| Economy | Azerbaijan |
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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, spurred by growth in the construction, banking, and real estate sectors. In 2009, economic growth remained above 9% even as oil prices moderated and growth in the construction sector cooled. In 2011, economic growth slowed to 0.2%, although the impact of the global financial crisis was less severe than in many other countries in the region. The current global economic slowdown presents some challenges for the Azerbaijani economy as oil prices remain below their mid-2008 highs, highlighting Azerbaijan's reliance on energy exports and lackluster attempts to diversify its economy. Azerbaijan's oil production increased dramatically in 1997, when Azerbaijan signed the first production-sharing arrangement (PSA) with the Azerbaijan International Operating Company. Oil exports through the Baku-Tbilisi-Ceyhan Pipeline remain the main economic driver while efforts to boost Azerbaijan's gas production are underway. 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: 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 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):
|
$93.02 billion (2011 est.)
$92.92 billion (2010 est.)
$88.43 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$10,200 (2011 est.)
$10,300 (2010 est.)
$9,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$68.5 billion (2011 est.) |
GDP - real growth rate:
|
0.2% (2011 est.)
5% (2010 est.)
9.3% (2009 est.) |
GDP - composition by sector:
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agriculture: 5.5%
industry: 62.7%
services: 31.8% (2011 est.) |
Investment (gross fixed):
|
17% of GDP (2011 est.) |
Population below poverty line:
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11% (2009 est.) |
Household income or consumption by percentage share:
|
lowest 10%: 3.4%
highest 10%: 27.4% (2008) |
Distribution of family income - Gini index:
|
33.7 (2008)
36.5 (2001) |
Inflation rate (consumer prices):
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7.8% (2011 est.)
5.7% (2010 est.) |
Central bank discount rate:
|
3% (31 December 2010 est.)
2% (31 December 2009 est.)
note: this is the Refinancing Rate, the key policy rate for the National Bank of Azerbaijan |
Commercial bank prime lending rate:
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19.4% (31 December 2011 est.)
21% (31 December 2010 est.) |
Stock of money:
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$6.381 billion (31 December 2008)
$4.261 billion (31 December 2007) |
Stock of money - per capita:
|
763 USD per capita |
Stock of quasi money:
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$4.125 billion (31 December 2008)
$2.593 billion (31 December 2007) |
Stock of quasi money - per capita:
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493 USD per capita |
Stock of domestic credit:
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$12.3 billion (31 December 2011 est.)
$11.74 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
1,470 USD per capita |
Stock of narrow money:
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$9.235 billion (31 December 2011 est.)
$8.41 billion (31 December 2010 est.) |
Stock of broad money:
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$14.27 billion (31 December 2011 est.)
$13.18 billion (31 December 2010 est.) |
Labor force:
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6.119 million (2011 est.) |
Labor force participation rate:
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73.09 % of population |
Labor force - by occupation:
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agriculture: 38.3%
industry: 12.1%
services: 49.6% (2008) |
Unemployment rate:
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1% (2011 est.)
1% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 14.4%
male: 18.7%
female: 9.8% (2008) |
Budget:
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revenues: $7.784 billion
expenditures: $20.56 billion (2011 est.) |
Budget revenues per capita:
|
930 USD per capita |
Taxes and other revenues:
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11.4% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-18.7% of GDP (2011 est.) |
Public debt:
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4.7% of GDP (2011 est.)
5.2% of GDP (2010 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:
|
-3% (2011 est.) |
Electricity - production:
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22.55 billion kWh (2008 est.) |
Electricity - production per capita:
|
2,694 kWh per capita |
Electricity - consumption:
|
18.8 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
2,246 kWh per capita |
Electricity - exports:
|
812 million kWh (2008 est.) |
Electricity - imports:
|
596 million kWh (2008 est.) |
Oil - production:
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1.041 million bbl/day (2010 est.) |
Oil - production per capita:
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124,338 bbl/day per capita |
Oil - consumption:
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104,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
4.53 bbl/year per capita |
Oil - exports:
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651,700 bbl/day (2009 est.) |
Oil - imports:
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1,439 bbl/day (2009 est.) |
Oil - proved reserves:
|
7 billion bbl (1 January 2011 est.) |
Natural gas - production:
|
16.52 billion cu m (2009 est.) |
Natural gas - production per capita:
|
1,974 cu m per capita |
Natural gas - consumption:
|
10.59 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
|
1,265 cu m per capita |
Natural gas - exports:
|
5.93 billion cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
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849.5 billion cu m (1 January 2011 est.) |
Agriculture - products:
|
cotton, grain, rice, grapes, fruit, vegetables, tea, tobacco; cattle, pigs, sheep, goats |
Current account balance:
|
$11.12 billion (2011 est.)
$15.04 billion (2010 est.) |
Current account balance - per capita:
|
1,329 USD per capita |
Exports:
|
$23.48 billion (2011 est.)
$26.48 billion (2010 est.) |
Exports per capita:
|
2,805 USD per capita |
Exports - commodities:
|
oil and gas 90%, machinery, cotton, foodstuffs |
Exports - partners:
|
Italy 26.8%, US 8.4%, Germany 7.1%, France 6.7%, Czech Republic 4.9%, Russia 4.4% (2010) |
Imports:
|
$7.083 billion (2011 est.)
$6.746 billion (2010 est.) |
Imports per capita:
|
846 USD per capita |
Imports - commodities:
|
machinery and equipment, oil products, foodstuffs, metals, chemicals |
Imports - partners:
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Turkey 17.7%, Russia 14.5%, Germany 9.9%, China 9.6%, UK 7.2%, Ukraine 7% (2010) |
Reserves of foreign exchange and gold:
|
$7.146 billion (31 December 2011 est.)
$6.409 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
854 USD per capita |
Debt - external:
|
$3.886 billion (31 December 2011 est.)
$3.934 billion (31 December 2010 est.) |
Debt - external - per capita:
|
465 USD per capita |
Stock of direct foreign investment - at home:
|
$9.631 billion (31 December 2011 est.)
$8.881 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
|
1,151 USD per capita |
Stock of direct foreign investment - abroad:
|
$6.34 billion (31 December 2011 est.)
$5.79 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
|
758 USD per capita |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Azerbaijani manat (AZN) |
Exchange rates:
|
Azerbaijani manats (AZN) per US dollar -
0.7896 (2011 est.)
0.8026 (2010 est.)
0.8038 (2009)
0.8219 (2008)
0.8581 (2007) |
Fiscal year:
|
calendar year |
|
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