
2003 $7,276,413,079 $11,305,459,802
2002 $6,236,087,738 $9,008,298,229
2001 $5,707,616,204 $8,824,849,191
2000 $5,272,615,723 $8,154,342,116
1999 $4,581,248,567 $6,808,982,521
1998 $4,446,368,571 $6,043,686,654
1997 $3,962,362,387 $5,737,771,523
1996 $3,176,507,376 $5,759,570,336
1995 $2,417,331,193 $5,329,217,747
1994 $1,193,141,110 $4,947,181,646
1993 $1,570,392,598 $4,669,491,134
1992 $444,658,672 $5,439,552,941
1991 $5,344,000,000 $5,307,905,882
1990 $8,884,848,485 $5,068,000,000
1989 - $4,323,058,824
1988 - $4,496,910,569
1987 - $4,797,777,778
1986 - $4,794,444,444
1985 - $7,375,918,367
1984 - $7,757,083,333
1983 - $7,763,750,000
1982 - $8,140,416,667
1981 - $6,992,083,333
1980 - $6,235,833,333
1979 - $4,602,416,625
1978 - $3,562,333,458
1977 - $3,138,666,667
1976 - $2,500,424,955
1975 - $2,442,669,825
1974 - $2,042,001,071
1973 - $1,308,785,431
1972 - $1,083,391,758
1971 - $896,765,215
1970 - $821,850,000
1969 - $779,200,000
1968 - $758,899,950
1967 - $761,981,912
1966 - $723,739,857
1965 - $736,573,159
1964 - $711,897,520
1963 - $678,239,329
1962 - $619,322,810
1961 - $584,964,621
1960 - $535,673,252

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

GeoRank.org/economy/azerbaijan/trinidad-and-tobago | CC BY

GDP per capita in Azerbaijan vs Trinidad and Tobago by year

Azerbaijan
GDP per capita

GDP per capita, PPP
Trinidad and Tobago
GDP per capita

GDP per capita, PPP
1x
Year Current $
Azerbaijan Trinidad
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,284 $25,089 $18,733 $36,329
2023 $7,133 $23,652 $18,308 $34,623
2022 $7,771 $22,552 $20,751 $32,979
2021 $5,408 $20,111 $17,713 $30,482
2020 $4,230 $15,164 $15,284 $26,731
2019 $4,806 $16,675 $17,213 $29,316
2018 $4,740 $15,283 $17,571 $28,673
2017 $4,147 $14,316 $17,566 $28,484
2016 $3,881 $14,536 $17,449 $28,232
2015 $5,501 $15,075 $19,887 $29,825
2014 $7,891 $17,564 $21,908 $32,027
2013 $7,875 $17,268 $21,305 $31,746
2012 $7,496 $15,994 $20,332 $31,883
2011 $7,190 $14,805 $19,151 $31,078
2010 $5,844 $14,930 $16,815 $30,778
2009 $4,950 $14,246 $14,634 $29,602
2008 $5,574 $13,217 $21,299 $30,807
2007 $3,851 $11,974 $16,607 $29,355
2006 $2,473 $9,398 $14,153 $27,393
2005 $1,578 $6,855 $12,346 $23,536
2004 $1,045 $5,248 $9,871 $20,674
2003 $884 $4,718 $8,445 $18,743
2002 $763 $4,230 $6,763 $16,141
2001 $704 $3,835 $6,657 $14,797
2000 $655 $3,439 $6,179 $13,953
1999 $574 $3,052 $5,179 $12,812
1998 $562 $2,827 $4,613 $11,735
1997 $506 $2,565 $4,394 $10,769
1996 $409 $2,407 $4,427 $9,883
1995 $315 $2,357 $4,115 $9,099
1994 $157.1 $2,648 $3,840 $8,631
1993 $209.5 $3,272 $3,647 $8,209
1992 $60.2 $4,220 $4,277 $8,129
1991 $735 $5,412 $4,205 $7,274
1990 $1,238 $5,343 $4,047 $6,878
1989 - - $3,482 -
1988 - - $3,656 -
1987 - - $3,941 -
1986 - - $3,985 -
1985 - - $6,212 -
1984 - - $6,613 -
1983 - - $6,690 -
1982 - - $7,091 -
1981 - - $6,160 -
1980 - - $5,559 -
1979 - - $4,155 -
1978 - - $3,258 -
1977 - - $2,907 -
1976 - - $2,345 -
1975 - - $2,319 -
1974 - - $1,962 -
1973 - - $1,273 -
1972 - - $1,067 -
1971 - - $894 -
1970 - - $829 -
1969 - - $795 -
1968 - - $783 -
1967 - - $797 -
1966 - - $768 -
1965 - - $793 -
1964 - - $780 -
1963 - - $756 -
1962 - - $704 -
1961 - - $678 -
1960 - - $634 -

