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Azerbaijan Economy Profile 2016

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Economy - overviewAzerbaijan'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.
GDP (purchasing power parity)$169.4 billion (2015 est.)
$167.6 billion (2014 est.)
$163 billion (2013 est.)
note: data are in 2015 US dollars
GDP (official exchange rate)$54.05 billion (2015 est.)
GDP - real growth rate1.1% (2015 est.)
2.8% (2014 est.)
5.8% (2013 est.)
GDP - per capita (PPP)$18,000 (2015 est.)
$17,900 (2014 est.)
$17,600 (2013 est.)
note: data are in 2015 US dollars
Gross national saving26.6% of GDP (2015 est.)
37.1% of GDP (2014 est.)
39.5% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 50.5%
government consumption: 11.9%
investment in fixed capital: 30.4%
investment in inventories: 0.2%
exports of goods and services: 38.2%
imports of goods and services: -31.2% (2015 est.)
GDP - composition by sectoragriculture: 6%
industry: 58%
services: 36.1% (2015 est.)
Population below poverty line6% (2012 est.)
Labor force4.899 million (2015 est.)
Labor force - by occupationagriculture: 38.3%
industry: 12.1%
services: 49.6% (2008)
Unemployment rate5.3% (2015 est.)
5.4% (2014 est.)
Unemployment, youth ages 15-24total: 13.8%
male: 12%
female: 15.6% (2013 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: $16.15 billion
expenditures: $17.88 billion (2015 est.)
Taxes and other revenues25.2% of GDP (2015 est.)
Budget surplus (+) or deficit (-)-2.7% of GDP (2015 est.)
Public debt11.8% of GDP (2015 est.)
8.9% of GDP (2014 est.)
Inflation rate (consumer prices)4% (2015 est.)
1.4% (2014 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 rate14% (31 December 2015 est.)
14.19% (31 December 2014 est.)
Stock of narrow money$9.519 billion (31 December 2015 est.)
$16.36 billion (31 December 2014 est.)
Stock of broad money$24.18 billion (31 December 2014 est.)
$20.95 billion (31 December 2013 est.)
Stock of domestic credit$24.1 billion (31 December 2015 est.)
$25.38 billion (31 December 2014 est.)
Market value of publicly traded shares$NA
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 rate1.5% (2015 est.)
Current Account Balance$125 million (2015 est.)
$10.43 billion (2014 est.)
Exports$16.38 billion (2015 est.)
$28.26 billion (2014 est.)
Exports - commoditiesoil and gas 90%, machinery, foodstuffs, cotton
Exports - partnersItaly 26.3%, Germany 13.2%, Indonesia 7%, France 6.8%, Czech Republic 6% (2015)
Imports$8.414 billion (2015 est.)
$9.332 billion (2014 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$8.513 billion (31 December 2015 est.)
$15.55 billion (31 December 2014 est.)
Debt - external$9.833 billion (31 December 2014 est.)
$9.219 billion (31 December 2013 est.)
Stock of direct foreign investment - at home$66.14 billion (31 December 2015 est.)
$59.02 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad$14.17 billion (31 December 2015 est.)
$11.22 billion (31 December 2014 est.)
Exchange ratesAzerbaijani manats (AZN) per US dollar -
1.009 (2015 est.)
0.7844 (2014 est.)
0.7844 (2013 est.)
0.79 (2012 est.)
0.7897 (2011 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on October 8, 2016

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