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: