Mother Earth Travel > Country Index > Azerbaijan > Map Economy History |
| 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.) Inflation rate (consumer prices): 1.8% (2000 est.) Labor force: 2.9 million (1997) Labor force - by occupation: agriculture and forestry 32%, industry and construction 15%, services 53% (1997) Unemployment rate: 20% (1999 est.) Budget: revenues: $777 million expenditures: $995 million (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: 18.062 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: 1 manat = 100 gopiks SOURCE: The World Factbook |
Mother Earth Travel > Country Index > Azerbaijan > Map Economy History