Directly accessible data for 170 industries from 50 countries [71][72], The president appointed the State Customs Committee as the leading body of controlling goods and transportation passing through the borders of the country in 2008. Growth of real money incomes of population, development of trust in the bank system, improving the legal bases of protection of interests of creditors and depositors, in particular launch of 'Deposits Insurance Fund' were the criteria characterizing rapid growth of deposits of population. Throughout the Soviet period, Azerbaijan had always been less developed industrially than Armenia and Georgia, two neighboring Transcaucasia countries but also less diversified, as a result of slow investment in the non-oil sector. Since 2002, important stages of restructuring of the banking system have started to be carried out. [30][31][32] In 2012, Globalization and World Cities Research Network study ranked Baku as a Gamma-level global city. Progress on economic reform has generally lagged behind macroeconomic stabilization. Also, taxpayers can now file and pay their taxes online. [41], In addition to smaller productions of other agricultural products, like melon (94 thousand tons), pear (52 thousand tons) and apricot (28 thousand tons). Then you can access your favorite statistics via the star in the header. Accessed July 22, 2022. https://www.statista.com/statistics/457501/gross-domestic-product-gdp-per-capita-in-azerbaijan/, IMF. [27] In March 2001, Azerbaijan concluded a natural gas agreement with Turkey, providing a future export market for Azerbaijan. The convenient location of Azerbaijan on the crossroad of major international traffic arteries, such as the Silk Road and the southnorth corridor, highlights the strategic importance of the transportation sector for the country's economy. The GDP figure in 2021 was 46,176$54,622 million, Azerbaijan is number 90 in the ranking of GDP of the 196 countries that we publish. [23] The government has largely completed privatization of agricultural lands and small and medium-sized enterprises. [77], In 2008, Azerbaijan was cited as the top reformer by the World Bank's Doing Business report:[78]. Please create an employee account to be able to mark statistics as favorites. [7], Single window system shares needed information through a single gateway with all organizations serving in trade field, as well as abolishes useless processes and raises the effectiveness of cooperation among different parties. [42], In 2007, mining and hydrocarbon industries accounted for well over 95 percent of the Azerbaijani economy. April 19, 2022. The Azerbaijani manat is the currency of Azerbaijani, denominated as the manat, subdivided into 100 qapik. Since 2001, the economic activity in the country is regulated by the Ministry of Economy of Azerbaijan Republic. and over 1Mio. Suitable for enterprise usage. [33], In 2015, Turkey and Azerbaijan agreed to boost mutual trade to US$15 billion by 2023.[34]. ", IMF, Azerbaijan: Gross domestic product (GDP) per capita in current prices from 1997 to 2027 (in U.S. dollars) Statista, https://www.statista.com/statistics/457501/gross-domestic-product-gdp-per-capita-in-azerbaijan/ (last visited July 22, 2022), Azerbaijan: Gross domestic product (GDP) per capita in current prices from 1997 to 2027, Life expectancy at birth in Azerbaijan 2020, Life expectancy at birth in Azerbaijan 2020, by gender, Median age of the population in Azerbaijan from 1950 to 2050, Gross domestic product (GDP) in Azerbaijan 2027, Gross domestic product (GDP) per capita in Azerbaijan 2027, Gross domestic product (GDP) growth rate in Azerbaijan 2027, Azerbaijan: Share in global GDP adjusted for PPP 2027, Share of economic sectors in the GDP in Azerbaijan 2020, Employment by economic sector in Azerbaijan 2019, Labor force participation rate in Azerbaijan 2019, National debt of Azerbaijan in relation to gross domestic product (GDP) 2027*, Ratio of military expenditure to gross domestic product (GDP) in Azerbaijan 2020, Ratio of government expenditure to gross domestic product (GDP) in Azerbaijan 2027, Azerbaijan's budget balance in relation to GDP 2027, Total population of the Caucasus countries 2017 to 2027, Life expectancy at birth in the Caucasus countries 2019, Death rates in the Caucasus countries 2019, Gross domestic product of the Caucasus countries from 2017 to 2027, Gross domestic product (GDP) per capita in the Caucasus countries 2027, Trade balance of goods in the Caucasus countries 2020, Inflation rate in the Caucasus countries 2027, National debt of Caucasus countries in relation to gross domestic product (GDP) 2027, New cases of COVID-19 worldwide from January 23, 2020 to July 13, 2022, by day, Export of commodities from Azerbaijan 2020, Gross domestic product (GDP) per capita in Marshall Islands 2027, Gross domestic product (GDP) per capita in the Arab world 2021, Gross domestic product (GDP) per capita in the Kyrgyz Republic 2027, Gross domestic product (GDP) per capita in Sub-Saharan Africa 2024, Views of stakeholders on when will the carbon emissions