GDP in Azerbaijan

Azerbaijan GDP | Economic News & Forecasts

Azerbaijan - GDP

Azerbaijan 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

2011  2012  2013  2014  2015  
Economic Growth (GDP, annual variation in %)0.1  2.2  5.8  2.8  1.1  

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Azerbaijan GDP Chart

Azerbaijan GDP
Note: Annual variation of gross domestic product (GDP) in %.

Azerbaijan Facts

Exchange Rate1.720.0 %May 10

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