Azerbaijan - Economic Indicators

Economic Overview

Prior to the decline in global oil prices since 2014, Azerbaijan's high economic growth was attributable to rising energy exports, and some non-export sectors also featured double-digit growth. 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 expected completion of the geopolitically important Southern Gas Corridor between Azerbaijan and Europe will open up another source of revenue from gas exports. Declining oil prices...

Continue reading View Factbook for Azerbaijan

GDP Reference Last Previous Units Frequency
Nominal Fixed Investment (gross fixed capital formation) 2017 16,566,200,000 14,992,000,000 NCU Annual
Private Consumption 2016 Q4 9,125,200,000 9,004,100,000 AZM, NSA Quarterly
Investment 2016 Q4 4,355,500,000 4,097,000,000 AZM, NSA Quarterly
Nominal Gross Domestic Product 2016 Q4 16,751,500,000 15,970,500,000 AZM, NSA Quarterly
Government Consumption 2016 Q4 2,522 2,117 Mil. AYM Quarterly
Real Investment 2014 5,451,000,000 5,371,568,700 NCU Annual
Real Fixed Investment (gross fixed capital formation) 2014 5,451,000,000 5,376,579,600 NCU Annual
Labor Reference Last Previous Units Frequency
Agriculture Employment 2017 1,870,844 1,804,730 # Annual
Labor Force 2017 5,002,124 4,966,648 # Annual
Unemployment Rate 2016 4.98 4.88 % Annual
Labor Force Employment 2016 4,722 4,643 Ths. Annual
Unemployment 2016 247.35 238.15 Ths. Annual
Trade Reference Last Previous Units Frequency
Imports of Goods 2018 Q2 2,733,003,000 2,165,789,000 USD, NSA Quarterly
Current Account Balance 2018 Q2 1,967,118,000 1,555,709,000 USD, NSA Quarterly
Balance of Goods 2018 Q2 2,605,062,000 2,413,879,000 USD, NSA Quarterly
Exports of Goods 2018 Q2 5,338,065,000 4,579,668,000 USD, NSA Quarterly
Exports of Goods and Services 2016 Q4 8,035,400,000 7,263,600,000 AZM, NSA Quarterly
Imports of Goods and Services 2016 Q4 7,366,200,000 6,529,400,000 AZM, NSA Quarterly
Real Imports of Goods and Services 2014 12,700,000,000 12,196,192,100 NCU Annual
Real Exports of Goods and Services 2014 13,610,000,000 13,760,999,100 NCU Annual
Markets Reference Last Previous Units Frequency
Treasury Bills (over 31 days) Jun 2017 12.44 13.78 % p.a., NSA Monthly
Lending Rate Jun 2017 15 15 % - End of period Monthly
Demographics Reference Last Previous Units Frequency
Population 2017 9,827,589 9,725,376 # Annual
Birth Rate 2016 16.3 17.2 # per Ths. pop. Annual
Net Migration 2007 53,580 # Annual
Death Rate 2002 5.7 5.6 # per Ths. pop. Annual

Factbook

Background

Background:
Azerbaijan - a nation with a majority-Turkic and majority-Shia Muslim population - was briefly independent (from 1918 to 1920) following the collapse of the Russian Empire; it was subsequently incorporated into the Soviet Union for seven decades. Azerbaijan has yet to resolve its conflict with Armenia over Nagorno-Karabakh, a primarily ethnic Armenian-populated region that Moscow recognized in 1923 as an autonomous republic within Soviet Azerbaijan after Armenia and Azerbaijan disputed the territory's status. Armenia and Azerbaijan reignited their dispute over the area in 1988; the struggle escalated militarily after both countries attained independence from the Soviet Union in 1991. By May 1994, when a cease-fire took hold, ethnic Armenian forces held not only Nagorno-Karabakh but also seven surrounding provinces in the territory of Azerbaijan. The OSCE Minsk Group, co-chaired by the US, France, and Russia, is the framework established to mediate a peaceful resolution of the conflict.
In the 25 years following its independence, Azerbaijan succeeded in significantly reducing the poverty rate and has directed revenues from its oil and gas production to significant development of the country’s infrastructure. However, corruption in the country is widespread, and the government has been accused of authoritarianism. The country’s leadership has remained in the Aliyev family since Heydar ALIYEV became president in 1993 and was succeeded by his son, President Ilham ALIYEV in 2003. Following two national referendums in the past several years that eliminated presidential term limits and extended presidential terms from 5 to 7 years, President ALIYEV secured a fourth term as president in April 2018 in elections that international observers noted had serious shortcomings. Reforms to diversify the country’s non-oil economy remain dependent on subsidies from oil and gas revenues, while other reforms have not adequately addressed weaknesses in most government institutions, particularly in the education and health sectors, as well as the court system.

