Asia > Azerbaijan > Economy

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Agriculture > products cotton, grain, rice, grapes, fruit, vegetables, tea, tobacco; cattle, pigs, sheep, goats
Aid as % of GDP	2.6%		[62nd of 129]
Debt > External	$2,439,000,000.00		[114th of 136]
Distribution of family income > Gini index	36.5		[15th of 43]
Economic freedom	1.65		[108th of 156]
Economy > Overview Azerbaijan's high economic growth in 2006 and 2007 is attributable to large and growing oil exports. Azerbaijan's oil production declined through 1997, but has registered an increase every year since. Negotiation of production-sharing arrangements (PSAs) with foreign firms, which have committed $60 billion to long-term oilfield 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. A consortium of Western oil companies began pumping 1 million barrels a day from a large offshore field in early 2006, through a $4 billion pipeline it built from Baku to Turkey's Mediterranean port of Ceyhan. By 2010 revenues from this project will double the country's current GDP. 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. Several other obstacles impede Azerbaijan's economic progress: the need for stepped up foreign investment in the non-energy sector, the continuing conflict with Armenia over the Nagorno-Karabakh region, pervasive corruption, and elevated inflation. 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 will depend on world oil prices, the location of new oil and gas pipelines in the region, and Azerbaijan's ability to manage its energy wealth.
Exports	$21,270,000,000.00		[65th of 189]
GDP	$20,121,610,000.00		[75th of 203]
GDP > PPP	$34,564,000,000.00		[81st of 163]
GDP > Real growth rate	23.4%		[1st of 198]
GDP growth > annual %	26.2 annual %		[1st of 187]
GINI index	36.5		[13th of 40]
Gross National Income	$5,268,490,000.00		[99th of 172]
Human Development Index	0.729		[101st of 178]
Income category	Low income
Income distribution > Poorest 10%	2.8%		[49th of 114]
Income distribution > Richest 10%	27.8%		[73rd of 114]
Population below poverty line	24%		[17th of 46]
Poverty > Share of all poor people	0.01 % of world's poor		[75th of 80]
Public debt	6.7 % of GDP		[113rd of 121]

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