Azerbaijan Economic Forecast

Azerbaijan Economic Forecast

February 6, 2018

Data released by the government showed that the Azerbaijan economy posted a meager growth rate of 0.1% in 2017 over the year before. However, the figures paint a mixed picture: The overall economy, including the oil sector, continued to struggle, while the non-oil economy performed robustly and grew 2.7% year-on-year. Private consumption seemingly led the way, as retail trade data recorded a solid growth rate for the year. Household spending was likely supported by strong wage growth; however, fixed investment contracted significantly in the year, dragging on domestic demand.

Azerbaijan Economic Growth

Ongoing talks with the EU to reach a comprehensive agreement with the country should improve Azerbaijan’s export and investment potential. Moreover, private consumption is likely to buttress economic growth this year, while the outlook for oil exports is expected to improve. Met the why particular panel sees GDP growth of 1.5% in 2018, unchanged from last month’s estimate, and 2.1% in 2019.

Azerbaijan Economy Data

Population (million)
GDP per capita (USD)7,5948,0148,0673,6953,508
GDP (USD bn)69.874.375.434.833.3
Economic Growth (GDP, annual variation in %)
Industrial Production (annual variation in %)-2.61.8-0.72.4-0.4
Unemployment Rate0.  
Fiscal Balance (% of GDP)0.30.6-0.5-1.2-0.4
Public Debt (% of GDP)13.912.811.228.337.7
Money (annual variation of M2 in %)25.519.06.1-50.233.0
Inflation Rate (CPI, annual variation in %, eop)-0.33.6-0.27.514.8
Inflation Rate (CPI, annual variation in %)
Policy Interest Rate (%)5.004.753.503.0015.00
Exchange Rate (vs USD)0.780.780.781.561.76
Exchange Rate (vs USD, aop)0.780.780.791.031.60
Current Account (% of GDP)21.317.613.8-0.6-4.1
Current Account Balance (USD bn)14.913.111.4-0.2-1.4
Trade Balance (USD billion)22.221.418.95.84.2
Exports (USD billion)32.631.728.315.613.2
Imports (USD billion)11.411.
Exports (annual variation in %)-5.4-2.9-11.9-44.8-15.2
Imports (annual variation in %)2.5-0.9-9.64.7-7.9
International Reserves (USD)11.614.
External Debt (% of GDP)14.813.615.638.0-  

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Azerbaijan Facts

Exchange Rate1.70-0.66 %Feb 22
Stock Market0.10.0 %Feb 22

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