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Azerbaijan Economy Profile 2014

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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)$102.7 billion (2013 est.)
$97.04 billion (2012 est.)
$94.98 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$76.01 billion (2013 est.)
GDP - real growth rate5.8% (2013 est.)
2.2% (2012 est.)
0.1% (2011 est.)
GDP - per capita (PPP)$10,800 (2013 est.)
$10,500 (2012 est.)
$10,400 (2011 est.)
note: data are in 2013 US dollars
Gross national saving41% of GDP (2013 est.)
44.4% of GDP (2012 est.)
45.1% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 41.4%
government consumption: 10.5%
investment in fixed capital: 23.3%
investment in inventories: 0.1%
exports of goods and services: 49.9%
imports of goods and services: -25.2%
(2013 est.)
GDP - composition by sectoragriculture: 6.2%
industry: 63%
services: 30.8% (2013 est.)
Population below poverty line6% (2012 est.)
Labor force4.68 million (2012 est.)
Labor force - by occupationagriculture: 38.3%
industry: 12.1%
services: 49.6% (2008)
Unemployment rate6% (2013 est.)
5.7% (2012 est.)
Unemployment, youth ages 15-24total: 14.2%
male: 12.2%
female: 16.3% (2012)
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: $27.61 billion
expenditures: $27.24 billion (2013 est.)
Taxes and other revenues36.3% of GDP (2013 est.)
Budget surplus (+) or deficit (-)0.5% of GDP (2013 est.)
Public debt7.5% of GDP (2013 est.)
7.8% of GDP (2012 est.)
Inflation rate (consumer prices)2.4% (2013 est.)
1.1% (2012 est.)
Central bank discount rate5% (31 December 2012 est.)
5.25% (31 December 2011 est.)
note: this is the Refinancing Rate, the key policy rate for the National Bank of Azerbaijan
Commercial bank prime lending rate17% (31 December 2013 est.)
18.5% (31 December 2012 est.)
Stock of narrow money$17.17 billion (31 December 2013 est.)
$14.15 billion (31 December 2012 est.)
Stock of broad money$21.88 billion (31 December 2013 est.)
$17.59 billion (31 December 2012 est.)
Stock of domestic credit$21.76 billion (31 December 2013 est.)
$17.01 billion (31 December 2012 est.)
Market value of publicly traded shares$NA
Agriculture - productscotton, grain, rice, grapes, fruit, vegetables, tea, tobacco; cattle, pigs, sheep, goats
Industriespetroleum and petroleum products, natural gas, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles
Industrial production growth rate3% (2013 est.)
Current Account Balance$13.28 billion (2013 est.)
$14.98 billion (2012 est.)
Exports$34.46 billion (2013 est.)
$32.63 billion (2012 est.)
Exports - commoditiesoil and gas 90%, machinery, cotton, foodstuffs
Exports - partnersItaly 25%, Indonesia 11.6%, Thailand 7%, Germany 5.7%, Israel 5.3%, France 4.7%, India 4.6%, Russia 4.5%, USA 4.1% (2013 est.)
Imports$10.72 billion (2013 est.)
$9.65 billion (2012 est.)
Imports - commoditiesmachinery and equipment, oil products, foodstuffs, metals, chemicals
Imports - partnersRussia 14.1%, Turkey 13.7%, UK 12.5%, Germany 7.7%, Ukraine 5.5%, China 5.3%, France 4% (2013 est.)
Reserves of foreign exchange and gold$13.08 billion (31 December 2013 est.)
$11.28 billion (31 December 2012 est.)
Debt - external$9.552 billion (31 December 2013 est.)
$9.11 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$14.35 billion (31 December 2013 est.)
$12.35 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$8.616 billion (31 December 2013 est.)
$7.516 billion (31 December 2012 est.)
Exchange ratesAzerbaijani manats (AZN) per US dollar -
0.785 (2013 est.)
0.7857 (2012 est.)
0.8027 (2010 est.)
0.8038 (2009)
0.8219 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on June 30, 2015

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