Azerbaijan

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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.

Gdp purchasing power parity

$59.71 billion (2006 est.)

Gdp official exchange rate

$14.25 billion (2006 est.)

Gdp real growth rate

34.5% (2006 est.)

Gdp per capita ppp

$7,500 (2006 est.)

Gdp composition by sector

agriculture: 14.1%
industry: 45.7%
services: 40.2% (2002 est.)

Labor force

5.191 million (2006 est.)

Labor force by occupation

agriculture: 41%
industry: 7%
services: 52% (2001)

Unemployment rate

1.2% official rate (2006 est.)

Population below poverty line

49% (2002 est.)

Household income or consumption by percentage share

lowest 10%: 2.8%
highest 10%: 27.8% (1995)

Distribution of family income gini index

36.5 (2001)

Inflation rate consumer prices

8% (2006 est.)

Investment gross fixed

44.9% of GDP (2006 est.)

Budget

revenues: $6.008 billion
expenditures: $5.804 billion; including capital expenditures of $NA (2006 est.)

Public debt

10.4% of GDP (2006 est.)

Agriculture products

cotton, grain, rice, grapes, fruit, vegetables, tea, tobacco; cattle, pigs, sheep, goats

Industries

petroleum and natural gas, petroleum products, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles

Industrial production growth rate

50% (2006 est.)

Electricity production

20.35 billion kWh (2004)

Electricity consumption

20.57 billion kWh (2004)

Electricity exports

510 million kWh (2004)

Electricity imports

2.15 billion kWh (2004)

Oil production

477,000 bbl/day (2005 est.)

Oil consumption

120,000 bbl/day (2004 est.)

Oil exports

NA bbl/day

Oil imports

NA bbl/day

Oil proved reserves

7 billion bbl (1 January 2005)

Natural gas production

5.01 billion cu m (2004 est.)

Natural gas consumption

9.94 billion cu m (2004 est.)

Natural gas exports

0 cu m (2004 est.)

Natural gas imports

4.93 billion cu m (2004 est.)

Natural gas proved reserves

849.5 billion cu m (1 January 2005 est.)

Current account balance

$2.737 billion (2006 est.)

Exports

$12.51 billion f.o.b. (2006 est.)

Exports commodities

oil and gas 90%, machinery, cotton, foodstuffs

Exports partners

Italy 30.1%, France 11.7%, Czech Republic 10.1%, Germany 7.9%, US 7.7%, UK 4.4% (2006)

Imports

$5.176 billion f.o.b. (2006 est.)

Imports commodities

machinery and equipment, oil products, foodstuffs, metals, chemicals

Imports partners

Russia 19.6%, UK 12.6%, Turkey 9.9%, Germany 8.7%, Singapore 6.2%, China 4.9% (2006)

Reserves of foreign exchange and gold

$1.8 billion (2006 est.)

Debt external

$2.483 billion (2006 est.)

Economic aid recipient

ODA, $140 million (2000 est.)

Currency code

Azerbaijani manat (AZM)

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

Communications - Azerbaijan:
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This page was last updated on 16 September, 2007
Source: CIA >>>


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