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
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% (2014 est.)
Labor Force
4.841 million (2014 est.)
Labor Force by Occupation
Agriculture: 38.3%
Industry: 12.1%
Services: 49.6% (2008)
Unemployment Rate
5% (2013 est.)
Population Below Poverty Line
6% (2012 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 3.4%
Highest 10%: 27.4% (2008)
Distribution of Family Income Gini Index
36.5 (2001)
Budget
Revenues: $23.46 billion
Expenditures: $23.84 billion (2014 est.)
Public Debt
8.5% of GDP (2013 est.)
Central Bank Discount Rate
5.25% (31 December 2011)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$16.24 billion (31 December 2013 est.)
Stock of Broad Money
$20.95 billion (31 December 2013 est.)
Stock of Domestic Credit
$18.76 billion (31 December 2013 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$15.01 billion (31 December 2013 est.)
Debt External
$9.219 billion (31 December 2013 est.)
Stock of Direct Foreign Investment at Home
$50.97 billion (31 December 2013 est.)
Stock of Direct Foreign Investment Abroad
$9.007 billion (31 December 2013 est.)
Exchange Rates
0.8027 (2010 est.)
