Azerbaijan ranks fifth in nominal GDP among CIS countries in 2024

Azerbaijan has secured the fifth position among Commonwealth of Independent States (CIS) countries in terms of nominal Gross Domestic Product (GDP) for 2024.

The ranking is based on data from the CIS Interstate Statistical Committee, Caliber.Az reports via local media.

According to local media, Azerbaijan’s nominal GDP reached $74.315 billion in 2024, reflecting a 4.1% growth compared to the previous year. This solid performance places Azerbaijan ahead of Armenia, Kyrgyzstan, Tajikistan, and Moldova in terms of total economic output within the CIS.

The top five economies in the CIS in 2024 based on nominal GDP were:

1. Russia – $2.16 trillion (+4.1%)

2. Kazakhstan – $288.112 billion (+4.8%)

3. Uzbekistan – $114.9 billion (+6.5%)

4. Belarus – $79.09 billion (+4%)

5. Azerbaijan – $74.315 billion (+4.1%)

Following Azerbaijan in the ranking were:

• Armenia – $25.8 billion (+5.9%)

• Kyrgyzstan – $17.2 billion (+9%)

• Tajikistan – $13.7 billion (+8.4%)

• Moldova – $12.9 billion (+0.6%)

Azerbaijan’s 4.1% GDP growth reflects its ongoing economic development, driven by key sectors such as energy, infrastructure, and manufacturing. While Russia remains the dominant economy within the CIS with a GDP exceeding $2 trillion, Azerbaijan continues to solidify its position as one of the region’s strongest economies outside of Russia and Kazakhstan.

Notably, Uzbekistan demonstrated the highest GDP growth rate among the top economies, expanding by 6.5%, while Kyrgyzstan led in percentage growth overall with a 9% increase in GDP. Moldova, on the other hand, recorded the slowest growth rate at 0.6%.

By Tamilla Hasanova