| Economy | Azerbaijan |
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Economy - overview:
|
Azerbaijan's high economic growth during 2006-08 is attributable to large and growing oil exports, but the non-energy sector also featured double-digit growth in 2008, spurred by growth in the construction, banking, and real estate sectors. However, the current global economic slowdown presents some challenges for the Azerbaijani economy as oil prices have plummeted since mid-2008 and local banks face a more uncertain international financial environment. Azerbaijan's oil production declined through 1997, but has registered an increase every year since. Negotiation of production-sharing arrangements (PSAs) with foreign firms, which have committed $60 billion to long-term oilfield development, should generate the funds needed to spur future industrial development. Oil production under the first of these PSAs, with the Azerbaijan International Operating Company, began in November 1997. A consortium of Western oil companies built a $4 billion pipeline from Baku to Turkey's Mediterranean port of Ceyhan which will pump 1.2 million barrels a day from a large offshore field when at full capacity. Azerbaijan shares all the formidable problems of the former Soviet republics in making the transition from a command to a market economy, but its considerable energy resources brighten its medium-term prospects. Baku has only recently begun making progress on economic reform, and old economic ties and structures are slowly being replaced. Several other obstacles impede Azerbaijan's economic progress: the need for stepped up foreign investment in the non-energy sector, the continuing conflict with Armenia over the Nagorno-Karabakh region, pervasive corruption, and potential for a sharp downturn in the construction and real estate sectors. 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 will depend on world oil prices, the location of new oil and gas pipelines in the region, and Azerbaijan's ability to manage its energy wealth to promote sustainable growth in non-energy sectors of the economy and spur employment. |
GDP (purchasing power parity):
|
$73.65 billion (2008 est.)
$66 billion (2007)
$53.48 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$9,000 (2008 est.)
$8,100 (2007 est.)
$6,600 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$53.26 billion (2008 est.) |
GDP - real growth rate:
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11.6% (2008 est.)
23.4% (2007 est.)
30.5% (2006 est.) |
GDP - composition by sector:
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agriculture: 6%
industry: 62.6%
services: 31.4% (2008 est.) |
Investment (gross fixed):
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21% of GDP (2008 est.) |
Population below poverty line:
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24% (2005 est.) |
Household income or consumption by percentage share:
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lowest 10%: 3.1%
highest 10%: 29.5% (2001) |
Distribution of family income - Gini index:
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36.5 (2001) |
Inflation rate (consumer prices):
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21.6% (2008 est.) |
Central bank discount rate:
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8%
note: this is the Refinancing Rate, the key policy rate for the National Bank of Azerbaijan (31 December 2008) |
Commercial bank prime lending rate:
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19.13% (31 December 2007) |
Stock of money:
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$4.261 billion (31 December 2007) |
Stock of money - per capita:
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518 USD per capita |
Stock of quasi money:
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$2.593 billion (31 December 2007) |
Stock of quasi money - per capita:
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315 USD per capita |
Stock of domestic credit:
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$5.726 billion (31 December 2007) |
Stock of domestic credit - per capita:
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696 USD per capita |
Labor force:
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5.782 million (2008 est.) |
Labor force participation rate:
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70.18 % of population |
Labor force - by occupation:
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agriculture: 39.3%
industry: 12.1%
services: 48.6% (2005) |
Unemployment rate:
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0.8% official rate (2008 est.) |
Budget:
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revenues: $14.51 billion
expenditures: $15.66 billion (2008 est.) |
Budget revenues per capita:
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1,762 USD per capita |
Public debt:
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5.2% of GDP (2008 est.) |
Industries:
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petroleum and natural gas, petroleum products, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles |
Industrial production growth rate:
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12% (2008 est.) |
Electricity - production:
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23.8 billion kWh (2007 est.) |
Electricity - production per capita:
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2,889 kWh per capita |
Electricity - consumption:
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27.5 billion kWh (2007 est.) |
Electricity - consumption - per capita:
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3,338 kWh per capita |
Electricity - exports:
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800 million kWh (2007 est.) |
Electricity - imports:
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500 million kWh (2007 est.) |
Oil - production:
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1.099 million bbl/day (2008 est.) |
Oil - production per capita:
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133,396 bbl/day per capita |
Oil - consumption:
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160,000 bbl/day (2007 est.) |
Oil - consumption - per capita:
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7.09 bbl/year per capita |
Oil - exports:
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795,600 bbl/day (2007 est.) |
Oil - imports:
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4,267 bbl/day (2005) |
Oil - proved reserves:
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7 billion bbl (1 January 2008 est.) |
Natural gas - production:
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9.77 billion cu m (2007 est.) |
Natural gas - production per capita:
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1,186 cu m per capita |
Natural gas - consumption:
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9.77 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
|
1,186 cu m per capita |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2005) |
Natural gas - proved reserves:
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849.5 billion cu m (1 January 2008 est.) |
Agriculture - products:
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cotton, grain, rice, grapes, fruit, vegetables, tea, tobacco; cattle, pigs, sheep, goats |
Current account balance:
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$19.36 billion (2008 est.) |
Current account balance - per capita:
|
2,350 USD per capita |
Exports:
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$38.28 billion f.o.b. (2008 est.) |
Exports per capita:
|
4,647 USD per capita |
Exports - commodities:
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oil and gas 90%, machinery, cotton, foodstuffs |
Exports - partners:
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Turkey 17.4%, Italy 15.5%, Russia 8.7%, Iran 7.2%, Indonesia 6.4%, Israel 6.1%, Georgia 5.7%, US 4.8%, France 4.3% (2007) |
Imports:
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$7.496 billion f.o.b. (2008 est.) |
Imports per capita:
|
910 USD per capita |
Imports - commodities:
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machinery and equipment, oil products, foodstuffs, metals, chemicals |
Imports - partners:
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Russia 17.6%, Turkey 10.9%, Germany 8.2%, Ukraine 8.2%, UK 7.2%, Japan 5.2%, China 4.9%, US 4.7% (2007) |
Reserves of foreign exchange and gold:
|
$8.5 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,032 USD per capita |
Debt - external:
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$2.733 billion (31 December 2008 est.) |
Debt - external - per capita:
|
332 USD per capita |
Stock of direct foreign investment - at home:
|
$7.329 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
890 USD per capita |
Stock of direct foreign investment - abroad:
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$5.812 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
706 USD per capita |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
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void |
Economic aid - recipient:
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ODA, $223.4 million (2005 est.) |
Economic aid - recipient per capita:
|
28 USD per capita |
Currency (code):
|
Azerbaijani manat (AZN) |
Exchange rates:
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Azerbaijani manats (AZN) per US dollar - 0.8219 (2008 est.), 0.8581 (2007), 0.8934 (2006), 4,727.1 (2005), 4,913.48 (2004)
note: on 1 January 2006 Azerbaijan revalued its currency, with 5,000 old manats equal to 1 new manat |
Fiscal year:
|
calendar year |
|
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