GDP in Azerbaijan
Azerbaijan - GDPAzerbaijan has not yet recovered from last year’s recession, when the economy contracted 3.8%—a two-decade low—as a result of low energy prices and weak economic activity in neighboring CIS countries. According to data recently released by the country’s statistical office, GDP decreased 0.9% in the January-March period relative to the same period last year. While the non-oil sector grew slightly in the aforementioned period, the country’s all-important oil and gas sector contracted 6.8%. Azerbaijan is at a crossroads in its economic development as oil prices are unlikely to return to the dizzying heights observed a decade ago and oil output is expected to gradually decline in the future. Thus the government urgently needs to diversify the economy and foster private and foreign investment in order to make up for the projected fall in oil-related revenue.
Azerbaijan - GDP Data
|Economic Growth (GDP, annual variation in %)||0.1||2.2||5.8||2.8||1.1|
5 years of economic forecasts for more than 30 economic indicators.
Azerbaijan GDP Chart
|Exchange Rate||1.72||0.0 %||May 10|
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