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Azerbaijan Economy 2011
https://theodora.com/wfb2011/azerbaijan/azerbaijan_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

Economy - overview:
Azerbaijan's high economic growth during 2006-08 was attributable to large and growing oil exports, but some non-export sectors also featured double-digit growth, spurred by growth in the construction, banking, and real estate sectors. In 2009, economic growth remained above 9% even as oil prices moderated and growth in the construction sector cooled. In 2010, economic growth slowed to approximately 3.7%, although the impact of the global financial crisis was less severe than in many other countries in the region. The current global economic slowdown presents some challenges for the Azerbaijani economy as oil prices remain below their mid-2008 highs, highlighting Azerbaijan's reliance on energy exports and lackluster attempts to diversify its economy. Azerbaijan's oil production increased dramatically in 1997, when Azerbaijan signed the first production-sharing arrangement (PSA) with the Azerbaijan International Operating Company. Oil exports through the Baku-Tbilisi-Ceyhan Pipeline remain the main economic driver while efforts to boost Azerbaijan's gas production are underway. However, 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: 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 will depend on world oil prices, the location of new oil and gas https://theodora.com/pipelines/world_oil_gas_and_products_pipelines.html in the region, and Azerbaijan's ability to manage its energy wealth to promote sustainable growth in non-energy sectors of the economy and spur employment.

GDP (purchasing power parity):
$90.15 billion (2010 est.)
country comparison to the world: 73

$86.93 billion (2009 est.)
$79.54 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$52.17 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.7% (2010 est.)
country comparison to the world: 90

9.3% (2009 est.)
10.8% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$11,000 (2010 est.)
country comparison to the world: 103

$10,600 (2009 est.)
$9,700 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 5.5%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 61.4%
[see also: GDP - composition by sector - industry country ranks ]
services: 33.1% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
5.874 million (2008 est.)
country comparison to the world: 65
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 38.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 12.1%
[see also: Labor force - by occupation - industry country ranks ]
services: 49.6% (2008)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
0.9% (2010 est.)
country comparison to the world: 3

6% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
11% (2009 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 6.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 17.5% (2005)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
36.5 (2001)
country comparison to the world: 81

36 (1995)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
17.3% of GDP (2009 est.)
country comparison to the world: 116
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $6.97 billion
[see also: Budget - revenues country ranks ]
expenditures: $15.27 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
4.6% of GDP (2010 est.)
country comparison to the world: 128

6.7% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
5.1% (2010 est.)
country comparison to the world: 146

1.5% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2% (31 December 2009)
country comparison to the world: 53

8% (31 December 2008)
note: this is the Refinancing Rate, the key policy rate for the National Bank of Azerbaijan
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
20.03% (31 December 2009 est.)
country comparison to the world: 20

19.76% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$7.34 billion (31 December 2010 est)

$6.519 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$11.64 billion (31 December 2010 est.)

$10.54 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$8.135 billion (31 December 2008 est.)
country comparison to the world: 100

$5.726 billion (31 December 2007 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

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:
3.5% (2009 est.)
country comparison to the world: 91
[see also: Industrial production growth rate country ranks ]

Electricity - production:
18.6 billion kWh (2007 est.)
country comparison to the world: 72
[see also: Electricity - production country ranks ]

Electricity - consumption:
18 billion kWh (2007 est.)
country comparison to the world: 71
[see also: Electricity - consumption country ranks ]

Electricity - exports:
786 million kWh (2007 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
548 million kWh (2007 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
1.011 million bbl/day (2009 est.)
country comparison to the world: 23
[see also: Oil - production country ranks ]

Oil - consumption:
136,000 bbl/day (2009 est.)
country comparison to the world: 70
[see also: Oil - consumption country ranks ]

Oil - exports:
528,900 bbl/day (2007 est.)
country comparison to the world: 29
[see also: Oil - exports country ranks ]

Oil - imports:
2,848 bbl/day (2007 est.)
country comparison to the world: 170
[see also: Oil - imports country ranks ]

Oil - proved reserves:
7 billion bbl (1 January 2010 est.)
country comparison to the world: 19
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
23 billion cu m (2009 est.)
country comparison to the world: 30
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
10.12 billion cu m (2008)
country comparison to the world: 47
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
5.564 billion cu m (2008 est.)
country comparison to the world: 25
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 72
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
849.5 billion cu m (1 January 2010 est.)
country comparison to the world: 27
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$15.96 billion (2010 est.)
country comparison to the world: 19

$10.18 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$28.07 billion (2010 est.)
country comparison to the world: 63

$21.1 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
oil and gas 90%, machinery, cotton, foodstuffs

Exports - partners:
Italy 20.69%, India 10.67%, US 9.24%, France 8.15%, Germany 7.62%, Indonesia 6.63%, Canada 5.13% (2009)

Imports:
$7.035 billion (2010 est.)
country comparison to the world: 104

$6.514 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, oil products, foodstuffs, metals, chemicals

Imports - partners:
Turkey 18.69%, Russia 16.98%, Germany 7.87%, Ukraine 7.3%, China 6.18%, UK 5.73% (2009)

Reserves of foreign exchange and gold:
$6.33 billion (31 December 2010 est.)
country comparison to the world: 62

$5.364 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$3.221 billion (31 December 2010 est.)
country comparison to the world: 124

$3.44 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$8.918 billion (31 December 2010 est.)
country comparison to the world: 80

$8.318 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$6.058 billion (31 December 2010 est.)
country comparison to the world: 58

$5.558 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Azerbaijani manats (AZN) per US dollar - 0.8035 (2010), 0.8038 (2009), 0.8219 (2008), 0.8581 (2007), 0.8934 (2006)


NOTE: The information regarding Azerbaijan on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Azerbaijan Economy 2011 information contained here. All suggestions for corrections of any errors about Azerbaijan Economy 2011 should be addressed to the CIA.



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