21, Nov 2009, CST. Welcome to the Azerbaijan economic statistics pages provided by the beta version of EconomyWatch.com’s Econ Stats database.

Economic Indicators For: Azerbaijan › Change country
National or Regional Currency: Azerbaijani Manat, AZM
Year of data: 2008 › Change year
Number of Indicators Listed: 19
Full Dataset: From Year 1980 to 2013
Date of Last Update: 1 Sept 2009
Population: 8,238,672 (July 2009 est.)
Area: total: 86,600 sq km land: 86,100 sq km water: 500 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
Natural Resources: petroleum, natural gas, iron ore, nonferrous metals, bauxite
Government Type: Azerbaijan government type
Government Ministers: Azerbaijan ministers
Capital: Baku (Baki, Baky)
Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook

Azerbaijan's high growth of the economy during 2006-08 is attributable to large and expanding oil and gas exports, but the non-energy sector also featured double-digit growth in 2008, spurred by growth in the construction and building, banks and financial institutions and financial services, and real estate sectors. However, the current global economic slump presents some problems for the Azerbaijani economy as oil and gas prices or pricing have plummeted since mid-2008 and local banks and financial institutions face a more uncertain international financial environment. Azerbaijan's oil and gas production declined through 1997, but has registered an increase every year since. Negotiation of production-sharing arrangements (PSAs) with foreign firms, which have committed US$60 bn to long-term oil and gas field development, should generate the investment needed to spur future industrial development. Oil and gas production under the first of these PSAs, with the Azerbaijan international Operating Company, began in November 1997. A consortium of Western oil and gas companies built a US$4 bn pipeline from Baku to Turkey's Mediterranean port of Ceyhan which will pump 1.2 mn barrels a day from a large offshore field when at full capability. Azerbaijan shares all the formidable problems of the former Soviet republics in making the transition from a control to a open or free market economy, but its considerable energy resources brighten its medium-term prospects. Baku has only recently begun making progress on economic reform, and old economic ties and structures are slower than hoped being replaced. Several other obstacles impede Azerbaijan's economic development: the need for stepped up Foreign Direct Investment (FDI) in the non-energy sector, the continuing dispute with Armenia over the Nagorno-Karabakh region, pervasive corruption (including cronyism and nepotism), and potential for a sharp downturn in the construction and building and real estate sectors. trade (imports and exports) with Russia and the other former Soviet republics is declining in importance, while trade (imports and exports) is building with Turkey and the countries of Europe. Long-term prospects will depend on world oil and gas prices or pricing, the location of new oil pipelines in the region, and Azerbaijan's ability to manage its energy wealth to promote maintainable growth in non-energy sectors of its economy and spur employment.
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GDP (Constant Prices, National Currency) for Azerbaijan in year 2008 is AZM 17.631 Billion. Real GDP is expressed in billions of national currency units; the base year is country-specific.

GDP Growth (Constant Prices, National Currency) for Azerbaijan in year 2008 is 11.63 %. Annual percentages of constant price GDP are year-on-year changes; the base year is country-specific.

GDP (Current Prices, National Currency) for Azerbaijan in year 2008 is AZM 38.006 Billion. GDP is expressed in billions of national currency units.

GDP (Current Prices, US Dollars) for Azerbaijan in year 2008 is US$ 46.378 Billion. Values are based upon GDP in national currency and the exchange rate projections provided by country economists for the group of other emerging market and developing countries. Exchanges rates for advanced economies are established in the WEO assumptions for each WEO exercise.

GDP Deflator for Azerbaijan in year 2008 is 215.562 (Index, Base Year as per country's accounts = 100). The GDP deflator is derived by dividing current price GDP by constant price GDP and is considered to be an alternate measure of inflation. Please note: Data are expressed in the base year of each country's national accounts.

GDP Per Capita (Constant Prices, National Currency) for Azerbaijan in year 2008 is AZM 2,033.61 . GDP is expressed in constant national currency per person. Data are derived by dividing constant price GDP by total population.

GDP Per Capita (Current Prices, National Currency) for Azerbaijan in year 2008 is AZM 4,383.69 . GDP is expressed in current national currency per person. Data are derived by dividing current price GDP by total population.

GDP Per Capita (Current Prices, US Dollars) for Azerbaijan in year 2008 is US$ 5,349.39 . GDP is expressed in current U.S. dollars per person. Data are derived by first converting GDP in national currency to U.S. dollars and then dividing it by total population.

Output Gap, Percent of Potential GDP for Azerbaijan in year 2008 is not available

GDP (PPP), US Dollars for Azerbaijan in year 2008 is US$ 74.734 Billion. These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. Please note: The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurem

GDP Per Capita (PPP), US Dollars for Azerbaijan in year 2008 is US$ 8,620.08 . These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. Please note: The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurem

GDP Share of World Total (PPP) for Azerbaijan in year 2008 is 0.112 %. These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. Please note: The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurem

Implied PPP Conversion Rate for Azerbaijan in year 2008 is 0.509 . These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. Please note: The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurem

Investment (% of GDP) for Azerbaijan in year 2008 is not available

Gross National Savings (% of GDP) for Azerbaijan in year 2008 is not available

Inflation, Average Consumer Prices (Indexed to Year 2000) for Azerbaijan in year 2008 is 190.592 (Index, Base Year 2000 = 100). Data for inflation are averages for the year, not end-of-period data. The index is based on 2000=100.

Inflation (Average Consumer Price Change %) for Azerbaijan in year 2008 is 20.792 %. Data for inflation are averages for the year, not end-of-period data.

Inflation, End of Year (Indexed to Year 2000) for Azerbaijan in year 2008 is 194.249 (Index, Base Year 2000 = 100). Data for inflation are end of the period, not annual average data. The index is based on 2000=100.

Inflation (End of Year Change %) for Azerbaijan in year 2008 is 15.4 %. Data for inflation are end of the period, not annual average data.

Six-month London Interbank Offered Rate (LIBOR) Change % for Azerbaijan in year 2008 is not available

Unemployment Rate (% of Labour Force) for Azerbaijan in year 2008 is not available

Employment for Azerbaijan in year 2008 is not available

Population for Azerbaijan in year 2008 is 8.67 Million .

General Government Balance (National Currency) for Azerbaijan in year 2008 is not available

General Government Balance (% of GDP) for Azerbaijan in year 2008 is not available

General Government Structural Balance (National Currency) for Azerbaijan in year 2008 is not available

General Government Structural Balance (% Potential GDP) for Azerbaijan in year 2008 is not available

General Government Net Debt (National Currency) for Azerbaijan in year 2008 is not available

General Government Net Debt (% GDP) for Azerbaijan in year 2008 is not available

General Government Gross Debt (National Currency) for Azerbaijan in year 2008 is not available

General Government Gross Debt (% GDP) for Azerbaijan in year 2008 is not available

Current Account Balance (US Dollars) for Azerbaijan in year 2008 is US$ 16.454 Billion. Balance of payments data are based upon the methodology of the 5th edition of the International Monetary Fund's Balance of Payments Manual (1993). Data for the world total reflects errors, omissions, and asymmetries in balance of payments statistics on current account, as well as the exclusion of data for international organizations and a limited number of countries. Calculated as the sum of the balance of individual countries.

Current Account Balance (% GDP) for Azerbaijan in year 2008 is 35.477 %. Balance of payments data are based upon the methodology of the 5th edition of the International Monetary Fund's Balance of Payments Manual (1993). Data for the world total reflects errors, omissions, and asymmetries in balance of payments statistics on current account, as well as the exclusion of data for international organizations and a limited number of countries. Calculated as the sum of the balance of individual countries.