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Azerbaijan:
Economy

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Economy - overview
Definition
Azerbaijan's high economic growth in 2006 and 2007 is attributable to large and growing oil exports. Azerbaijan's 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 Turkey's Mediterranean port of Ceyhan. By 2010 revenues from this project will double the country's 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 Azerbaijan's economic progress: the need for stepped up foreign investment in the non-energy sector, the continuing conflict with Armenia over the Nagorno-Karabakh region, pervasive corruption, and elevated inflation. 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 pipelines in the region, and Azerbaijan's ability to manage its energy wealth.
GDP (purchasing power parity)
Definition - World rank and map
$65.47 billion (2007 est.)
GDP (official exchange rate)
Definition
$31.32 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
23.4% (2007 est.)
GDP - per capita
Definition - World rank and map
$7,700 (2007 est.)
GDP - composition by sector
Definition
agriculture: 6.2%
industry: 63.3%
services: 30.5% (2007 est.)
Labor force
Definition
5.243 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 41%
industry: 7%
services: 52% (2001)
Unemployment rate
Definition - World rank and map
4.3% official rate (2007 est.)
Population below poverty line
Definition
24% (2005 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 3.1%
highest 10%: 29.5% (2001)
Distribution of family income - Gini index
Definition - World rank and map
36.5 (2001)
Inflation rate (consumer prices)
Definition - World rank and map
16.6% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
28% of GDP (2007 est.)
Budget
Definition
revenues: $7.67 billion
expenditures: $9.256 billion (2007 est.)
Public debt
Definition - World rank and map
6.4% of GDP (2007 est.)
Agriculture - products
Definition
cotton, grain, rice, grapes, fruit, vegetables, tea, tobacco; cattle, pigs, sheep, goats
Industries
Definition
petroleum and natural gas, petroleum products, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles
Industrial production growth rate
Definition - World rank and map
25% (2007 est.)
Electricity - production
Definition - World rank and map
23.8 billion kWh (2007 est.)
Electricity - consumption
Definition - World rank and map
27.5 billion kWh (2007 est.)
Electricity - consumption per capita
Definition - World rank and map
3,362.8 kWh (2007 est.)
Electricity - exports
Definition
880 million kWh (2005)
Electricity - imports
Definition
2.082 billion kWh (2005)
Oil - production
Definition - World rank and map
934,700 bbl/day (2007 est.)
Oil - consumption
Definition - World rank and map
160,000 bbl/day (2007 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
19.6 bbl/day (2007 est.)
Oil - exports
Definition - World rank and map
795,600 bbl/day (2007 est.)
Oil - imports
Definition - World rank and map
3,924 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
7 billion bbl (17 April 2007 est.)
Natural gas - production
Definition - World rank and map
6.3 billion cu m (2007 est.)
Natural gas - consumption
Definition - World rank and map
9.8 billion cu m (2007 est.)
Natural gas - consumption per capita
Definition - World rank and map
1,198 cu m (2007 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
4.373 billion cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
849.5 billion cu m (17 April 2007 est.)
Current account balance
Definition - World rank and map
$9.01 billion (2007 est.)
Exports
Definition - World rank and map
$21.27 billion f.o.b. (2007 est.)
Exports - commodities
Definition
oil and gas 90%, machinery, cotton, foodstuffs
Exports - partners
Definition
Italy 26%, France 15.9%, US 13.5%, Germany 10.5%, Czech Republic 7.1% (2006)
Imports
Definition - World rank and map
$6.045 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and equipment, oil products, foodstuffs, metals, chemicals
Imports - partners
Definition
Russia 17.5%, Turkey 14.5%, Germany 8.5%, UK 7.8%, China 6.3%, Turkmenistan 5.8%, Ukraine 5% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$4.273 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$2.399 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$7.829 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$4.912 billion (2007 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
ODA, $223.4 million (2005 est.)
Currency (code)
Definition
Azerbaijani manat (AZN)
Exchange rates
Definition
Azerbaijani manats per US dollar - 0.8581 (2007), 0.8934 (2006), 4,727.1 (2005), 4,913.48 (2004), 4,910.73 (2003)
note: on 1 January 2006 Azerbaijan revalued its currency, with 5,000 old manats equal to 1 new manat
Fiscal year
Definition
calendar year


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