peak in China 2019, Pneumatic equipment sales value in Japan 2012-2020, Penetration rate of mobile dating apps Philippines 2020 by age, Import value of earthmoving and mining machinery India FY 2016-2021, Market size of orthodontic treatment in China 2016-2020, Azerbaijan: Gross domestic product (GDP) per capita in current prices from 1997 to 2027 (in U.S. dollars), Find your information in our database containing over 20,000 reports, Find a brief overview of all Outlooks here, Tools and Tutorials explained in our Media Centre. This rate is 99 The ISO 4217 abbreviation is AZN. Scheme provided customs officers to issue "permit" certificates at border checkpoints to vehicles, which perform customs, veterinary, photo-sanitary and sanitary quarantine control activities and international automobile transportation in accordance with legislation. Oil production under the first of these PSAs, with the Azerbaijan International Operating Company, began in November 1997 and now is about 500,000 barrels per day. The government of Azerbaijan has set the development of Azerbaijan as an elite tourist destination a top priority. Azerbaijani government supports financially single window system. The Caspian fishing industry is concentrated on the dwindling stocks of sturgeon and beluga. Oil remains the most prominent product of Azerbaijan's economy with cotton, natural gas and agriculture products contributing to its economic growth over the last five years. If you are an admin, please authenticate by logging in again. Tokens allow a call of indefinite duration. White label accounts can distribute our data. [51], Azerbaijan has a large and steadily growing Internet sector, mostly uninfluenced by the financial crisis of 20072008; rapid growth is forecast for at least five more years.[52]. Tourism is an important part of the economy of Azerbaijan. [68] According to the decree, Ministry of Justice, Ministry of Economic Development, Ministry of Taxes, Ministry of Labor and Social Protection, State Social Protection Fund, and State Statistics Committee should present a proposal on the organization of entrepreneurial activities by single registration body based on single window principle. The GDP per capita of Azerbaijan in 2021 was 4,563$5,398, 842$1,157 higher than in 2020, it was 3,721$4,241. Instant access to full history data in excel. As of 1 April 2010, bank credits to customers is 8.5 bn AZN, which makes 70.5% of bank assets. The following table shows the main economic indicators in 19802017. To use individual functions (e.g., mark statistics as favourites, set After this amendment, all of Azerbaijan's 29 customs checkpoints started to implement new single window system. [38] In the same year the total wood resources counted 136million cubic metres (178million cubic yards). Despite allowing the value of the manat to "float", Azerbaijan's central bank has decisive ability to control its value with relationship to other currencies. Trading Economics welcomes candidates from around the world. The program will be focused on the development of the region at the local and international levels. Key information about Azerbaijan GDP Per Capita. * Estimate.The values have been rounded to provide a better understanding of the statistic. Azerbaijan: Gross domestic product (GDP) per capita in current prices from 1997 to 2027 (in U.S. dollars) [Graph]. With a history of industrial development of more than 100 years, Azerbaijan proved to be a leading nation in the Southern Caucasus throughout the turmoil of the Soviet Union collapse in the early 1990s until nowadays. As of 1 April 2010, bank deposits of population were equal to 2,4 billion AZN. Some portions of most products that were previously imported from abroad have begun to be produced locally (among them are Coca-Cola by Coca-Cola Bottlers LTD, beer by Baki-Kastel, parquet by Nehir and oil pipes by EUPEC Pipe Coating Azerbaijan). In 2002, the Azerbaijani government established the Ministry of Transport with a broad range of policy and regulatory functions. Azerbaijan's extensive reforms moved it far up the ranks, from 97 to 33 in the overall ease of doing business. As of 2009, there were 1,397,000 main telephone lines[53] and 1,485,000 internet users. $39 per month* It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. One of the banks was founded with the participation of state capital, 23 of foreign capital. Azerbaijan Nominal GDP reached 17.040 USD bn in Dec 2021. Facebook: number of monthly active users worldwide 2008-2022, Smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q1 2022, Profit from additional features with an Employee Account. [64] The transport sector in the country includes roads, railways, aviation, and maritime transport. The "single window" principle has been applied on migration management processes starting from 1 July 2009 according to the Decree. Download limits apply. Full and unlimited access to CEIC data for multiple users. [43], As of late 2000s, the defense industry of Azerbaijan has emerged as an autonomous entity with a growing defense production capability.

