By the end of 2022, Azerbaijan stepped into a new era of economic momentum. The country’s gross domestic product rose to a record level, around 80 billion dollars, equivalent to about 134 billion manats. Alongside this growth, foreign trade activity surged past the 50 billion dollar mark, underscoring a robust external sector that supported development across industries. These figures reflect a year of intensified commercial activity and expanding global engagement for Azerbaijan.
With these developments in view, the country reported GDP in manats of roughly 134 billion, translating to about 80 billion dollars. The foreign trade turnover exceeded 50 billion dollars, and the foreign trade surplus reached approximately 25 billion dollars. Taken together, these metrics highlighted a broad strengthening of Azerbaijan’s economic foundation and the country’s increasing participation in international markets.
Over the twelve months preceding the close of the year, the total foreign debt of Azerbaijan declined to below 7 billion dollars, and the debt burden diminished as a share of GDP—from 17 percent to about 9.5 percent—indicating a healthier balance sheet and improved sovereign credit standing. The combination of stronger trade performance and lower indebtedness contributed to a status described as greater economic autonomy, signaling greater freedom in policy choices to support growth and resilience against external shocks.
In this environment of improving macroeconomic indicators, Azerbaijan regained the latitude to engage with international lenders on favorable terms. It was noted that borrowing from multilateral institutions could resume as needed, with ongoing projects supported by organizations such as the World Bank and the European Bank for Reconstruction and Development nearing completion. These initiatives point to continued investment in infrastructure, energy, and social programs that align with a broader strategic plan for sustainable development and regional integration.
In January, information released from the presidential administration indicated a 15 percent increase in the minimum wage for 2023, lifting it to 345 manats. This upward adjustment followed a prior level of 300 manats, which had stood as the baseline for a period. The wage rise reflects a policy focus on improving living standards for lower-income households and ensuring that wage growth keeps pace with overall economic expansion and rising living costs. The shift also interacts with labor market dynamics, productivity goals, and social safety nets that are central to long-term prosperity in the country.