Geography

Location:
Southwestern Asia, bordering the Caspian Sea, between Iran and Russia, with a small European portion north of the Caucasus range
Geographic coordinates:
40 30 N, 47 30 E
Map references:
Asia
Area:
total: 86,600 sq km
land: 82,629 sq km
water: 3,971 sq km
note: includes the exclave of Naxcivan Autonomous Republic and the Nagorno-Karabakh region; the region's autonomy was abolished by Azerbaijani Supreme Soviet on 26 November 1991
country comparison to the world: 114
Area - comparative:
about three-quarters the size of Pennsylvania; slightly smaller than Maine
Land boundaries:
total: 2,468 km
border countries (5): Armenia 996 km, Georgia 428 km, Iran 689 km, Russia 338 km, Turkey 17 km
Coastline:
0 km (landlocked); note - Azerbaijan borders the Caspian Sea (713 km)
Maritime claims:
none (landlocked)
Climate:
dry, semiarid steppe
Terrain:
large, flat Kur-Araz Ovaligi (Kura-Araks Lowland, much of it below sea level) with Great Caucasus Mountains to the north, Qarabag Yaylasi (Karabakh Upland) to the west; Baku lies on Abseron Yasaqligi (Apsheron Peninsula) that juts into Caspian Sea
Elevation:
mean elevation: 384 m
elevation extremes: lowest point: Caspian Sea -28 m
highest point: Bazarduzu Dagi 4,466 m
Natural resources:
petroleum, natural gas, iron ore, nonferrous metals, bauxite
Land use:
agricultural land: 57.6%
arable land 22.8%; permanent crops 2.7%; permanent pasture 32.1%
forest: 11.3%
other: 31.1% (2014 est.)
Irrigated land:
14,277 sq km (2012)
Population - distribution:
highest population density is found in the far eastern area of the county, in and around Baku; apart from smaller urbanized areas, the rest of the country has a fairly light and evenly distributed population
Natural hazards:
droughts
Environment - current issues:
local scientists consider the Abseron Yasaqligi (Apsheron Peninsula) (including Baku and Sumqayit) and the Caspian Sea to be the ecologically most devastated area in the world because of severe air, soil, and water pollution; soil pollution results from oil spills, from the use of DDT pesticide, and from toxic defoliants used in the production of cotton; surface and underground water are polluted by untreated municipal and industrial wastewater and agricultural run-off
Environment - international agreements:
party to: Air Pollution, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Marine Dumping, Ozone Layer Protection, Ship Pollution, Wetlands
signed, but not ratified: none of the selected agreements
Geography - note:
both the main area of the country and the Naxcivan exclave are landlocked