Are you interested in testing our corporate solutions? IMF. 1990 - 2021 | Yearly | USD | The State Statistical Committee of the Republic of Azerbaijan. Proven oil reserves in the Caspian Basin, which Azerbaijan shares with Russia, Kazakhstan, Iran, and Turkmenistan, are comparable in size to the North Sea, although exploration is still in the early stages. [76], As of October 2014, Azerbaijan holds the highest foreign investment per capita among the Commonwealth of Independent States (CIS) countries. At the beginning of 2007 there were 4.76million hectares (11.8million acres) of utilized agricultural area. [59] These activities are regulated by the State Tourism Agency and the Ministry of Culture. Register in seconds and access exclusive features. 73 economies implement single window system in the world.

[44] Along with other contracts, Azerbaijani defence industries and Turkish companies, Azerbaijan will produce 40mm revolver grenade launchers, 107mm and 122mm MLRS systems, Cobra 44 vehicles and joint modernization of BTR vehicles in Baku.[45][46][47][48]. To find out more about the cookies we use, see our Cookies Policy. Program is considered for southern region Lankaran which has the lowest economic indicator and the lowest income per capita, as well as, the lowest level of investment, but at the same time, high potential for the production of garden products in high quality. [62] Meanwhile, the State Oil Fund of Azerbaijan was established as an extra-budgetary fund to ensure the macroeconomic stability, transparency in the management of oil revenue, and the safeguarding of resources for future generations. Azerbaijan led the world as the top reformer in 2007/08, with improvements on seven out of 10 indicators of regulatory reform. However, the fall of the Soviet Union, and the First Nagorno-Karabakh War during the 19881994 period, damaged the tourist industry and the image of Azerbaijan as a tourist destination.[55]. Explore the most complete set of 6.6 million time series covering more than 200 economies, 20 industries and 18 macroeconomic sectors. [22] The ministry is cooperating with the defense sectors of Ukraine, Belarus and Pakistan. (April 19, 2022). [26] In 2002, the Azerbaijani merchant marine had 54 ships. In the same year, the country became a member of the Vienna Convention on Road Traffic. Instant access to full history data in excel. The Formula One Grand Prix is held in Baku, the capital city and has been held here for years. API users can feed a custom application. The GDP per capita is obtained by dividing the countrys gross domestic product, adjusted by inflation, by the total population. Includes GDP per Capita on 116 economies standardised by CEIC. The BTC is designed to transport up to 50million tons of crude oil annually and carries oil from the Caspian Sea oilfields to global markets. [68] Customs code of the Republic of Azerbaijan was amended based on the inclusion of the article on single window system which became operative on 1 January 2012. [50], In the 21st century, a new oil and gas boom helped to improve the situation in Azerbaijan's science and technology sectors, and the government launched a campaign aimed at modernization and innovation.

