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Economy overview
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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. 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. One obstacle to economic progress is the need for stepped up foreign investment in the non-energy sector. A second obstacle 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 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.
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GDP
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purchasing power parity - $26.65 billion (2004 est.)
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GDP - real growth rate
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11.2% (2004 est.)
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GDP - per capita
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purchasing power parity - $3,400 (2004 est.)
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GDP - composition by sector
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agriculture: 14.1%
industry: 45.7%
services: 40.2% (2002 est.)
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Investment gross fixed
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50.4% of GDP (2004 est.)
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Population below poverty line
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49% (2002 est.)
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Household income or consumption by percentage share
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lowest 10%: 2.8%
highest 10%: 27.8% (1995)
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Distribution of family income - Gini index
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36 (1995)
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Inflation rate consumer prices
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2.1% (2004 est.)
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Labor force
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4.99 million (2004 est.)
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Labor force by occupation
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agriculture and forestry 41%, industry 7%, services 52% (2001)
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Unemployment rate
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1.1% (official rate is 1.2%) (2004 est.)
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Budget
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revenues: $2.063 billion
expenditures: $2.202 billion, including capital expenditures of NA (2004 est.)
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Public debt
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16.3% of GDP (2004 est.)
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Agriculture products
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cotton, grain, rice, grapes, fruit, vegetables, tea, tobacco; cattle, pigs, sheep, goats
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Industries
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petroleum and natural gas, petroleum products, oilfield equipment; steel, iron ore, cement; chemicals and petrochemicals; textiles
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Industrial production growth rate
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6.1% (2004 est.)
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Electricity production
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18.23 billion kWh (2001)
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Electricity production by source
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fossil fuel: 89.7%
hydro: 10.3%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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16.65 billion kWh (2001)
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Electricity exports
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700 million kWh (2001)
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Electricity imports
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400 million kWh (2001)
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Oil production
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307,200 bbl/day (2004 est.)
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Oil consumption
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140,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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589 million bbl (1 January 2002)
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Natural gas production
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5.72 billion cu m (2001 est.)
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Natural gas consumption
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6.72 billion cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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1 billion cu m (2001 est.)
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Natural gas proved reserves
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62.3 billion cu m (1 January 2002)
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Current account balance
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$-2.021 billion (2004 est.)
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Exports
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$2.605 billion f.o.b. (2004 est.)
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Exports commodities
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oil and gas 90%, machinery, cotton, foodstuffs
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Exports partners
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Italy 34.1%, Czech Republic 11.4%, Germany 10.5%, France 8.2%, Turkey 5.9%, Georgia 4.5%, Russia 4.5% (2003)
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Imports
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$2.498 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and equipment, oil products, foodstuffs, metals, chemicals
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Imports partners
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Russia 15.5%, Turkey 12%, UK 8.7%, Germany 8.1%, China 7.8%, Ukraine 5.4%, Italy 4.6%, US 4.6%, Kazakhstan 4.3% (2003)
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Reserves of foreign exchange gold
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$820.9 million (2004 est.)
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Debt external
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$1.575 billion (2004 est.)
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Economic aid recipient
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ODA, $140 million (2000 est.)
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Currency
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Azerbaijani manat (AZM)
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Currency code
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AZM
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Exchange rates
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Azerbaijani manats per US dollar - 4,910.73 (2003), 4,860.82 (2002), 4,656.58 (2001), 4,474.15 (2000), 4,120.17 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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