People & Society

Population:
9,961,396 (July 2017 est.)
country comparison to the world: 90
Nationality:
noun: Azerbaijani(s)
adjective: Azerbaijani
Ethnic groups:
Azerbaijani 91.6%, Lezghin 2%, Russian 1.3%, Armenian 1.3%, Talysh 1.3%, other 2.4%
note: the separatist Nagorno-Karabakh region is populated almost entirely by ethnic Armenians (2009 est.)
Languages:
Azerbaijani (Azeri) (official) 92.5%, Russian 1.4%, Armenian 1.4%, other 4.7% (2009 est.)
Religions:
Muslim 96.9% (predominantly Shia), Christian 3%, other <0.1, unaffiliated <0.1 (2010 est.)
note: religious affiliation is still nominal in Azerbaijan; percentages for actual practicing adherents are much lower
Age structure:
0-14 years: 22.95% (male 1,220,356/female 1,065,514)
15-24 years: 14.84% (male 775,422/female 703,027)
25-54 years: 45.39% (male 2,219,613/female 2,302,356)
55-64 years: 10.17% (male 467,830/female 545,505)
65 years and over: 6.64% (male 253,679/female 408,094) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 40.2
youth dependency ratio: 32.1
elderly dependency ratio: 8
potential support ratio: 12.4 (2015 est.)
Median age:
total: 31.3 years
male: 29.8 years
female: 33 years (2017 est.)
country comparison to the world: 108
Population growth rate:
0.87% (2017 est.)
country comparison to the world: 124
Birth rate:
15.8 births/1,000 population (2017 est.)
country comparison to the world: 116
Death rate:
7.1 deaths/1,000 population (2017 est.)
country comparison to the world: 128
Net migration rate:
0 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 101
Population distribution:
highest population density is found in the far eastern area of the county, in and around Baku; apart from smaller urbanized areas, the rest of the country has a fairly light and evenly distributed population
Urbanization:
urban population: 55.2% of total population (2017)
rate of urbanization: 1.38% annual rate of change (2015-20 est.)
Major urban areas - population:
BAKU (capital) 2.374 million (2015)
Sex ratio:
at birth: 1.09 male(s)/female
0-14 years: 1.15 male(s)/female
15-24 years: 1.09 male(s)/female
25-54 years: 0.96 male(s)/female
55-64 years: 0.86 male(s)/female
65 years and over: 0.62 male(s)/female
total population: 0.98 male(s)/female (2017 est.)
Mother's mean age at first birth:
23.2 years (2014 est.)
Maternal mortality ratio:
25 deaths/100,000 live births (2015 est.)
country comparison to the world: 120
Infant mortality rate:
total: 23.8 deaths/1,000 live births
male: 24.7 deaths/1,000 live births
female: 22.9 deaths/1,000 live births (2017 est.)
country comparison to the world: 70
Life expectancy at birth:
total population: 72.8 years
male: 69.7 years
female: 76.1 years (2017 est.)
country comparison to the world: 144
Total fertility rate:
1.89 children born/woman (2017 est.)
country comparison to the world: 137
Health expenditures:
6% of GDP (2014)
country comparison to the world: 104
Physicians density:
3.4 physicians/1,000 population (2014)
Hospital bed density:
4.7 beds/1,000 population (2013)
Drinking water source:
improved:
urban: 94.7% of population
rural: 77.8% of population
total: 87% of population
unimproved:
urban: 5.3% of population
rural: 22.2% of population
total: 13% of population (2015 est.)
Sanitation facility access:
improved:
urban: 91.6% of population
rural: 86.6% of population
total: 89.3% of population
unimproved:
urban: 8.4% of population
rural: 13.4% of population
total: 10.7% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
0.1% (2016 est.)
country comparison to the world: 101
HIV/AIDS - people living with HIV/AIDS:
9,200 (2016 est.)
country comparison to the world: 96
HIV/AIDS - deaths:
<500 (2016 est.)
Obesity - adult prevalence rate:
19.9% (2016)
country comparison to the world: 106
Children under the age of 5 years underweight:
4.9% (2013)
country comparison to the world: 75
Education expenditures:
3% of GDP (2015)
country comparison to the world: 158
Literacy:
definition: age 15 and over can read and write
total population: 99.8%
male: 99.9%
female: 99.7% (2016 est.)
School life expectancy (primary to tertiary education):
total: 13 years
male: 13 years
female: 13 years (2014)
Unemployment, youth ages 15-24:
total: 13.4%
male: 11.4%
female: 15.8% (2015 est.)
country comparison to the world: 97

