About Azerbaijan and Key Financial Statistics

About Azerbaijan and Key Financial Statistics

Overview of Economy:

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.

Gross Domestic Product (In USD):

$165.9 billion (2014 est.)

$161.4 billion (2013 est.)

$152.6 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 5.7

% Industry: 58.3

% Services: 36

Composition of Labor Force by Occupation:

% Agriculture: 38.3

% Industry: 12.1

% Services: 49.6

Per Capita Income:

$17,800 (2014 est.)

$17,300 (2013 est.)

$16,300 (2012 est.)


$28.26 billion (2014 est.)

$31.7 billion (2013 est.)

Key Export Commodities:

oil and gas 90%, machinery, foodstuffs, cotton

Export Partners:

Italy 22%, Indonesia 9.2%, Germany 8.8%, Israel 8.1%, France 7% (2014)


$9.332 billion (2014 est.)

$10.32 billion (2013 est.)

Key Import Commodities:

machinery and equipment, foodstuffs, metals, chemicals

Import Partners:

Russia 14.3%, Turkey 14%, UK 10.7%, Germany 7.7%, China 7.6%, US 6.1%, Ukraine 4.6% (2014)

Inflation Rate (Consumer Price Index):

1.4% (2014 est.)

2.4% (2013 est.)

Exchange Rate to USD:

Azerbaijani manats (AZN) per US dollar -

0.7844 (2014 est.)

0.7844 (2013 est.)

0.79 (2012 est.)

0.7897 (2011 est.)

0.8027 (2010 est.)

Unemployment Rate:

5.4% (2014 est.)

5% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

    • AAA: The best quality borrowers, reliable and stable

    • AA: Quality borrowers, a bit higher risk than AAA

    • A: Economic situation can affect finance

    • BBB: Medium class borrowers, which are satisfactory at the moment

    • BB: More prone to changes in the economy

    • B: Financial situation varies noticeably

    • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings