| Introduction - Azerbaijan: |
| Location - Azerbaijan: |
| People - Azerbaijan: |
| Government - Azerbaijan: |
| Economy - Azerbaijan: |
Economy overview | Azerbaijans number one export is oil. Azerbaijans 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 began pumping 1 million barrels a day from a large offshore field in early 2006, through a $4 billion pipeline it built from Baku to Turkeys Mediterranean port of Ceyhan. By 2010 revenues from this project will double the countrys current GDP. 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. Several other obstacles impede Azerbaijans economic progress: the need for stepped up foreign investment in the non-energy sector, the continuing conflict with Armenia over the Nagorno-Karabakh region, and the pervasive corruption. 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 pipelines in the region, and Azerbaijans ability to manage its oil wealth. |
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Gdp purchasing power parity | $59.71 billion (2006 est.) |
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Gdp official exchange rate | $14.25 billion (2006 est.) |
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Gdp real growth rate | 34.5% (2006 est.) |
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Gdp per capita ppp | $7,500 (2006 est.) |
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Gdp composition by sector | agriculture: 14.1%
industry: 45.7%
services: 40.2% (2002 est.) |
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Labor force | 5.191 million (2006 est.) |
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Labor force by occupation | agriculture: 41%
industry: 7%
services: 52% (2001) |
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Unemployment rate | 1.2% official rate (2006 est.) |
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Population below poverty line | 49% (2002 est.) |
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Household income or consumption by percentage share | lowest 10%: 2.8%
highest 10%: 27.8% (1995) |
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Distribution of family income gini index | 36.5 (2001) |
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Inflation rate consumer prices | 8% (2006 est.) |
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Investment gross fixed | 44.9% of GDP (2006 est.) |
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Budget | revenues: $6.008 billion
expenditures: $5.804 billion; including capital expenditures of $NA (2006 est.) |
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Public debt | 10.4% of GDP (2006 est.) |
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Agriculture products | cotton, grain, rice, grapes, fruit, vegetables, tea, tobacco; cattle, pigs, sheep, goats |
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Industries | petroleum and natural gas, petroleum products, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles |
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Industrial production growth rate | 50% (2006 est.) |
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Electricity production | 20.35 billion kWh (2004) |
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Electricity consumption | 20.57 billion kWh (2004) |
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Electricity exports | 510 million kWh (2004) |
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Electricity imports | 2.15 billion kWh (2004) |
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Oil production | 477,000 bbl/day (2005 est.) |
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Oil consumption | 120,000 bbl/day (2004 est.) |
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Oil exports | NA bbl/day |
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Oil imports | NA bbl/day |
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Oil proved reserves | 7 billion bbl (1 January 2005) |
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Natural gas production | 5.01 billion cu m (2004 est.) |
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Natural gas consumption | 9.94 billion cu m (2004 est.) |
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Natural gas exports | 0 cu m (2004 est.) |
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Natural gas imports | 4.93 billion cu m (2004 est.) |
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Natural gas proved reserves | 849.5 billion cu m (1 January 2005 est.) |
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Current account balance | $2.737 billion (2006 est.) |
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Exports | $12.51 billion f.o.b. (2006 est.) |
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Exports commodities | oil and gas 90%, machinery, cotton, foodstuffs |
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Exports partners | Italy 30.1%, France 11.7%, Czech Republic 10.1%, Germany 7.9%, US 7.7%, UK 4.4% (2006) |
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Imports | $5.176 billion f.o.b. (2006 est.) |
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Imports commodities | machinery and equipment, oil products, foodstuffs, metals, chemicals |
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Imports partners | Russia 19.6%, UK 12.6%, Turkey 9.9%, Germany 8.7%, Singapore 6.2%, China 4.9% (2006) |
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Reserves of foreign exchange and gold | $1.8 billion (2006 est.) |
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Debt external | $2.483 billion (2006 est.) |
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Economic aid recipient | ODA, $140 million (2000 est.) |
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Currency code | Azerbaijani manat (AZM) |
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Exchange rates | Azerbaijani manats per US dollar - 0.8934 (2006), 4,727.1 (2005), 4,913.48 (2004), 4,910.73 (2003), 4,860.82 (2002)
note: on 1 January 2006 Azerbaijan revalued its currency, with 5,000 old manats equal to 1 new manat |
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| Communications - Azerbaijan: |
| Transportation - Azerbaijan: |
| Military - Azerbaijan: |
This page was last updated on 16 September, 2007