Government

Country name:
conventional long form: Republic of Azerbaijan
conventional short form: Azerbaijan
local long form: Azarbaycan Respublikasi
local short form: Azarbaycan
former: Azerbaijan Soviet Socialist Republic
etymology: the name translates as "Land of Fire" and refers to naturally occurring surface fires on ancient oil pools or from natural gas discharges
Government type:
presidential republic
Capital:
name: Baku (Baki, Baky)
geographic coordinates: 40 23 N, 49 52 E
time difference: UTC+4 (9 hours ahead of Washington, DC, during Standard Time)
Administrative divisions:
66 rayons (rayonlar; rayon - singular), 11 cities (saharlar; sahar - singular);
rayons: Abseron, Agcabadi, Agdam, Agdas, Agstafa, Agsu, Astara, Babak, Balakan, Barda, Beylaqan, Bilasuvar, Cabrayil, Calilabad, Culfa, Daskasan, Fuzuli, Gadabay, Goranboy, Goycay, Goygol, Haciqabul, Imisli, Ismayilli, Kalbacar, Kangarli, Kurdamir, Lacin, Lankaran, Lerik, Masalli, Neftcala, Oguz, Ordubad, Qabala, Qax, Qazax, Qobustan, Quba, Qubadli, Qusar, Saatli, Sabirabad, Sabran, Sadarak, Sahbuz, Saki, Salyan, Samaxi, Samkir, Samux, Sarur, Siyazan, Susa, Tartar, Tovuz, Ucar, Xacmaz, Xizi, Xocali, Xocavand, Yardimli, Yevlax, Zangilan, Zaqatala, Zardab
cities: Baku, Ganca, Lankaran, Mingacevir, Naftalan, Naxcivan (Nakhichevan), Saki, Sirvan, Sumqayit, Xankandi, Yevlax
Independence:
30 August 1991 (declared from the Soviet Union); 18 October 1991 (adopted by the Supreme Council of Azerbaijan)
National holiday:
Republic Day (founding of the Democratic Republic of Azerbaijan), 28 May (1918)
Constitution:
history: several previous; latest adopted 12 November 1995
amendments: proposed by the president of the republic or by at least 63 members of the National Assembly; passage requires at least 95 votes of Assembly members in two separate readings of the draft amendment six months apart and requires presidential approval after each of the two Assembly votes, followed by presidential signature; constitutional articles on the authority, sovereignty, and unity of the people cannot be amended; amended 2002, 2009, 2016 (2017)
Legal system:
civil law system
International law organization participation:
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Citizenship:
citizenship by birth: yes
citizenship by descent: yes
dual citizenship recognized: no
residency requirement for naturalization: 5 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Ilham ALIYEV (since 31 October 2003); First Vice President Mehriban ALIYEVA (since 21 February 2017)
head of government: Prime Minister Novruz MAMMADOV (since 21 April 2018); First Deputy Prime Minister Yaqub EYYUBOV (since June 2006)
cabinet: Council of Ministers appointed by the president and confirmed by the National Assembly
elections/appointments: president directly elected by absolute majority popular vote in 2 rounds if needed for a 7-year term (eligible for unlimited terms); election last held on 11 April 2018 (next to be held in 2025); prime minister and first deputy prime minister appointed by the president and confirmed by the National Assembly; note - a constitutional amendment approved in a September 2016 referendum expanded presidential terms from 5 to 7 years; a separate constitutional amendment approved in the same referendum also introduced the post of first vice-president and additional vice-presidents, who are directly appointed by the president
election results: Ilham ALIYEV reelected president in first round; percent of vote - Ilham ALIYEV (YAP) 86%, Zahid ORUJ (independent) 3.1%, other 10.9%
note: OSCE observers noted shortcomings in the election, including a restrictive political environment, limits on fundamental freedoms, a lack of genuine competition, and ballot box stuffing
Legislative branch:
