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nventional long form: Republic of
Azerbaijan
conventional short form: Azerbaijan
local long form: Azarbaycan Respublikasi
local short form: none
former: Azerbaijan Soviet Socialist Republic
Area:
total: 86,600 sq km
land: 82,629 sq km
water: 3,971 sq km
Description:
conventional long form: Republic of Azerbaijan conventional short
form: Azerbaijan local long form: Azarbaycan Respublikasi local
short form: Azarbaycan former: Azerbaijan Soviet Socialist Republic
Southwestern Asia, bordering the Caspian
Sea, between Iran and Russia, with a small European portion north of
the Caucasus range
Azerbaijani (Azeri) 90.3%, Lezgi 2.2%,
Russian 1.8%, Armenian 1.5%, other 3.3%, unspecified 1% (1999
census)
Climate:
dry, semiarid steppe www.azhydromet.com
Population :
8,238,672 (July 2009 est.)
0-14 years: 23.9% (male 1,042,132/female 926,495)
15-64 years: 69.4% (male 2,807,717/female 2,908,221)
65 years and over: 6.7% (male 204,410/female 349,697) (2009 est.)
Economy - overview:
Azerbaijan is an economy in transition in which the state continues to
play a dominant role. It has important oil reserves and a significant
agronomic potential based on a wide variety of climatic zones. During
the late 1990s, in cooperation with the International Monetary Fund
(IMF), Azerbaijan pursued a successful economic stabilization program,
with annual growth exceeding 10% since 2000. In 2007 Azerbaijan's
gross domestic product increased by 24.7%, with growth in 2008
estimated at 18.6%. Increases in oil production have largely driven
this rapid growth as the oil sector accounted for 52.8% of GDP in 2007
and more than 50% again in 2008. Output expansion has been largely
driven by oil-sector foreign direct investment (FDI) and related
spillover effects in the construction and transportation sectors,
although there have also been substantial gains in agriculture.
Inflation officially reached nearly 17% in 2007 and was likely to
exceed 20% for 2008, according to official government statistics.
Inflation remains a major risk that could accelerate in the context of
further increases in fiscal spending, high oil prices, and an
inflexible exchange rate, although factors attributable to the global
financial crisis may mitigate some of the inflationary trend.
Importantly, the higher inflation also reflects customs restrictions
that are in place due to supply constraints that limit import
competition and monopolies that continue to control many sectors of
the economy. The national currency, the manat, is artificially stable
and was allowed to appreciate against the dollar by 6.1% in 2005, 5.4%
in 2006, and 3.4% in 2007. The IMF has warned that significantly more
appreciation (roughly 10%) will be necessary to prevent inflation from
increasing.
http://traveldocumentsystems.com/az/economy.htm |
Economy:
Azerbaijan is an economy in transition in which the state continues
to play a dominant role. It has important oil reserves and a
significant agronomic potential based on a wide variety of climatic
zones. During the late 1990s, in cooperation with the International
Monetary Fund (IMF), Azerbaijan pursued a successful economic
stabilization program, with annual growth exceeding 10% since 2000.
In 2007 Azerbaijan's gross domestic product increased by 24.7%, with
growth in 2008 estimated at 18.6%. Increases in oil production have
largely driven this rapid growth as the oil sector accounted for
52.8% of GDP in 2007 and more than 50% again in 2008. Output
expansion has been largely driven by oil-sector foreign direct
investment (FDI) and related spillover effects in the construction
and transportation sectors, although there have also been
substantial gains in agriculture. Inflation officially reached
nearly 17% in 2007 and was likely to exceed 20% for 2008, according
to official government statistics. Inflation remains a major risk
that could accelerate in the context of further increases in fiscal
spending, high oil prices, and an inflexible exchange rate, although
factors attributable to the global financial crisis may mitigate
some of the inflationary trend. Importantly, the higher inflation
also reflects customs restrictions that are in place due to supply
constraints that limit import competition and monopolies that
continue to control many sectors of the economy. The national
currency, the manat, is artificially stable and was allowed to
appreciate against the dollar by 6.1% in 2005, 5.4% in 2006, and
3.4% in 2007. The IMF has warned that significantly more
appreciation (roughly 10%) will be necessary to prevent inflation
from increasing.
petroleum and natural gas, petroleum
products, oilfield equipment; steel, iron ore; cement; chemicals and
petrochemicals; textiles
oil and gas 90%, machinery, cotton,
foodstuffs
$30.59 billion (2008 est.)
Exports - partners:
Italy 24.9%, US 17.6%, Germany 10.8%, France 10.1%, Czech Republic
6.2%, Canada 4.9% (2008)
machinery and equipment, oil products,
foodstuffs, metals, chemicals
$7.575 billion (2008 est.)
Imports - partners:
Russia 18.9%, Turkey 18.2%, Germany 8.5%, China 6.3%, UK 6.2%,
Ukraine 5.3%, Italy 4.5% (2008)
Azerbaijani manats (AZN) per US dollar -
0.8219 (2008 est.), 0.8581 (2007), 0.8934 (2006), 4,727.1 (2005),
4,913.48 (2004) note: on 1 January 2006 Azerbaijan revalued its
currency, with 5,000 old manats equal to 1 new manat
GDP :
$77.61 billion (2008 est.)
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