To the same date, 98 non-bank credit organizations operate in the republic along with banks. [57] During winter, the Shahdag Winter Complex offers skiing. The government estimates that profits from the information technology and communication industry will grow and become comparable with those from oil production. In this case, practice of Mauritius and Singapore was studied. The Latinised symbol is (). Since gaining its independence, companies have invested $174 billion into Azerbaijan. [79], Ministry of Economy of Azerbaijan Republic, Minister of Economic Development of Azerbaijan, Globalization and World Cities Research Network, Azerbaijan and the International Monetary Fund, "World Economic Outlook Database, April 2019", "World Economic Outlook Database, Oaprel 2012", "World Economic Outlook Database, April 2022", "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) Azerbaijan", "Employment to population ratio, 15+, total (%) (national estimate) Azerbaijan", "Unemployment, total (% of total labor force) (national estimate) Azerbaijan", "Unemployment, youth total (% of total labor force ages 15-24) (national estimate) Azerbaijan", "Azerbaijan at BBB- according to Fitch Ratings", "Moody's changes outlook on Azerbaijan's sovereign ratings to positive from stable", "Today.Az GDP growth makes 3.4% in Azerbaijan in 2009", Azerbaijani answer to oil glut: Bathe in it Asia Pacific International Herald Tribune, "Azerbaijan among top 8 biggest oil suppliers to EU countries", "Azerbaijan investment up 61 pct to $20 bln in 2011", "Is Azerbaijan the new "Caucasus tiger"? Corporate solution including all features. Direct access to our data from your apps using any programing language. The manat is held in a floating exchange-rate system managed primarily against the US dollar. dollars)." Livestock, dairy products, and wine and spirits are also important farm products. "Azerbaijan: Gross domestic product (GDP) per capita in current prices from 1997 to 2027 (in U.S. facts. According to the Presidential Decree (11 November 2008), the "single window" principle started to be applied from 1 January 2009 on the inspection of goods and transportation at the border checkpoints.

If you decline, your information wont be tracked when you visit this website. [68] A "single system" works on and then shares standardized information accumulated from traders to all entities taking part in international trade. Azerbaijan started to implement this system in 2009. Broad gauge railways in 2010 stretched for 2,918km (1,813mi) and electrified railways numbered 1,278km (794mi).

In, IMF. Taking into consideration the entry of big oil revenues in the country, as a logical result of successful oil strategy, and in this base, as the banks were ready to an effective transfer of their financial resources to the strategic goals, development strategy was made for 20022005. New, Insights into the worlds most important health markets, Figures and insights about the advertising and media world, Everything you need to know about the industry development. Please do not hesitate to contact me. The economy of Azerbaijan has completed its post-Soviet transition into a major oil-based economy (with the completion of the Baku-Tbilisi-Ceyhan Pipeline), from one where the state played the major role. Definition: GDP per capita is gross domestic product divided by midyear population. [37] Now that Western oil companies are able to tap deepwater oilfields untouched by the Soviets because of poor technology, Azerbaijan is considered one of the most important areas in the world for oil exploration and development. But the banking sector of Azerbaijan has yet to tap the vast growth potential that should be achievable due to the continuation of the high economic growth. You can see GDP in other countries in GDP and see all the economic information about Azerbaijan in Azerbaijan's economy. [69][70], A single-window system was established by a decree of the Azerbaijani President issued in 2007, 30 April, in order to simplify export-import procedures, innovate customs services, and improve the trade environment. These cookies are used to collect information about how you interact with our website and allow us to remember you. The country has also been making progress in developing its telecoms sector. [56] In recent years, Azerbaijan has also become a popular destination for religious, spa, and health care tourism. People visit petroleum spas (or "oil spas") to bathe in the local crude in Naftalan[24] A leading caviar producer and exporter in the past, Azerbaijan's fishing industry today is concentrated on the dwindling stocks of sturgeon and beluga in the Caspian Sea.