description: unicameral National Assembly or Milli Mejlis (125 seats; members directly elected in single-seat constituencies by simple majority vote to serve 5-year terms)
elections: last held on 1 November 2015 (next to be held in November 2020)
election results: percent of vote by party - NA; seats by party - YAP 69, CSP 2, Democratic Reforms 1, Social Democratic Party 1, Social Prosperity 1, Unity Party 1, Democratic Enlightenment 1, Whole Azerbaijan Popular Front 1, Motherland 1, Civil Unity 1, Great Undertaking Party 1, National Renaissance Party 1, independent 43, invalid 1
Judicial branch:
highest court(s): Supreme Court (consists of the chairman, vice chairman, and 23 judges in plenum sessions and organized into civil, economic affairs, criminal, and rights violations chambers); Constitutional Court (consists of 9 judges)
judge selection and term of office: Supreme Court judges nominated by the president and appointed by the Milli Majlis; judges appointed for 10 years; Constitutional Court chairman and deputy chairman appointed by the president; other court judges nominated by the president and appointed by the Milli Majlis to serve single 15-year terms
subordinate courts: Courts of Appeal (replaced the Economic Court in 2002); district and municipal courts;
Political parties and leaders:
Civil Solidarity Party or CSP [Sabir RUSTAMKHANLI]
Civil Unity Party or CUP [Sabir HAJIYEV]
Democratic Enlightenment [Elshan MUSAYEV]
Democratic Reforms Party [Asim MOLLAZADE]
Great Undertaking [Fazil MUSTAFA]
Musavat [Arif HAJILI]
Popular Front Party [Ali KARIMLI]
Motherland Party or AVP [Fazail AGAMALI]
Social Democratic Party [Ayaz MUTALIBOV]
Social Prosperity Party [Khanhusein KAZIMLI]
Unity Party [Tahir KARIMLI]
Whole Azerbaijan Popular Front Party [Gudrat HASANGULIYEV]
Yeni (New) Azerbaijan Party or YAP [President Ilham ALIYEV]
Political pressure groups and leaders:
D18 [Ruslan IZZETLI]]
Ireli Public Union or Ireli PU [MirHasan SEYIDOV]
National Council of Democratic Forces [Jamil HASANLI]
N!DA Civic Movement [Turgut GAMBAR, Ulvi HASANLI] (youth movement)
Republican Alternative or REAL [Ilgar MAMMADOV (in prison since 2013)]
International organization participation:
ADB, BSEC, CD, CE, CICA, CIS, EAPC, EBRD, ECO, EITI (compliant country), FAO, GCTU, GUAM, IAEA, IBRD, ICAO, ICC (NGOs), ICRM, IDA, IDB, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, NAM, OAS (observer), OIC, OPCW, OSCE, PFP, SELEC (observer), UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO (observer)
Diplomatic representation in the US:
chief of mission: Ambassador Elin SULEYMANOV (since 5 December 2011)
chancery: 2741 34th Street NW, Washington, DC 20008
telephone: [1] (202) 337-3500
FAX: [1] (202) 337-5911
consulate(s) general: Los Angeles
Diplomatic representation from the US:
chief of mission: Ambassador (vacant); Charge d'Affaires William GILL
embassy: 111 Azadlig Prospekti, Baku AZ1007
mailing address: American Embassy Baku, US Department of State, 7050 Baku Place, Washington, DC 20521-7050
telephone: [994] (12) 488-3300
FAX: [994] (12) 488-3330
Flag description:
three equal horizontal bands of sky blue (top), red, and green; a crescent and eight-pointed star in white are centered in the red band; the blue band recalls Azerbaijan's Turkic heritage, red stands for modernization and progress, and green refers to Islam; the crescent moon and star are a Turkic insignia; the eight star points represent the eight Turkic peoples of the world
National symbol(s):
flames of fire; national colors: blue, red, green
National anthem:
name: "Azerbaijan Marsi" (March of Azerbaijan)
lyrics/music: Ahmed JAVAD/Uzeyir HAJIBEYOV
note: adopted 1992; although originally written in 1919 during a brief period of independence, "Azerbaijan Marsi" did not become the official anthem until after the dissolution of the Soviet Union

