petroleum and natural gas; petroleum products; oilfield equipment; steel; iron ore; cement; chemicals; petrochemicals; textiles; machinery; cotton; foodstuffs
External
Exports
$38.1
billion (2022 Dec.)[15]
Export goods
oil and gas, machinery, foodstuffs, cotton
Main export partners
Italy 46.6%
Turkey 9.29%
Israel 4.41%
India 4.36%
Greece 3.65%
Spain 2.65%
Russia 2.56%
Croatia 2.50%
Czech Republic 2.42%
United Kingdom 2.04% (2022)[16]
Imports
$14.5 billion (2022 Dec.)[17]
Import goods
machinery and equipment, foodstuffs, metals, chemicals
Main import partners
Russia 18.81%
Turkey 15.8%
China 14.35%
Germany 4.56%
Turkmenistan 3.51%
United States 3.3%
Iran 3.28%
Italy 2.34%
Japan 2%
South Korea 1.85% (2022 Dec.)[16]
FDI stock
$79.53 billion (31 December 2017 est.)[5]
Abroad: $19.6 billion (31 December 2017 est.)[5]
Current account
$4.4 billion (2019 est.)[5]
Gross external debt
$8.927 billion (2020 est.)[5]
Public finances
Government debt
17.59% of GDP (2020 est.)[5]
Budget balance
5.55% (of GDP) (2019 est.)[5]
Revenues
17.175 billion (2022 est.)[18]
Expenses
19.002 billion (2022 est.)[19]
Credit rating
Fitch:[20]
BB+
Outlook: Negative
Moody's:[21]
Ba2
Outlook: Stable
Standard & Poor's:[22]
BB+
AAA (T&C Assessment)
Outlook: Stable[23]
Foreign reserves
$70,1 billion (2024 est.)[5]
Main data source:CIA World Fact Book All values, unless otherwise stated, are in US dollars.
The economy of Azerbaijan is highly dependent on oil and gas exports, in particular since the completion of the Baku-Tbilisi-Ceyhan Pipeline. The transition to oil production in the late 1990s led to rapid economic growth over the period 1995–2014.[24][25] Since 2014, GDP growth has slowed down substantially.[25]
Large oil reserves are a major contributor to Azerbaijan's economy. Gas and oil make up two-thirds of Azerbaijan's GDP, making it one of the top ten most fossil fuel-dependent economies in the world.[26]
Azerbaijan's economy is characterized by corruption and inequality.[24] The country's oil wealth has significantly strengthened the stability of Ilham Aliyev's regime and enriched ruling elites in Azerbaijan.[27][28][29][30] The country's oil wealth has enabled the state to host lavish international events, as well as engage in extensive lobbying efforts abroad.[31][32]
The national currency is the Azerbaijani manat. The private sector is weak in Azerbaijan, as the economy is dominated by state-owned enterprises.[25] More than half of the formal labor force works for the government in Azerbaijan.[25]
^"World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 21 April 2024.
^"Population on 1 January". ec.europa.eu/eurostat. Eurostat. Retrieved 13 July 2020.
^ abcd"World Economic Outlook Database, April 2024 Edition. (Azerbaijan)". International Monetary Fund. April 2024. Retrieved 21 April 2024.
^Global Economic Prospects, June 2020. World Bank. 8 June 2020. p. 80. doi:10.1596/978-1-4648-1553-9. ISBN 978-1-4648-1553-9. S2CID 225749731. Retrieved 10 June 2020. {{cite book}}: |website= ignored (help)
^ abcdefghijk"Azerbaijan". The World Factbook (2024 ed.). Central Intelligence Agency. Retrieved 16 August 2019. (Archived 2019 edition.)
^"Macroeconomic Indicactors, December 2023". stat.gov.az. State Statistics Committee.
^"Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) – Azerbaijan". data.worldbank.org. World Bank. Retrieved 3 November 2019.
^"Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 17 November 2022.
^"Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 17 November 2022.
^"Labor force, total – Azerbaijan". data.worldbank.org. World Bank. Retrieved 3 November 2019.
^"Employment to population ratio, 15+, total (%) (national estimate) – Azerbaijan". data.worldbank.org. World Bank. Retrieved 3 November 2019.
^"World Economic Outlook Database, April 2022". IMF.org. International Monetary Fund. Retrieved 20 April 2020.
^"Unemployment, total (% of total labor force) (national estimate) – Azerbaijan". data.worldbank.org. World Bank. Retrieved 6 March 2020.
^"Unemployment, youth total (% of total labor force ages 15-24) (national estimate) – Azerbaijan". data.worldbank.org. World Bank. Retrieved 6 March 2020.
^"Azərbaycan Dövlət Gömrük Komitəsi".
^ ab"Foreign trade partners of Azerbaijan". The States Customs Committee of the Republic of Azerbaijan. Retrieved 31 December 2022.
^"Azərbaycan Dövlət Gömrük Komitəsi".
^"Доходы и расходы госбюджета Азербайджана на 2022 год увеличиваются".
^"Доходы и расходы госбюджета Азербайджана на 2022 год увеличиваются".
^"Azerbaijan at BBB- according to Fitch Ratings" (in Turkish). London. 27 January 2012. Archived from the original on 31 December 2013.
^"Moody's changes outlook on Azerbaijan's sovereign ratings to positive from stable". 8 March 2011.
^"Sovereigns Ratings List".
^"Azerbaijan Rating Stable". London. 13 January 2012. Archived from the original on 30 January 2015. Retrieved 1 April 2012.
^ abLevine, Joshua (15 August 2012). "Big in Baku". The New York Times. ISSN 0362-4331.
^ abcd"Azerbaijan: Country economic memorandum" (PDF). World Bank. September 2022.
^Lo, Joe (9 December 2023). "Oil-reliant Azerbaijan chosen to host Cop29 climate talks". Climate Home News. Retrieved 9 December 2023.
^Altstadt, Audrey L. (2017). Frustrated Democracy in Post-Soviet Azerbaijan. Columbia University Press. pp. 114–120. ISBN 978-0-231-80141-6.
^Waal, Thomas de (2 November 2018). The Caucasus: An Introduction. Oxford University Press. pp. 185–186, 226–229. ISBN 978-0-19-068311-5.
^Ross, Michael (2012). The Oil Curse: How Petroleum Wealth Shapes the Development of Nations. Princeton University Press. p. 60. ISBN 978-0-691-14545-7.
^Cornell, Svante E. (2015). Azerbaijan Since Independence. Routledge. pp. 210–211, 235. ISBN 978-1-317-47621-4.
^Project, Organized Crime and Corruption Reporting. "The Azerbaijani Laundromat". OCCRP.
^Harding, Luke; Barr, Caelainn; Nagapetyants, Dina (4 September 2017). "Everything you need to know about the Azerbaijani Laundromat" – via www.theguardian.com.
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Global Information
10,156,256 (2022 Dec.)[2]
$8.927 billion (2020 est.)[5]