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

GeoRank.org/economy/azerbaijan/trinidad-and-tobago | CC BY

Azerbaijan's GDP per capita is $7,284, ranking 101/197, compared to $18,733 in Trinidad and Tobago, ranking 61/197. Adjusted for purchasing power (GDP per capita PPP), Azerbaijan ranks 82nd at $25,089, while Trinidad and Tobago ranks 62nd at $36,329.

Economic indicators

Azerbaijan Trinidad
Gross domestic product
$74.3B
2024
$25.6B
2024
GDP rank
84/197
2024
115/197
2024
GDP growth
4.07%
2023-2024
2.51%
2023-2024
GDP per capita
$7,284
2024
$18,733
2024
GDP per capita rank
101/197
2024
61/197
2024
GDP per capita, PPP
$25,089
2024
$36,329
2024
GDP per capita PPP rank
82/197
2024
62/197
2024
Government debt
$16.1B
2024
$16.5B
2024
Debt-to-GDP ratio
21.7%
2024
64.2%
2024
Government debt per person
$1,579
2024
$12,028
2024
Government debt per person rank
128/185
2024
45/185
2024
Average annual personal income after taxes
$6,324
2026
$11,007
2026
Market capitalization of domestic companies
$1.64B
2024
$3.89B
2001
Income share by richest 10%
24.2%
2005
29.9%
1992
Income share by poorest 10%
4.8%
2005
2.1%
1992
Government expenditure, % of GDP
33.9%
2024
32.3%
2024
Consumer prices inflation
2.21%
2023-2024
0.53%
2023-2024
Central bank interest rate
7%
2025
3.5%
2020
Unemployment rate
5.65%
2022
4.01%
2024
Population
10338778
1374840

Spending and national debt comparison by year

Azerbaijan
Spending

Debt
Trinidad and Tobago
Spending

Debt
1x
Year % of GDP
Azerbaijan Trinidad
Government spending Government debt Government spending Government debt
2024 33.9% 21.7% 32.3% 64.2%
2023 32.7% 21.8% 33.5% 62.2%
2022 26.2% 17.3% 27.2% 51.3%
2021 32.2% 26.3% 30.3% 58.4%
2020 40.2% 21.3% 36.2% 62.5%
2019 32.5% 17.7% 31.2% 46.2%
2018 33.2% 18.7% 30.2% 41.5%
2017 35.6% 22.5% 30.7% 39.8%
2016 35.4% 20.6% 31.9% 35.4%
2015 38.7% 18% 35% 27.1%
2014 36.4% 8.53% 32.8% 23.5%
2013 37.8% 6.18% 31.3% 21.6%
2012 36.6% 5.83% 29.5% 21.8%
2011 33.7% 4.97% 29.4% 26.4%
2010 32% 4.98% 30.4% 16.8%
2009 34.5% 4.73% 37% 20.7%
2008 31.4% 3.22% 26.7% 13.5%
2007 26.1% 4% 25.7% 16.2%
2006 25.3% 5.3% 31.6% 16.9%
2005 22.5% 6.85% 26.7% 19.8%
2004 24.2% 9.71% 22.5% 24.2%
2003 21.7% 10.7% 22.2% 30.2%
2002 23.1% 11.9% 24.4% 37%
2001 16.8% 13% 24.8% 36.6%
2000 18.2% 13.1% 23.1% 38.9%
1999 19.5% 25.4% 24.1% 42.2%
1998 18.7% 14.3% 26.9% 42.8%
1997 18.5% 11.4% 27.2% 46.1%
1996 19.8% 16.7% 27.6% 47%
1995 18.9% 19.2% 26.2% 50.1%
1994 14.7% 11.7% 25.4% 52.6%
1993 - - 26.9% 58.8%
1992 - - 28.6% 49.2%
1991 - - 29.6% 49.5%
1990 - - 26.9% 47.7%
1989 - - 30.9% 51.9%
1988 - - 45.3% 65.3%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1988–1994, retrieved 2026-02-20).