Azerbaijan has begun making progress on economic reform, and old economic ties and structures are slowly being replaced. Eastern Caspian producers in Kazakhstan also have expressed interest in accessing this pipeline to transport a portion of their production. The pipeline is expected to generate as much as $160 billion in revenues for the country over the next 30 years. [66] Azerbaijan also plays a major role in the EU-sponsored Silk Road Project. By 2010, there were 35 airports and one heliport. [65] The South Caucasus Pipeline, also stretching through the territory of Azerbaijan, Georgia and Turkey, became operational at the end of 2006 and offers additional gas supplies to the European market from the Shah Deniz gas field. [58] It is a national strategy to make tourism a major, if not the single largest, contributor to the Azerbaijani economy. Diversification of the economy into manufacturing industries remains a long-term issue. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Insights into the world's most important technology markets, Health Market Outlook

There is a complex relationship between Azerbaijan's balance of trade, inflation, measured by the consumer price index and the value of its currency. Currently, the new Manat is in use, with an exchange rate of about 1 manat = $1.10. Ministry of Agriculture, Ministry of Healthcare, Ministry of Internal Affairs, Ministry of Taxes, Ministry of Transportation, Central Bank, State Road Police, State Committee for Standardization, Metrology and Patents, State Maritime Administration were selected as important agencies to implement single window system along with the State Customs Committee. [49] For this reason the banking sector remains small in relation to the size of the Azerbaijani economy. In 2012, the construction of KarsTbilisiBaku railway expected to provide transportation between Asia and Europe through connecting the railways of China and Kazakhstan in the east with Turkey's Marmaray to the European railway system in the west. "[29], In 2012, because of its economic performance after the Soviet breakup, Azerbaijan was predicted to become "Tiger of Caucasus". 33,3% of them were long-term deposits (higher than a year). See the table below for more data. Entry level access to the CEIC platform for individual users. -tenths of one percent higher than the figure of -4.3% published in 2020. [60] In September 1994, a 30-year contract was signed between the State Oil Company of Azerbaijan Republic (SOCAR) and 13oil companies, among them Amoco, BP, ExxonMobil, Lukoil and Statoil. The practice of US was explored in this phase. Azerbaijan GDP Per Capita data is updated yearly, available from Dec 1990 to Dec 2021, with an average number of 2,025.700 USD. The following is a chart of trend of gross domestic product of Azerbaijan at market prices[35] with figures in USD. Germany, for example, has invested approximately $760 million into the Azerbaijani economy, and approximately 177 German companies operate within Azerbaijan. [73], A "single authority principle" requires customs officials to be more responsible in dealing with all types of border control operations for other authorities. [61] As Western oil companies are able to tap deepwater oilfields untouched by the Soviet exploitation, Azerbaijan is considered one of the most important spots in the world for oil exploration and development. [67] The highest priority being; upgrading the transport network and transforming transportation services into one of the key comparative advantages of the country, as this would be highly conducive to the development of other sectors of the economy. Azerbaijan shares all the problems of the former Soviet republics in making the transition from a command to a market economy, but its energy resources brighten its long-term prospects. [21] The real GDP growth rate for 2011 was expected at 3.7% but had dropped to 0.1%. [28] In 2011, the amount of foreign investments in Azerbaijan was $20 billion, a 61% increase from 2010. 2022 Data - 2023 Forecast - 1990-2021 Historical - Chart, Azerbaijan Producer Prices Change at 121.30 percent, Azerbaijan Consumer Price Index Cpi at 192.60 points, Azerbaijan Food Inflation at 18.40 percent, Azerbaijan Export Prices at 127.10 points, Azerbaijan Foreign Exchange Reserves at 7230.70 USD Million, Azerbaijan GDP per capita PPP at 14421.05 USD, Azerbaijan Inflation Rate at 14.20 percent, Azerbaijan Monthly GDP YoY at 6.20 percent, Azerbaijan Inflation Rate MoM at -0.10 percent, Russian Stocks Rebound Ahead of CBR Decision, Spanish Stocks Set to Close the Week Higher, UK Services Sector Slows Less than Expected, Euro Area Services PMI Down to 15-Month Low. Available via annual subscription to one or more of CEICs global and premium databases. You only have access to basic statistics. The country was a well-known tourist spot in the 1980s.

Large oil reserves are a major contributor to Azerbaijan's economy. [38] Azerbaijan's agricultural scientific research institutes are focused on meadows and pastures, horticulture and subtropical crops, leaf vegetables, viticulture and wine-making, cotton growing and medicinal plants. Azerbaijan has concluded 21 production-sharing agreements with various oil companies. All rights reserved, Unlimited access tailored to your data needs. [68] An "automated system" provides a single electronic statement to responsible agencies submitted by traders to be worked on and confirmed, and after that, these authorities send electronic confirmations and announcements.