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.
Agriculture Products
cotton, grain, rice, grapes, fruit, vegetables, tea, 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
3% (2013 est.) country comparison to the world: 100
Labor Force
4.68 million (2012 est.) country comparison to the world: 83
Labor Force by Occupation
agriculture: 38.3%
industry: 12.1%
services: 49.6% (2008)
Unemployment Rate
6% (2013 est.) country comparison to the world: 60 5.7% (2012 est.)
Population Below Poverty Line
6% (2012 est.)
Household Income or Consumption by Percentage Share
lowest 10%: 3.4%
highest 10%: 27.4% (2008)
Budget
revenues: 33.7 (2008) country comparison to the world: 98 36.5 (2001)
expenditures: $27.61 billion
Public Debt
0.5% of GDP (2013 est.) country comparison to the world: 34
Central Bank Discount Rate
2.4% (2013 est.) country comparison to the world: 91 1.1% (2012 est.)
Commercial Bank Prime Lending Rate
5% (31 December 2012 est.) country comparison to the world: 65 5.25% (31 December 2011 est.) note: this is the Refinancing Rate, the key policy rate for the National Bank of Azerbaijan
Stock of Narrow Money
17% (31 December 2013 est.) country comparison to the world: 20 18.5% (31 December 2012 est.)
Stock of Broad Money
$17.17 billion (31 December 2013 est.) country comparison to the world: 66 $14.15 billion (31 December 2012 est.)
Stock of Domestic Credit
$21.88 billion (31 December 2013 est.) country comparison to the world: 83 $17.59 billion (31 December 2012 est.)
Market Value of Publicly Traded Shares
$21.76 billion (31 December 2013 est.) country comparison to the world: 80 $17.01 billion (31 December 2012 est.)
Reserves of Foreign Exchange and Gold
Russia 14.1%, Turkey 13.7%, UK 12.5%, Germany 7.7%, Ukraine 5.5%, China 5.3%, France 4% (2013 est.)
Debt External
$13.08 billion (31 December 2013 est.) country comparison to the world: 70 $11.28 billion (31 December 2012 est.)
Stock of Direct Foreign Investment at Home
$9.552 billion (31 December 2013 est.) country comparison to the world: 101 $9.11 billion (31 December 2012 est.)
Stock of Direct Foreign Investment Abroad
$14.35 billion (31 December 2013 est.) country comparison to the world: 83 $12.35 billion (31 December 2012 est.)
Exchange Rates
$8.616 billion (31 December 2013 est.) country comparison to the world: 56 $7.516 billion (31 December 2012 est.)