Economy

Economy - overview:
Prior to the decline in global oil prices since 2014, Azerbaijan's high economic growth was attributable to rising energy exports, and some non-export sectors also featured double-digit growth. 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 expected completion of the geopolitically important Southern Gas Corridor between Azerbaijan and Europe will open up another source of revenue from gas exports. Declining oil prices caused a 3.1% contraction in GDP in 2016, and a 0.8% decline in 2017, highlighted by a sharp reduction in the construction sector. The economic decline has been accompanied by higher inflation and a weakened banking sector in the aftermath of the two sharp currency devaluations since 2015. Azerbaijan’s financial sector continued to struggle in 2017. In May 2017, Baku allowed the state-owed International Bank of Azerbaijan (IBA), the nation’s largest bank, to default on some of its outstanding debt and file for bankruptcy in the US.
Azerbaijan has made limited progress with 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, but the government has made efforts to combat corruption, particularly in customs and with the “ASAN” one-stop window concept for government services. Several other obstacles impede Azerbaijan's economic progress, including the need for more foreign investment in the non-energy sector and the continuing conflict with Armenia over the Nagorno-Karabakh region. While trade with Russia and the other former Soviet republics remains important, Azerbaijan has expanded trade with Turkey and Europe and is seeking new markets for non-oil/gas exports, mainly from the agricultural sector, for example with Gulf Cooperation Council member countries, the US, and others.
Long-term prospects depend on world oil prices, Azerbaijan's ability to implement export routes for its growing gas production, and its ability to improve the business environment and diversify the economy. In late 2016, the President approved a strategic roadmap that identified key non-energy segments of the economy for development, such as agriculture, logistics, and tourism. In October, the long-awaited Baku-Tbilisi-Kars railway, stretching from the Azerbaijani capital to Kars in north-eastern Turkey, began limited service.
GDP (purchasing power parity):
$166.8 billion (2017 est.)
$168.6 billion (2016 est.)
$173.9 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 74
GDP (official exchange rate):
$39.21 billion (2017 est.)
GDP - real growth rate:
-1% (2017 est.)
-3.1% (2016 est.)
0.6% (2015 est.)
country comparison to the world: 205
GDP - per capita (PPP):
$17,400 (2017 est.)
$17,800 (2016 est.)
$18,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 100
Gross national saving:
25% of GDP (2017 est.)
18% of GDP (2016 est.)
22.2% of GDP (2015 est.)
country comparison to the world: 51
GDP - composition, by end use:
household consumption: 53.9%
government consumption: 12.1%
investment in fixed capital: 26.3%
investment in inventories: 0.1%
exports of goods and services: 45.9%
imports of goods and services: -38.2% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 6.2%
industry: 49.1%
services: 44.7% (2017 est.)
Agriculture - products:
fruit, vegetables, grain, rice, grapes, tea, cotton, tobacco; cattle, pigs, sheep, goats
Industries:
petroleum and petroleum products, natural gas, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles
Industrial production growth rate:
-6% (2017 est.)
country comparison to the world: 201
Labor force:
5.118 million (2017 est.)
country comparison to the world: 82
Labor force - by occupation:
agriculture: 37%
industry: 14.3%
services: 48.9% (2015 est.)
Unemployment rate:
6% (2017 est.)
6% (2016 est.)
country comparison to the world: 84
Population below poverty line:
4.9% (2015 est.)
Household income or consumption by percentage share:
lowest 10%: 3.4%
highest 10%: 27.4% (2008 est.)
Distribution of family income - Gini index:
33.7 (2008 est.)
36.5 (2001 est.)
country comparison to the world: 109
Budget:
revenues: $9.852 billion
expenditures: $10.4 billion (2017 est.)
Taxes and other revenues:
25.1% of GDP (2017 est.)
country comparison to the world: 112
Budget surplus (+) or deficit (-):
-1.4% of GDP (2017 est.)
country comparison to the world: 66
Public debt:
48.8% of GDP (2017 est.)
39.2% of GDP (2016 est.)
country comparison to the world: 105
Fiscal year:
calendar year
Inflation rate (consumer prices):
12% (2017 est.)
12.4% (2016 est.)
country comparison to the world: 207
Central bank discount rate:
15% (10 March 2017 est.)
15% (14 September 2016 est.)
note: this is the Refinancing Rate, the key policy rate for the National Bank of Azerbaijan
country comparison to the world: 10
Commercial bank prime lending rate:
12.4% (31 December 2017 est.)
12.56% (31 December 2016 est.)
country comparison to the world: 64
Stock of narrow money:
$6.044 billion (31 December 2017 est.)
$5.06 billion (31 December 2016 est.)
country comparison to the world: 97
Stock of broad money:
$7.86 billion (31 December 2017 est.)
$6.521 billion (31 December 2016 est.)
country comparison to the world: 114
Stock of domestic credit:
$13.79 billion (31 December 2017 est.)
$13.65 billion (31 December 2016 est.)
country comparison to the world: 100
Market value of publicly traded shares:
$NA
Current account balance:
$732 million (2017 est.)
$-1.363 billion (2016 est.)
country comparison to the world: 43
Exports:
$15.69 billion (2017 est.)
$13.21 billion (2016 est.)
country comparison to the world: 74
Exports - commodities:
oil and gas roughly 90%, machinery, foodstuffs, cotton
Exports - partners:
Italy 19.9%, Germany 10.5%, France 8%, Indonesia 5.8%, Czech Republic 5.2% (2016)
Imports:
$8.734 billion (2017 est.)
$9.004 billion (2016 est.)
country comparison to the world: 103
Imports - commodities:
machinery and equipment, foodstuffs, metals, chemicals
Imports - partners:
Russia 15.7%, Turkey 12.5%, US 9.6%, Germany 7.5%, Italy 6.7%, Japan 6.2%, China 5.4%, UK 5.4% (2016)
Reserves of foreign exchange and gold:
$8.886 billion (31 December 2017 est.)
$7.142 billion (31 December 2016 est.)
country comparison to the world: 75
Debt - external:
$16.62 billion (31 December 2017 est.)
$13.83 billion (31 December 2016 est.)
country comparison to the world: 99
Stock of direct foreign investment - at home:
$80.63 billion (31 December 2017 est.)
$73.83 billion (31 December 2016 est.)
country comparison to the world: 51
Stock of direct foreign investment - abroad:
$19.05 billion (31 December 2017 est.)
$17.05 billion (31 December 2016 est.)
country comparison to the world: 54
Exchange rates:
Azerbaijani manats (AZN) per US dollar -
1.72 (2017 est.)
1.6 (2016 est.)
1.6 (2015 est.)
1.02 (2014 est.)
0.78 (2013 est.)

