Economy of Azerbaijan
|
|
| Currency | 1 Manat = 100 qəpik |
|---|---|
| Calendar year | |
|
Trade organisations
|
CIS, ECO, GUAM, WTO (observer) |
| Statistics | |
| GDP |
Nom.:  $63,98 billion (2016)PPP: $169,3 billion (2016)Rank: 67th |
|
GDP growth
|
 0.8% (2016 Q1) |
|
GDP per capita
|
$16,856 (2016 PPP) $3,340 (2016) |
|
GDP by sector
|
agriculture (5.7%), industry (61.2%), services (33.2%) (2014) |
|
32.1% (2016) |
|
|
Population below poverty line
|
6% (2012[update]) |
| 33.7 (2008) | |
|
Labour force
|
6.12 million (2011[update]) |
|
Labour force by occupation
|
services (49.6%), industry (12.1%), agriculture and forestry (38.3%) (2008[update]) |
| Unemployment |
5.3% (2015) |
|
Main industries
|
petroleum and natural gas, petroleum products, oilfield equipment; steel, iron ore, cement; chemicals; petrochemicals; textiles; machinery; cotton; foodstuffs |
| 65th (2017) | |
| External | |
| Exports |
$16.38 billion (2015 est.) |
|
Export goods
|
oil and gas, machinery, cotton, foodstuffs. |
|
Main export partners
|
 Italy 26.3% Germany 13.2% Indonesia 7% France 6.8% Czech Republic 6% (2015) |
| Imports |
$13.9 billion (2014 est.) |
|
Import goods
|
machinery and equipment, oil products, foodstuffs, metals, chemicals |
|
Main import partners
|
 Russia 19.9%, Turkey 16.5%, United Kingdom 8.6% Germany 6.6% Italy 6.3%, United States 4.1% (2015) |
|
FDI stock
|
$66.14 billion (31 December 2015) |
|
Gross external debt
|
$9.833 billion (31 December 2014) |
| Public finances | |
|
(10.7% of GDP) (2014) |
|
| Revenues |
$24.25bn (2014) |
| Expenses |
$25.24bn (2014) |
|
|
|
Foreign reserves
|
$20 billion (2016) |
Azerbaijan has an economy that has completed its post-Soviet transition into a major oil based economy (with the completion of the Baku-Tbilisi-Ceyhan Pipeline), from one where the state played the major role. Azerbaijan's GDP grew 41.7% in the first quarter of 2007, possibly the highest of any nation worldwide. Such rates cannot be sustained, but despite reaching 26.4% in 2005 (second highest GDP growth in the world in 2005 only to Equatorial Guinea), and 2006 over 34.6% (world highest), in 2008 dropped to 10.8%, and dropped further to 9.3% in 2009. The real GDP growth rate for 2011 was expected at 3.7% but had dropped to 0.1%. Large oil reserves are a major contributor to the economy. The national currency, the Azerbaijani manat, was stable in 2000, depreciating 3.8% against the dollar. The budget deficit equaled 1.3% of GDP in 2000.
Progress on economic reform has generally lagged behind macroeconomic stabilization. The government has undertaken regulatory reforms in some areas, including substantial opening of trade policy, but inefficient public administration in which commercial and regulatory interests are co-mingled limit the impact of these reforms. The government has largely completed privatization of agricultural lands and small and medium-sized enterprises. In August 2000, the government launched a second-stage privatization program, in which many large state enterprises will be privatized. Since 2001, the economic activity in the country is regulated by the Ministry of Economic Development of Azerbaijan Republic.
Through the Soviet period, Azerbaijan had always been more developed industrially than Armenia and Georgia, two neighboring Transcaucasia countries - but also less diversified, as a result of slow investment in non-oil sector. With a history of industrial development of more than 100 years, Azerbaijan proved to be a leading nation in Southern Caucasus throughout the turmoil of Soviet Union collapse in early 1990s until nowadays.
Oil remains the most prominent product of Azerbaijan's economy with cotton, natural gas and agriculture products contributing to its economic growth over the last five years. More than $60 billion was invested into Azerbaijan's oil by major international oil companies in AIOC consortium operated by BP. Oil production under the first of these PSAs, with the Azerbaijan International Operating Company, began in November 1997 and now is about 500,000 b/d. People visit petroleum spas (or "oil spas") to bathe in the local crude in Naftalan A leading caviar producer and exporter in the past, Azerbaijan's fishing industry today is concentrated on the dwindling stocks of sturgeon and beluga in the Caspian Sea.
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Wikipedia