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Azerbaijan Economy

Azerbaijan    Economy Top of Page
Economy - overview: Azerbaijan's most prominent products are oil, cotton, and natural gas. Azerbaijan's oil production declined through 1997 but has registered an increase every year since. Negotiation of 19 production-sharing arrangements (PSAs) with foreign firms, which have thus far committed $60 billion to oil field 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. 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 long-term prospects. Baku has only recently begun making progress on economic reform, and old economic ties and structures are slowly being replaced. An obstacle to economic progress, including stepped up foreign investment, is 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 up with Turkey, Iran, UAE, and the nations of Europe. Long-term prospects will depend on world oil prices, the location of new pipelines in the region, and Azerbaijan's ability to manage its oil wealth.
GDP: purchasing power parity - $23.5 billion (2000 est.)
GDP - real growth rate: 11.4% (2000 est.)
GDP - per capita: purchasing power parity - $3,000 (2000 est.)
GDP - composition by sector: agriculture:  22%

industry:  33%

services:  45% (1999 est.)
Population below poverty line: 60% (2000 est.)
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): 1.8% (2000 est.)
Labor force: 2.9 million (1997)
Labor force - by occupation: agriculture and forestry 32%, industry 15%, services 53% (1997)
Unemployment rate: 20% (1999 est.)
Budget: revenues:  $777 million

expenditures:  $995 million, including capital expenditures of $NA (1999 est.)
Industries: petroleum and natural gas, petroleum products, oilfield equipment; steel, iron ore, cement; chemicals and petrochemicals; textiles
Industrial production growth rate: 6.9% (2000 est.)
Electricity - production: 16.378 billion kWh (1999)
Electricity - production by source: fossil fuel:  86.46%

hydro:  13.54%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 15.432 billion kWh (1999)
Electricity - exports: 600 million kWh (1999)
Electricity - imports: 800 million kWh (1999)
Agriculture - products: cotton, grain, rice, grapes, fruit, vegetables, tea, tobacco; cattle, pigs, sheep, goats
Exports: $1.9 billion (f.o.b., 2000 est.)
Exports - commodities: oil and gas 75%, machinery, cotton, foodstuffs
Exports - partners: Italy, Turkey, Russia, Georgia, Iran
Imports: $1.4 billion (f.o.b., 2000 est.)
Imports - commodities: machinery and equipment, foodstuffs, metals, chemicals
Imports - partners: Russia, Turkey, Ukraine, UAE, Iran
Debt - external: $1 billion (2000)
Economic aid - recipient: ODA, $113 million (1996)
Currency: Azerbaijani manat (AZM)
Currency code: AZM
Exchange rates: Azerbaijani manats per US dollar - 4,579 (1 February 2001), 4,342 (October 1999), 4,373 (1999), 3,869 (1998), 3,985.38 (1997), 4,301.26 (1996)
Fiscal year: calendar year


Countryfacts Information Courtesy: CIA Worldbook

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