Azerbaijan: Economy

Plunging oil prices in 2015 cut export earnings in Azerbaijan, and sharp currency depreciation reduced household consumption and public investment, slowing growth to 1.1%. Continued weakness in oil prices is projected to cause the gross domestic product (GDP) to contract by 1.0% in 2016 before recovering to 1.0% growth in 2017 as oil prices revive. Only by financing the expansion of diverse sectors can Azerbaijan move away from heavy dependence on hydrocarbons. Read more from Asian Development Outlook 2016


Economic forecasts for Central Asian countries

Country 2016 2017
Armenia 2.0 2.3
Azerbaijan -1.0 1.0
Georgia 2.5 3.5
Kazakhstan 0.7 1.0
Kyrgyz Republic 1.0 2.0
Tajikistan 3.8 4.0
Turkmenistan 6.5 7.0
Uzbekistan 6.9 7.3
Average 2.1 2.8
Country 2016 2017
Armenia 3.8 4.0
Azerbaijan 12.0 5.2
Georgia 5.0 4.0
Kazakhstan 12.6 4.6
Kyrgyz Republic 10.0 8.0
Tajikistan 8.5 7.5
Turkmenistan 6.6 6.0
Uzbekistan 10.0 11.0
Average 10.8 5.9
Country 2016 2017
Armenia -5.2 -5.0
Azerbaijan -0.6 1.5
Georgia -9.5 -9.2
Kazakhstan -3.5 -3.1
Kyrgyz Republic -17.0 -15.0
Tajikistan -4.8 -5.5
Turkmenistan -12.3 -10.0
Uzbekistan 0.2 0.8
Average -3.9 -3.0

Source: Asian Development Outlook 2016