Short facts about the economy in Azerbaijan
| Economy -
overview: |
Azerbaijan's most prominent products
are oil, cotton, and natural gas. Azerbaijan's oil production declined through
1997 but has registered an increase every year since. 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. Long-term prospects will depend on world
oil prices, the location of new pipelines in the region, and Azerbaijan's
ability to manage its oil wealth. |
| GDP: |
purchasing power parity - $23.5 billion
(2000 est.) |
| GDP - real
growth rate: |
11.4% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $3,000 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 22%
industry: 33%
services: 45% (1999
est.) |
| Population
below poverty line: |
60% (2000
est.) |
| Household
income or consumption by percentage share: |
lowest 10%: NA%
highest 10%:
NA% |
| Inflation
rate (consumer prices): |
1.8% (2000
est.) |
| Labor
force: |
2.9 million
(1997) |
| Labor force
- by occupation: |
agriculture and forestry 32%, industry
15%, services 53% (1997) |
| Unemployment
rate: |
20% (1999
est.) |
| Budget: |
revenues: $777 million
expenditures: $995 million, including capital
expenditures of $NA (1999 est.) |
| Industries: |
petroleum and natural gas, petroleum
products, oilfield equipment; steel, iron ore, cement; chemicals and
petrochemicals; textiles |
| Industrial
production growth rate: |
6.9% (2000
est.) |
| Electricity
- production: |
16.378 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 86.46%
hydro: 13.54%
nuclear:
0%
other: 0% (1999) |
| Electricity
- consumption: |
15.432 billion kWh
(1999) |
| Electricity
- exports: |
600 million kWh
(1999) |
| Electricity
- imports: |
800 million kWh
(1999) |
| Agriculture
- products: |
cotton, grain, rice, grapes, fruit,
vegetables, tea, tobacco; cattle, pigs, sheep,
goats |
| Exports: |
$1.9 billion (f.o.b., 2000
est.) |
| Exports -
commodities: |
oil and gas 75%, machinery, cotton,
foodstuffs |
| Exports -
partners: |
Italy, Turkey, Russia, Georgia,
Iran |
| Imports: |
$1.4 billion (f.o.b., 2000
est.) |
| Imports -
commodities: |
machinery and equipment, foodstuffs,
metals, chemicals |
| Imports -
partners: |
Russia, Turkey, Ukraine, UAE,
Iran |
| Debt -
external: |
$1 billion
(2000) |
| Economic aid
- recipient: |
ODA, $113 million
(1996) |
| Currency: |
Azerbaijani manat
(AZM) |
| Exchange
rates: |
Azerbaijani manats per US dollar -
4,579 (1 February 2001), 4,342 (October 1999), 4,373 (1999), 3,869 (1998),
3,985.38 (1997), 4,301.26 (1996) |
| Fiscal
year: |
calendar year | Source: World Factbook |
