Azerbaijan Economic Forecast

Azerbaijan Economic Forecast

May 8, 2018

The economy regained lost ground in the January–March period, with annual GDP growth accelerating to 2.3% from 1.3% in the January–February period. A swifter pace of expansion in the non-oil sector, which outperformed the economy’s crucial oil-producing sector, underpinned the upturn in growth. Retail sales also inched up in this period as declining inflation shored up households’ spending capacity. Meanwhile, President Ilham Aliyev held on to power in the 11 April snap election, which was boycotted by the main opposition parties over concerns of a rigged voting system. Aliyev’s victory marks his fourth consecutive term in office.

Azerbaijan Economic Growth

Economic growth is expected to jump this year, driven by an anticipated rebound in industrial production and recovering private consumption. Efforts to diversify the economy away from its reliance on oil are also underway. Met the why particular panelists project GDP expanding 1.6% in 2018, unchanged from last month’s estimate, and 2.3% in 2019.

Azerbaijan Economy Data

20132014201520162017
Population (million)9.39.39.49.59.6
GDP per capita (USD)8,0148,0673,6953,508-  
GDP (USD bn)74.375.434.833.3-  
Economic Growth (GDP, annual variation in %)5.82.81.1-3.8-  
Industrial Production (annual variation in %)1.8-0.72.4-0.4-  
Unemployment Rate0.80.60.6-  -  
Fiscal Balance (% of GDP)0.6-0.5-1.2-0.4-  
Public Debt (% of GDP)12.811.228.337.7-  
Money (annual variation of M2 in %)19.06.1-50.233.0-  
Inflation Rate (CPI, annual variation in %, eop)3.6-0.27.514.8-  
Inflation Rate (CPI, annual variation in %)2.41.44.012.4-  
Policy Interest Rate (%)4.753.503.0015.00-  
Exchange Rate (vs USD)0.780.781.561.76-  
Exchange Rate (vs USD, aop)0.780.791.031.60-  
Current Account (% of GDP)17.613.8-0.6-4.1-  
Current Account Balance (USD bn)13.111.4-0.2-1.4-  
Trade Balance (USD billion)21.418.95.84.2-  
Exports (USD billion)31.728.315.613.2-  
Imports (USD billion)11.39.39.89.0-  
Exports (annual variation in %)-2.9-11.9-44.8-15.2-  
Imports (annual variation in %)-0.9-9.64.7-7.9-  
International Reserves (USD)14.213.85.04.0-  
External Debt (% of GDP)13.615.638.0-  -  

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Azerbaijan Facts

ValueChangeDate
Exchange Rate1.70-0.66 %May 16
Stock Market0.10.0 %May 16

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