National Debt (% of GDP): Azerbaijan

Analysis# Azerbaijan National Debt (% of GDP) Azerbaijan's national debt stood at 23.5% of GDP in 2026, reflecting a substantial increase from the historic low of 3.2% in 2008. The country reached its peak debt burden of 26.3% in 2021 during the post-pandemic period. Since 1995, the national debt ratio has grown by 22.4 percentage points, demonstrating a general upward trajectory despite periods of relative stability and decline. The most dramatic shift occurred between 2020 and 2021, when debt spiked from 21.3% to 26.3%, likely driven by pandemic-related fiscal pressures. A sharp correction followed in 2022, dropping to 17.3%, before gradually rising again through 2023–2026. The projected trajectory suggests continued modest increases in the near term, with debt expected to hover around the mid-20s range as a percentage of GDP.