unbekannter Gast

Azerbaijan: Economy#

Azerbaijan's high economic growth has been attributable to large and growing oil and gas exports, but some non-export sectors also featured double-digit growth, including construction, banking, and real estate. Oil exports through the Baku-Tbilisi-Ceyhan Pipeline, the Baku-Novorossiysk, and the Baku-Supsa pipelines remain the main economic driver, but efforts to boost Azerbaijan's gas production are underway. The eventual completion of the geopolitically important Southern Gas Corridor between Azerbaijan and Europe will open up another, albeit, smaller source of revenue from gas exports.

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, Azerbaijan's ability to negotiate export routes for its growing gas production, and its ability to use its energy wealth to promote growth and spur employment in non-energy sectors of the economy.

Economic Facts#

GDP (purchasing power parity)$167.9 billion (2016 est.)
$172 billion (2015 est.)
$170.1 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$35.69 billion (2015 est.)
GDP - real growth rate-2.4% (2016 est.)
1.1% (2015 est.)
2.8% (2014 est.)
GDP - per capita (PPP)$17,700 (2016 est.)
$18,300 (2015 est.)
$18,200 (2014 est.)
note: data are in 2016 dollars
Gross national saving30.5% of GDP (2016 est.)
26.1% of GDP (2015 est.)
36.7% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 56.2%
government consumption: 13.9%
investment in fixed capital: 27.3%
investment in inventories: 0%
exports of goods and services: 47.5%
imports of goods and services: -44.9% (2016 est.)
GDP - composition, by sector of originagriculture: 6.4%
industry: 61.1%
services: 32.5% (2016 est.)
Agriculture - productsfruit, vegetables, grain, rice, grapes, tea, cotton, tobacco; cattle, pigs, sheep, goats
Industriespetroleum and petroleum products, natural gas, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles
Industrial production growth rate0.3% (2016 est.)
Labor force4.961 million (2016 est.)
Labor force - by occupationagriculture: 38.3%
industry: 12.1%
services: 49.6% (2008)
Unemployment rate6.4% (2016 est.)
5.3% (2015 est.)
Population below poverty line6% (2012 est.)
Household income or consumption by percentage sharelowest 10%: 3.4%
highest 10%: 27.4% (2008)
Distribution of family income - Gini index33.7 (2008)
36.5 (2001)
Budgetrevenues: $11.02 billion
expenditures: $12.18 billion (2016 est.)
Taxes and other revenues30.9% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-3.3% of GDP (2016 est.)
Public debt31.4% of GDP (2016 est.)
20.1% of GDP (2015 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)11.3% (2016 est.)
4.1% (2015 est.)
Central bank discount rate5% (31 December 2012)
5.25% (31 December 2011)
note: this is the Refinancing Rate, the key policy rate for the National Bank of Azerbaijan
Commercial bank prime lending rate12.2% (31 December 2016 est.)
13.86% (31 December 2015 est.)
Stock of narrow money$4.194 billion (31 December 2016 est.)
$5.612 billion (31 December 2015 est.)
Stock of broad money$24.18 billion (31 December 2014 est.)
$20.95 billion (31 December 2013 est.)
Stock of domestic credit$11.23 billion (31 December 2016 est.)
$15.63 billion (31 December 2015 est.)
Market value of publicly traded shares$NA
Current account balance$264 million (2016 est.)
-$222 million (2015 est.)
Exports$12.48 billion (2016 est.)
$15.59 billion (2015 est.)
Exports - commoditiesoil and gas 90%, machinery, foodstuffs, cotton
Exports - partnersItaly 26.3%, Germany 13.3%, Indonesia 7%, France 6.9%, Czech Republic 6% (2015)
Imports$7.741 billion (2016 est.)
$9.774 billion (2015 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, metals, chemicals
Imports - partnersRussia 19.9%, Turkey 16.5%, UK 8.6%, Germany 6.6%, Italy 6.3%, US 4.1% (2015)
Reserves of foreign exchange and gold$7.453 billion (31 December 2016 est.)
$7.91 billion (31 December 2015 est.)
Debt - external$12.65 billion (31 December 2016 est.)
$12.28 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$72.7 billion (31 December 2016 est.)
$66.5 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$16.28 billion (31 December 2016 est.)
$14.48 billion (31 December 2015 est.)
Exchange ratesAzerbaijani manats (AZN) per US dollar -
1.526 (2016 est.)
1.0246 (2015 est.)
1.0246 (2014 est.)
0.7844 (2013 est.)
0.79 (2012 est.)