Divergent Destinies In The Caucasus
REGIONAL FOCUS
The countries of the Caucasus region (Azerbaijan, Armenia and Georgia) continue to march down very different economic paths, despite their proximity and sociocultural connections.
Azerbaijan GDP and Economic Data
Country Report 2017 - Includes Azerbaijan real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Azerbaijan economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Azerbaijan best banks and safest banks are also available.
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Central bank
The Central Bank of the Republic of Azerbaijan
International Reserves
USD 6.7 billion (2018)
World Bank, data retrieved October 2019
Gross Domestic Product - GDP
USD 45.4 billion (2018, estimate)
GDP (Purchasing Power Parity)
Intl$ 179.7 billion (2018, estimate)
Real GDP growth
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 |
| 25.5% | 10.6% | 9.4% | 4.8% | -1.6% | 2.2% | 5.8% |
| 2014 | 2015 | 2016 | 2017* | 2018* | ||
| 2.8% | 1.1% | -3.1% | 0.1% | 1.4% |
*Estimate
GDP (PPP) - share of world total
| 1980 | 1990 | 2000 | 2010 | 2019* |
| N/A | N/A | 0.06% | 0.16% | 0.13% |
*Estimate
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GDP - composition by sector
- agriculture: 5.3%
- industry: 52.2%
- services: 35.2%
(2018 estimate)
Inflation
| 2015 | 2016 | 2017 | 2018* | 2019* |
| 4% | 12.4% | 12.8% | 2.3% | 2.8% |
*Estimate
Unemployment rate
| 2015 | 2016 | 2017 | 2018* | 2019* |
| 5% | 5% | 5% | 5% | 5% |
*Estimate
Public debt (General government gross debt as a % of GDP)
| 2015 | 2016 | 2017 | 2018* | 2019* |
| 18% | 20.6% | 22.5% | 18.8% | 19.7% |
*Estimate
Public deficit (General government net lending/borrowing as a % of GDP)
| 2015 | 2016 | 2017 | 2018* | 2019* |
| -4.8% | -1.1% | -1.4% | -5.6% | -5.3% |
*Estimate
Government bond ratings
Standard & Poor's: BB+
Moody's: Ba2
Standard & Poor's / Moody's
Source
Market value of publicly traded shares
| 2016 | 2017 | 2018 |
| N/A | N/A | N/A |
Source
Current account balance by percentage of GDP
12.9 % (2018 estimate)
Exports as percent of GDP (Exports of goods and services)
54.3% (2018)
Shares in world total merchandising export
0.11% (2018)
Shares in world total commercial services export
0.08% (2018)
Export commodities
Oil and gas roughly 90%, machinery, foodstuffs, cotton
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Import commodities
Machinery and equipment, foodstuffs, metals, chemicals
Exports - major partners
Italy 23.2%, Turkey 13.6%, Israel 6.1%, Russia 5.4%, Germany 5%, Czech Republic 4.6%, Georgia 4.3% (2017)
Imports - major partners
Russia 17.7%, Turkey 14.8%, China 9.9%, US 8.3%, Ukraine 5.3%, Germany 5.1% (2017)
FDI inflows
| 2016 | 2017 | 2018 |
| USD 4,500 million | USD 2,867 million | USD 1,403 million |
FDI outflows
| 2016 | 2017 | 2018 |
| USD 2,574 million | USD 2,564 million | USD 1,761 million |
Value of cross-border M&A, by country of purchaser
| 2015 | 2016 | 2017 | 2018 |
| USD -458 million | USD 106 million | N/A | USD 277 million |
Cross-border M&A deals worth over $3 billion completed in 2014
N/A
(for a monthly update on M&A; click here )
Cross-border M&A deals worth over $3 billion completed in 2015
N/A
(for a monthly update on M&A; click here )
Best countries for doing business
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.
Overall ranking:
34 out of 190 countries
Subcategories:
Starting a Business: 9 out of 190 countries
Dealing with Construction Permits: 59 out of 190 countries
Getting Electricity: 80 out of 190 countries
Registering Property: 44 out of 190 countries
Getting Credit: 1 out of 190 countries
Protecting Minority Investors: 105 out of 190 countries
Paying Taxes: 40 out of 190 countries
Trading across Borders: 83 out of 190 countries
Enforcing Contracts: 28 out of 190 countries
Resolving Insolvency: 47 out of 190 countries
Source
Global competitiveness ranking
58 out of 141 countries
(2019)
Index of Economic Freedom
Ranking: 60 / Score: 65.4 (Moderately free)
(100=totally free 0=totally repressed)
Source
Source
Languages
Azerbaijani (Azeri) (official) 92.5%, Russian 1.4%, Armenian 1.4%, other 4.7% (2009 est.)
Religions
Muslim 96.9% (predominantly Shia), Christian 3%, other <0.1, unaffiliated <0.1 (2010 est.)
Total population
| 1990 | 2000 | 2010 | 2015 | 2020* |
| N/A | 8.03 million | 9 million | 9.59 million | 10.18 million |
*Estimate
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Urban population as % of total population
| 1960 | 1980 | 2000 | 2018 |
| 52.7% | 52.8% | 51.4% | 55.7% |
Literacy
"Total population: 99.8%
Male: 99.9%
Female: 99.7%
Definition: age 15 and over can read and write (2016 est.)"
Freedom House rating
Not Free
Political Rights: 7
Civil Liberties: 6 (2019)
(1 represents the most free, 7 the least free rating)
Source
Total telephone subscribers as % of population
Fixed: 16.9%
Mobile: 103.9%
(2018)
(fixed-telephone subscribers and mobile-cellular subscribers)