Energy

Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
23.3 billion kWh (2015 est.)
country comparison to the world: 73
Electricity - consumption:
20.27 billion kWh (2015 est.)
country comparison to the world: 71
Electricity - exports:
265 million kWh (2015 est.)
country comparison to the world: 72
Electricity - imports:
108 million kWh (2015 est.)
country comparison to the world: 97
Electricity - installed generating capacity:
7.417 million kW (2015 est.)
country comparison to the world: 72
Electricity - from fossil fuels:
84.5% of total installed capacity (2015 est.)
country comparison to the world: 77
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 38
Electricity - from hydroelectric plants:
14.6% of total installed capacity (2015 est.)
country comparison to the world: 102
Electricity - from other renewable sources:
1% of total installed capacity (2015 est.)
country comparison to the world: 139
Crude oil - production:
833,500 bbl/day (2016 est.)
country comparison to the world: 23
Crude oil - exports:
721,600 bbl/day (2014 est.)
country comparison to the world: 18
Crude oil - imports:
0 bbl/day (2014 est.)
country comparison to the world: 90
Crude oil - proved reserves:
7 billion bbl (1 January 2017 est.)
country comparison to the world: 20
Refined petroleum products - production:
142,100 bbl/day (2014 est.)
country comparison to the world: 60
Refined petroleum products - consumption:
101,000 bbl/day (2015 est.)
country comparison to the world: 81
Refined petroleum products - exports:
46,770 bbl/day (2014 est.)
country comparison to the world: 56
Refined petroleum products - imports:
6,171 bbl/day (2014 est.)
country comparison to the world: 158
Natural gas - production:
29.37 billion cu m (2016 est.)
country comparison to the world: 27
Natural gas - consumption:
18.2 billion cu m (2015 est.)
country comparison to the world: 45
Natural gas - exports:
7.32 billion cu m (2015 est.)
country comparison to the world: 27
Natural gas - imports:
200 million cu m (2015 est.)
country comparison to the world: 71
Natural gas - proved reserves:
991.1 billion cu m (1 January 2017 est.)
country comparison to the world: 27
Carbon dioxide emissions from consumption of energy:
35 million Mt (2013 est.)
country comparison to the world: 73