GeoRank.org/economy/azerbaijan/trinidad-and-tobago | CC BY

In 2024, Azerbaijan's government spending was $25.2B, accounting for 33.9% of its GDP, while Trinidad and Tobago spent $8.28B, or 32.3% of GDP.

Debt-to-GDP ratio is 21.7% in Azerbaijan and 64.2% in Trinidad and Tobago, ranking 174/185 and 70/185, respectively.

Government deficit by year

Deficit/surplus
Azerbaijan

Trinidad and Tobago
1x
Year Deficit/surplus, % of GDP
Azerbaijan Trinidad
2024 4.06% -5.24%
2023 7.92% -1.24%
2022 5.96% 0.92%
2021 4.21% -8.1%
2020 -6.44% -12.2%
2019 8.95% -3.74%
2018 5.43% -5.89%
2017 -1.34% -10.4%
2016 -1.17% -10.1%
2015 -4.83% -7.56%
2014 2.74% -4.31%
2013 1.64% -2.67%
2012 3.71% -1.26%
2011 10.9% -0.67%
2010 13.8% 0.13%
2009 5.86% -5.42%
2008 17.2% 5.39%
2007 2.34% 3.12%
2006 0.66% 1.56%
2005 2.74% 2.36%
2004 1.78% 1.84%
2003 1.6% 1.8%
2002 19.4% -0.2%
2001 21.8% 0.61%
2000 0.14% 0.17%
1999 -1.03% -0.88%
1998 1.63% -1.8%
1997 -0.94% 0.11%
1996 -2.25% -0.45%
1995 -1.34% 0.17%
1994 3.21% -0.02%
1993 - 0.23%
1992 - -2.74%
1991 - -0.21%
1990 - -1.27%
1989 - -4.46%
1988 - -9.34%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1988–1989, retrieved 2026-02-20).

GeoRank.org/economy/azerbaijan/trinidad-and-tobago | 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 Trinidad and Tobago's deficit of $1.34B, or 5.24% of GDP.

Over the past 31 years, Azerbaijan recorded a fiscal deficit in 8 of those years, while Trinidad and Tobago ran a deficit in 19 years. On average, Azerbaijan posted an annual surplus equal to 4.14% of GDP, compared to deficit of 2.06% of GDP for Trinidad and Tobago.

Inflation comparison by year

Inflation
Azerbaijan

Trinidad and Tobago
1x
Year Consumer prices inflation
Azerbaijan Trinidad
2024 2.21% 0.53%
2023 8.79% 4.63%
2022 13.9% 5.83%
2021 6.65% 2.06%
2020 2.76% 0.6%
2019 2.61% 1%
2018 2.27% 1.02%
2017 12.9% 1.88%
2016 12.4% 3.07%
2015 4.03% 4.66%
2014 1.37% 5.68%
2013 2.42% 5.2%
2012 1.07% 9.26%
2011 7.86% 5.11%
2010 5.73% 10.5%
2009 1.46% 6.98%
2008 20.8% 12%
2007 16.7% 7.89%
2006 8.33% 8.33%
2005 9.68% 6.87%
2004 6.71% 3.72%
2003 2.23% 3.81%
2002 2.77% 4.15%
2001 1.55% 5.54%
2000 1.81% 3.56%
1999 -8.53% 3.44%
1998 -0.77% 5.61%
1997 3.67% 3.63%

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

GeoRank.org/economy/azerbaijan/trinidad-and-tobago | CC BY

Over the past 28 years, Azerbaijan has recorded an average annual inflation rate of 5.48%, compared with 4.88% in Trinidad and Tobago. In 2024, inflation was 2.21% in Azerbaijan and 0.53% in Trinidad and Tobago.

Top exports between countries

Azerbaijan
Export category Export value
Machinery & equipment $140K
Chemicals & pharma $20K
Textiles & consumer goods $10K
Metals $3K
Precious metals & jewellery $3K
Wood & paper products $2K
Trinidad
Export category Export value
Machinery & equipment $229K
Miscellaneous $18K
Raw materials & minerals $6K
Chemicals & pharma $4K
Metals $4K

Balance of trade

Azerbaijan Trinidad
Current account balance
$4.67B
2024
$645M
2024
Current account balance ranking
34/190
2024
58/190
2024
Current account balance, % of GDP
+6.29%
2024
+2.52%
2024
Goods imports
$17.2B
2024
$7.54B
2024
Goods exports
$26B
2024
$10B
2024
Service imports
$10.2B
2024
$2.71B
2024
Service exports
$8.12B
2024
$1.26B
2024
Imports of goods and services, % of GDP
36.8%
2024
n/a
Exports of goods and services, % of GDP
45.9%
2024
45%
2025

Economic freedom indices

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

Azerbaijan Trinidad
Economic freedom 64.3 62.4
Economic freedom ranking 74/197 87/197
Property rights 53.3 47.3
Government integrity 23.6 45.5
Judicial effectiveness 16.5 58.8
Tax burden 87.9 76.1
Government spending 71.3 71.1
Fiscal health 99.1 86.3
Business freedom 71.2 67.1
Labor freedom 56.9 57.2
Monetary freedom 76 81
Trade freedom 75.8 68.8
Investment freedom 70 50
Financial freedom 70 40

Economic freedom comparison by year

Azerbaijan
Trinidad and Tobago
1x
Year Economic freedom index
Azerbaijan Trinidad
2026 64.3 62.4
2025 62.5 63.6
2024 61.6 60.4
2023 61.4 59.5
2022 61.6 58.8
2021 70.1 59
2020 69.3 58.3
2019 65.4 57
2018 64.3 57.7
2017 63.6 61.2
2016 60.2 62.9
2015 61 64.1
2014 61.3 62.7
2013 59.7 62.3
2012 58.9 64.4
2011 59.7 66.5
2010 58.8 65.7
2009 58 68
2008 55.3 69.5
2007 54.6 70.6
2006 53.2 70.4
2005 54.4 71.5
2004 53.4 71.3
2003 54.1 68.8
2002 53.3 70.1
2001 50.3 71.8
2000 49.8 74.5
1999 47.4 72.4
1998 43.1 72
1997 34 71.3
1996 30 69.2

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

GeoRank.org/economy/azerbaijan/trinidad-and-tobago | CC BY

The Economic Freedom Index for Azerbaijan is 64.3, ranking 74/197, compared to 62.4 for Trinidad and Tobago, ranking 87/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Azerbaijan Trinidad
Services, % of GDP
42.3%
2024
59.2%
2024
Industry, % of GDP
42.6%
2024
34.6%
2024
Agriculture, forestry, and fishing, % of GDP
5.66%
2024
0.78%
2024
GNI, Atlas method
$74.8B
2024
$27B
2024
GNI per capita, PPP
$24,220
2024
$36,580
2024
Total reserves including gold
$12.7B
2024
$5.6B
2024
Total reserves ranking
72/177
2024
94/177
2024
Net foreign direct investment
$511M
2024
$980M
2024
Net inflows of foreign direct investment
$231M
2024
-$453M
2024
Net outflows of foreign direct investment
$742M
2024
$527M
2024
Servicing debt to the IMF, % of GNI
5.83%
2024
n/a
Poverty at national poverty lines
6%
2012
20%
2020
Gross capital formation, % of GDP
21.1%
2024
19%
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/trinidad-and-tobago | 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 (2020–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1988–1994, retrieved 2026-02-20)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)
  9. Central Intelligence Agency (CIA) (2020, 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.