Economy - overview:
Azerbaijan's high economic growth during 2006-08 was attributable to large and growing oil exports, but some non-export sectors also featured double-digit growth, including construction, banking, and real estate, although most of this increase was tied to growth in the hydrocarbon sector. In 2011, economic growth slowed to 0.1%, largely because oil production reached a plateau. Real GDP growth improved in 2012, reaching about 40%, but the current global economic slowdown presents some challenges for the Azerbaijani economy as oil prices remain volatile, highlighting Azerbaijan's reliance on energy exports and lackluster attempts to diversify its economy. Oil exports through the Baku-Tbilisi-Ceyhan Pipeline remain the main economic driver while efforts to boost Azerbaijan's gas production are underway. Natural gas from fields under development in Azerbaijan by an international consortium is the only gas currently available for the geopolitically important Southern Corridor project, which aims to improve European energy security. However, Azerbaijan has made only limited progress on instituting market-based economic reforms. Pervasive public and private sector corruption and structural economic inefficiencies remain a drag on long-term growth, particularly in non-energy sectors. Several other obstacles impede Azerbaijan's economic progress, including the need for stepped up foreign investment in the non-energy sector and the continuing conflict with Armenia over the Nagorno-Karabakh region. Trade with Russia and the other former Soviet republics is declining in importance, while trade is building with Turkey and the nations of Europe. Long-term prospects depend on world oil prices, the location of new oil and gas pipelines in the region, Azerbaijan's ability to negotiate export routes for its growing gas production, and its ability to manage its energy wealth to promote growth and spur employment in non-energy sectors of the economy.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates: Fiscal year:
NOTE: 1) The information regarding Azerbaijan on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Azerbaijan Economy 2013 information contained here. All suggestions for corrections of any errors about Azerbaijan Economy 2013 should be addressed to the CIA.
$98.16 billion (2012 est.)
country comparison to the world: 75
note:
data are in 2012 US dollars
[see also: GDP country ranks ]
$71.04 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
3.8% (2012 est.)
country comparison to the world: 88
[see also: GDP - real growth rate country ranks ]
$10,700 (2012 est.)
country comparison to the world: 111
note:
data are in 2012 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 5.7%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
59.5%
services:
34.7% (2012 est.)
6.206 million (2012 est.)
country comparison to the world: 65
[see also: Labor force country ranks ]
agriculture: 38.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
12.1%
services:
49.6% (2008)
1% (2012 est.)
country comparison to the world: 7
[see also: Unemployment rate country ranks ]
11% (2009 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 3.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
27.4% (2008)
33.7 (2008)
country comparison to the world: 93
[see also: Distribution of family income - Gini index country ranks ]
17.2% of GDP (2012 est.)
country comparison to the world: 125
[see also: Investment (gross fixed) country ranks ]
revenues: $23.25 billion
[see also: Budget revenues country ranks ]
expenditures:
$25.55 billion (2012 est.)
32.7% of GDP (2012 est.)
country comparison to the world: 83
[see also: Taxes and other revenues country ranks ]
-3.2% of GDP (2012 est.)
country comparison to the world: 110
[see also: Budget surplus (+) or deficit (-) country ranks ]
5.4% of GDP (2012 est.)
country comparison to the world: 148
[see also: Public debt country ranks ]
7.4% (2012 est.)
country comparison to the world: 176
[see also: Inflation rate (consumer prices) country ranks ]
5% (31 December 2012 est.)
country comparison to the world: 66
note:
this is the Refinancing Rate, the key policy rate for the National Bank of Azerbaijan
[see also: Central bank discount rate country ranks ]
19% (31 December 2012 est.)
country comparison to the world: 19
[see also: Commercial bank prime lending rate country ranks ]
$14.16 billion (31 December 2012 est.)
country comparison to the world: 68
[see also: Stock of narrow money country ranks ]
$17.68 billion (31 December 2011 est.)
country comparison to the world: 89
[see also: Stock of broad money country ranks ]
$13.78 billion (31 December 2012 est.)
country comparison to the world: 91
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
cotton, grain, rice, grapes, fruit, vegetables, tea, tobacco; cattle, pigs, sheep, goats
petroleum and natural gas, petroleum products, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles
-5.2% (2011 est.)
country comparison to the world: 162
[see also: Industrial production growth rate country ranks ]
$12.3 billion (2012 est.)
country comparison to the world: 26
[see also: Current account balance country ranks ]
$30.58 billion (2012 est.)
country comparison to the world: 64
[see also: Exports country ranks ]
oil and gas 90%, machinery, cotton, foodstuffs
Italy 32.6%, France 13.3%, US 7.6%, Germany 6.3%, Indonesia 5.4%, Czech Republic 5.3% (2011)
$10.78 billion (2012 est.)
country comparison to the world: 91
[see also: Imports country ranks ]
machinery and equipment, oil products, foodstuffs, metals, chemicals
Turkey 18.1%, Russia 15.4%, China 7.8%, Germany 7.2%, UK 6.1%, Ukraine 4.6%, Italy 4.2% (2011)
$9.87 billion (31 December 2012 est.)
country comparison to the world: 74
[see also: Reserves of foreign exchange and gold country ranks ]
$4.042 billion (31 December 2012 est.)
country comparison to the world: 129
[see also: Debt - external country ranks ]
$11.7 billion (31 December 2012 est.)
country comparison to the world: 81
[see also: Stock of direct foreign investment - at home country ranks ]
$6.923 billion (31 December 2012 est.)
country comparison to the world: 57
[see also: Stock of direct foreign investment - abroad country ranks ]
Azerbaijani manats (AZN) per US dollar -
calendar year
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 11-Mar-13