Economy - overview:
Azerbaijan'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):
$167.9 billion (2016 est.) $172 billion (2015 est.) $170.1 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 72
[see also: GDP country ranks ]

GDP (official exchange rate):
$35.69 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-2.4% (2016 est.) 1.1% (2015 est.) 2.8% (2014 est.)
country comparison to the world: 210
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$17,700 (2016 est.) $18,300 (2015 est.) $18,200 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 94
[see also: GDP - per capita country ranks ]

Gross national saving:
30.5% of GDP (2016 est.) 26.1% of GDP (2015 est.) 36.7% of GDP (2014 est.)
country comparison to the world: 25
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 56.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 27.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 47.5%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -44.9% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 6.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 61.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 32.5% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
fruit, vegetables, grain, rice, grapes, tea, cotton, tobacco; cattle, pigs, sheep, goats

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

Industrial production growth rate:
0.3% (2016 est.)
country comparison to the world: 170
[see also: Industrial production growth rate country ranks ]

Labor force:
4.961 million (2016 est.)
country comparison to the world: 84
[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:
6.4% (2016 est.) 5.3% (2015 est.)
country comparison to the world: 71
[see also: Unemployment rate country ranks ]

Population below poverty line:
6% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 27.4% (2008)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
33.7 (2008) 36.5 (2001)
country comparison to the world: 100
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $11.02 billion
[see also: Budget revenues country ranks ]
expenditures: $12.18 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
30.9% of GDP (2016 est.)
country comparison to the world: 75
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.3% of GDP (2016 est.)
country comparison to the world: 115
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
31.4% of GDP (2016 est.) 20.1% of GDP (2015 est.)
country comparison to the world: 142
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
11.3% (2016 est.) 4.1% (2015 est.)
country comparison to the world: 206
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
5% (31 December 2012) 5.25% (31 December 2011)
note: this is the Refinancing Rate, the key policy rate for the National Bank of Azerbaijan
country comparison to the world: 79
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
12.2% (31 December 2016 est.) 13.86% (31 December 2015 est.)
country comparison to the world: 70
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$4.194 billion (31 December 2016 est.) $5.612 billion (31 December 2015 est.)
country comparison to the world: 104
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$24.18 billion (31 December 2014 est.) $20.95 billion (31 December 2013 est.)
country comparison to the world: 85
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$11.23 billion (31 December 2016 est.) $15.63 billion (31 December 2015 est.)
country comparison to the world: 103
[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 ]

Current account balance:
$264 million (2016 est.) -$222 million (2015 est.)
country comparison to the world: 43
[see also: Current account balance country ranks ]

Exports:
$12.48 billion (2016 est.) $15.59 billion (2015 est.)
country comparison to the world: 76
[see also: Exports country ranks ]

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

Exports - partners:
Italy 26.3%, Germany 13.3%, Indonesia 7%, France 6.9%, Czech Republic 6% (2015)

Imports:
$7.741 billion (2016 est.) $9.774 billion (2015 est.)
country comparison to the world: 105
[see also: Imports country ranks ]

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

Imports - partners:
Russia 19.9%, Turkey 16.5%, UK 8.6%, Germany 6.6%, Italy 6.3%, US 4.1% (2015)

Reserves of foreign exchange and gold:
$7.453 billion (31 December 2016 est.) $7.91 billion (31 December 2015 est.)
country comparison to the world: 83
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$12.65 billion (31 December 2016 est.) $12.28 billion (31 December 2015 est.)
country comparison to the world: 104
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$72.7 billion (31 December 2016 est.) $66.5 billion (31 December 2015 est.)
country comparison to the world: 52
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$16.28 billion (31 December 2016 est.) $14.48 billion (31 December 2015 est.)
country comparison to the world: 56
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Azerbaijani manats (AZN) per US dollar - 1.526 (2016 est.) 1.0246 (2015 est.) 1.0246 (2014 est.) 0.7844 (2013 est.) 0.79 (2012 est.)