Azerbaijan Economy: from the All Country Info reference guide to country facts

Azerbaijan Economy

Azerbaijan Economy: A summary of information about Azerbaijan Economy, from government research data as well as independent research and other sources.

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Azerbaijan: Economy

Economy - overview
Azerbaijan is less developed industrially than
either Armenia or Georgia, the other Caucasian states. It resembles
the Central Asian states in its majority Muslim population, high
structural unemployment, and low standard of living. The economy's
most prominent products are oil, cotton, and natural gas. Production
from the Caspian oil field declined through 1997 but registered an
increase in 1998-99. Negotiation of 19 production-sharing arrangements
(PSAs) with foreign firms, which have thus far committed $60 billion
to oil field 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. 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. An obstacle to economic progress, including stepped up
foreign investment, is 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 up with
Turkey, Iran, UAE, and the nations of Europe. Growth in 2000 should
match growth in 1999. Long-term prospects will depend on world oil
prices and the location of new pipelines in the region.
GDP
purchasing power parity - $14 billion (1999 est.)
GDP - real growth rate
7% (1999 est.)
GDP - per capita
purchasing power parity - $1,770 (1999 est.)
GDP - composition by sector
agriculture: 22%
industry: 18%
services: 60% (1997 est.)
Population below poverty line
60% (1999 est.)
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
-6.8% (1999 est.)
Labor force
2.9 million (1997)
Labor force - by occupation
agriculture and forestry 32%, industry
and construction 15%, services 53% (1997)
Unemployment rate
20% (1999 est.)
Budget
revenues: $565 million
expenditures: $682 million, including capital expenditures of $NA
(1996 est.)
Industries
petroleum and natural gas, petroleum products, oilfield
equipment; steel, iron ore, cement; chemicals and petrochemicals;
textiles
Industrial production growth rate
3% (1999 est.)
Electricity - production
18.062 billion kWh (1999)
Electricity - production by source
fossil fuel: 90.98%
hydro: 9.02%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
15.508 billion kWh (1998)
Electricity - exports
1 billion kWh (1998)
Electricity - imports
1.2 billion kWh (1998)
Agriculture - products
cotton, grain, rice, grapes, fruit,
vegetables, tea, tobacco; cattle, pigs, sheep, goats
Exports
$885 million (f.o.b., 1999 est.)
Exports - commodities
oil and gas 70%, machinery, cotton, foodstuffs
Exports - partners
Turkey, Russia, Georgia, Italy, Iran
Imports
$1.62 billion (c.i.f., 1999 est.)
Imports - commodities
machinery and equipment, foodstuffs, metals,
chemicals
Imports - partners
Turkey, Russia, Ukraine, UAE, Iran
Debt - external
$684 million (1998)
Economic aid - recipient
ODA, $113 million (1996)
Currency
1 manat = 100 gopiks
Exchange rates
manats per US$1 - 4,342 (October 1999), 4,373 (1999),
3,869 (1998), 3,985.38 (1997), 4,301.26 (1996), 4,413.54 (1995)
Fiscal year
calendar year
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