Travel and tourism, transport, ICT, insurance and finance, petroleum crude oil, petroleum gases, automotive, machinery, electronics, metals, minerals, electronics, agriculture and textiles are major industries of Azerbaijan. In 2017, Agriculture industry contributed 6.1% to GDP of Azerbaijan. Manufacturing had a share of 53.5% while services industry had a share of 40.4% of GDP in 2017.
In 2017, Services industry exports was valued at USD 4.69 billion for Azerbaijan. Electronics export accounted for USD 24.7 million, machinery for USD 60.5 million, vehicals for USD 23 million, chemicals for USD 181 million, metals for USD 273 million, minerals for USD 16.6 billion, stones for USD 102 million, textiles for USD 93 billion and agriculture for USD 671 million in 2017.
Azerbaijan is located on the south-eastern frontiers of the European continent and serves as the geographical bridge between Europe and Central Asia; it is also a convenient economic and energy route from Northern Europe to the Middle East. Azerbaijan is bounded by the Caspian Sea to the east, Russia to the north, Georgia to the northwest, Armenia to the west, and Iran to the south. It has a presidential republic form of government, with Baku as the capital. The official currency in Azerbaijan is the Azerbaijani manat (AZN), and the official language is Azerbaijani.
Azerbaijan is estimated to have population of 10.18 million in the year 2020 and expected to reach 10.677 million by 2024, growing at a CAGR of 1.19%.
Azerbaijan’s real gross domestic product (GDP) was AZN 29.826 billion in 2019 and due to COVID-19 outbreak it is estimated to shrink by 2.184% to be around AZN 29.175 billion in 2020.
Azerbaijan’s unemployment rate was 4.971% of total labor force in 2019. Due to slowdown in global economic activity due to COVID-19 pandemic the unemployment is expected to increase by 0.44% and reach 4.993% in 2020. Unemployment is further estimated to decrease in 2021 by 0.14% and reach 4.986% of total labor force in Azerbaijan.
Azerbaijan’s per capita GDP was estimated at USD 4498.18 whereas purchasing power parity (PPP) based per capita GDP is estimated to be at USD 18793.77 for the year 2019.
In 2019, Azerbaijan government’s revenue was estimated to be AZN 29.916 billion whereas the expenditure is estimated to be AZN 26.496 billion. This is expected to result in Azerbaijan government’s net lending / borrowing positive at AZN 3.42 billion in 2019 indicating that enough financial resources were made available by the government to boost economic growth.
The current account balance for Azerbaijan was estimated to be at USD 5.273 billion for the year 2019 and is expected to further increase at a CAGR of 22.65% and reach USD 7.037 billion by 2024. This positive current account balance indicates that Azerbaijan is a net lender to the whole world.
In World Bank’s ease of doing business ranking Azerbaijan was ranked 34 out of 190 countries in 2019. Azerbaijan’s ease of doing business ranking has slipped from 25th position in 2018.
*If Applicable.