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    Azerbaijan Index 2006

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    Azerbaijan Economy - 2006
    http://www.theodora.com/wfbcurrent/azerbaijan/azerbaijan_economy.html
    SOURCE: 2006 CIA WORLD FACTBOOK

      Economy - overview:
      Azerbaijan's number one export is oil. 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 thus far 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 is scheduled to begin 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. Economists estimate that 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, and the pervasive corruption. 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 pipelines in the region, and Azerbaijan's ability to manage its oil wealth.

      GDP (purchasing power parity):
      $37.03 billion (2005 est.)

      GDP (official exchange rate):
      $10.67 billion (2005 est.)

      GDP - real growth rate:
      19.7% (2005 est.)

      GDP - per capita (PPP):
      $4,700 (2005 est.)

      GDP - composition by sector:
      agriculture: 14.1%
      industry: 45.7%
      services: 40.2% (2002 est.)

      Labor force:
      5.45 million (2005 est.)

      Labor force - by occupation:
      agriculture: 41%
      industry: 7%
      services: 52% (2001)

      Unemployment rate:
      1.2% official rate (2005 est.)

      Population below poverty line:
      49% (2002 est.)

      Household income or consumption by percentage share:
      lowest 10%: 2.8%
      highest 10%: 27.8% (1995)

      Distribution of family income - Gini index:
      36.5 (2001)

      Inflation rate (consumer prices):
      12% (2005 est.)

      Investment (gross fixed):
      57.4% of GDP (2005 est.)

      Budget:
      revenues: $3.18 billion
      expenditures: $2.986 billion; including capital expenditures of $NA (2005 est.)

      Public debt:
      13.9% of GDP (2005 est.)

      Agriculture - products:
      cotton, grain, rice, grapes, fruit, vegetables, tea, tobacco; cattle, pigs, sheep, goats

      Industries:
      petroleum and natural gas, petroleum products, oilfield equipment; steel, iron ore; cement; chemicals and petrochemicals; textiles

      Industrial production growth rate:
      25% (2005 est.)

      Electricity - production:
      20 billion kWh (2003)

      Electricity - consumption:
      20.25 billion kWh (2003)

      Electricity - exports:
      700 million kWh (2003)

      Electricity - imports:
      2.35 billion kWh (2003)

      Oil - production:
      477,000 bbl/day (2005 est.)

      Oil - consumption:
      123,000 bbl/day (2003 est.)

      Oil - exports:
      NA bbl/day

      Oil - imports:
      NA bbl/day

      Oil - proved reserves:
      589 million bbl (1 January 2002)

      Natural gas - production:
      5.13 billion cu m (2003 est.)

      Natural gas - consumption:
      9.2 billion cu m (2003 est.)

      Natural gas - exports:
      0 cu m (2001 est.)

      Natural gas - imports:
      1 billion cu m (2001 est.)

      Natural gas - proved reserves:
      849.5 billion cu m (1 January 2002)

      Current account balance:
      -$1.53 billion (2005 est.)

      Exports:
      $6.117 billion f.o.b. (2005 est.)

      Exports - commodities:
      oil and gas 90%, machinery, cotton, foodstuffs

      Exports - partners:
      Italy 26.6%, Czech Republic 11.9%, Germany 8.1%, Indonesia 6.4%, Romania 6.2%, Georgia 6%, Russia 5.3%, Turkey 5.2%, France 4.1% (2004)

      Imports:
      $4.656 billion f.o.b. (2005 est.)

      Imports - commodities:
      machinery and equipment, oil products, foodstuffs, metals, chemicals

      Imports - partners:
      Russia 16.1%, UK 12.5%, Turkey 10.5%, Germany 7.8%, Ukraine 5.6%, Netherlands 4.9%, US 4.1%, Italy 4% (2004)

      Reserves of foreign exchange and gold:
      $1.2 billion (2005 est.)

      Debt - external:
      $2.253 billion (2005 est.)

      Economic aid - recipient:
      ODA, $140 million (2000 est.)

      Currency (code):
      Azerbaijani manat (AZM)

      Exchange rates:
      Azerbaijani manats per US dollar - 4,727.1 (2005), 4,913.48 (2004), 4,910.73 (2003), 4,860.82 (2002), 4,656.58 (2001)

      Fiscal year:
      calendar year


      NOTE: The information regarding Azerbaijan on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Azerbaijan Economy 2006 information contained here. All suggestions for corrections of any errors about Azerbaijan Economy 2006 should be addressed to the CIA.

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    http://www.theodora.com/wfbcurrent/azerbaijan/azerbaijan_economy.html

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)


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