Communications

Telephones - fixed lines:
total subscriptions: 1,700,233
subscriptions per 100 inhabitants: 17 (July 2016 est.)
country comparison to the world: 64
Telephones - mobile cellular:
total: 10.189 million
subscriptions per 100 inhabitants: 102 (July 2016 est.)
country comparison to the world: 84
Telephone system:
general assessment: requires considerable expansion and modernization; fixed-line telephone and a broad range of other telecom services are controlled by a state-owned telecommunications monopoly and growth has been stagnant; more competition exists in the mobile-cellular market with three providers in 2017
domestic: teledensity of some 17 fixed lines per 100 persons; mobile-cellular teledensity has increased to 104 telephones per 100 persons; satellite service connects Baku to a modern switch in its exclave of Naxcivan (Nakhchivan)
international: country code - 994; the Trans-Asia-Europe (TAE) fiber-optic link transits Azerbaijan providing international connectivity to neighboring countries; the old Soviet system of cable and microwave is still serviceable; satellite earth stations - 2 (2017)
Broadcast media:
3 state-run and 1 public TV channels; 4 domestic commercial TV stations and about 15 regional TV stations; cable TV services are available in Baku; 1 state-run and 1 public radio network operating; a small number of private commercial radio stations broadcasting; local FM relays of Baku commercial stations are available in many localities; note - all broadcast media is pro-government, and most private broadcast media outlets are owned by entities directly linked to the government (2018)
Internet country code:
.az
Internet users:
total: 7,720,502
percent of population: 78.2% (July 2016 est.)
country comparison to the world: 56

Transportation

National air transport system:
number of registered air carriers: 2
inventory of registered aircraft operated by air carriers: 35
annual passenger traffic on registered air carriers: 1,803,112
annual freight traffic on registered air carriers: 41,954,600 mt-km (2015)
Civil aircraft registration country code prefix:
4K (2016)
Airports:
37 (2013)
country comparison to the world: 108
Airports - with paved runways:
total: 30
over 3,047 m: 5
2,438 to 3,047 m: 5
1,524 to 2,437 m: 13
914 to 1,523 m: 4
under 914 m: 3 (2017)
Airports - with unpaved runways:
total: 7
under 914 m: 7 (2013)
Heliports:
1 (2012)
Pipelines:
condensate 89 km; gas 3,890 km; oil 2,446 km (2013)
Railways:
total: 2,944.3 km
broad gauge: 2,944.3 km 1.520-m gauge (approx. 1,767 km electrified) (2017)
country comparison to the world: 62
Roadways:
total: 52,942 km
paved: 26,789 km
unpaved: 26,153 km (2006)
country comparison to the world: 76
Merchant marine:
total: 311
by type: general cargo 48, oil tanker 48, other 215 (2017)
country comparison to the world: 50
Ports and terminals:
major seaport(s): Baku (Baki) located on the Caspian Sea

Military & Security

Military expenditures:
3.64% of GDP (2016)
5.61% of GDP (2015)
4.56% of GDP (2014)
4.54% of GDP (2013)
4.66% of GDP (2012)
country comparison to the world: 17
Military branches:
Army, Navy, Air, and Air Defense Forces (2010)
Military service age and obligation:
18-35 years of age for compulsory military service; service obligation 18 months or 12 months for university graduates; 17 years of age for voluntary service; 17 year olds are considered to be on active service at cadet military schools (2012)

Transnational Issues

Disputes - international:
Azerbaijan, Kazakhstan, and Russia ratified the Caspian seabed delimitation treaties based on equidistance, while Iran continues to insist on a one-fifth slice of the sea; the dispute over the break-away Nagorno-Karabakh region and the Armenian military occupation of surrounding lands in Azerbaijan remains the primary focus of regional instability; residents have evacuated the former Soviet-era small ethnic enclaves in Armenia and Azerbaijan; local border forces struggle to control the illegal transit of goods and people across the porous, undemarcated Armenian, Azerbaijani, and Georgian borders; bilateral talks continue with Turkmenistan on dividing the seabed and contested oilfields in the middle of the Caspian
Refugees and internally displaced persons:
IDPs: 393,000 (conflict with Armenia over Nagorno-Karabakh; IDPs are mainly ethnic Azerbaijanis but also include ethnic Kurds, Russians, and Turks predominantly from occupied territories around Nagorno-Karabakh; includes IDPs' descendants, returned IDPs, and people living in insecure areas and excludes people displaced by natural disasters; around half the IDPs live in the capital Baku) (2017)
stateless persons: 3,585 (2016)
Illicit drugs:
limited illicit cultivation of cannabis and opium poppy, mostly for CIS consumption; small government eradication program; transit point for Southwest Asian opiates bound for Russia and to a lesser extent the rest of Europe

Economic Indicators for Azerbaijan including actual values, historical data, and latest data updates for the Azerbaijan economy.