Azerbaijan: Economy

Continued weak oil prices helped cause Azerbaijan's GDP to contract by 3.8% in 2016 and the current account to fall into deficit. Meanwhile, inflation accelerated to 12.4%. GDP is forecast to decline by a further 1.1% in 2017 and then recover by 1.2% in 2018, and higher oil prices should return the current account to surplus. Combatting unemployment is a major challenge. Read more from Asian Development Outlook 2017


Economic forecasts for Central Asian countries

Country 2017 2018
Armenia 2.2 2.5
Azerbaijan -1.1 1.2
Georgia 3.8 4.5
Kazakhstan 2.4 2.2
Kyrgyz Republic 3.0 3.5
Tajikistan 4.8 5.5
Turkmenistan 6.5 7.0
Uzbekistan 7.0 7.3
Average 3.1 3.5
Country 2017 2018
Armenia 1.2 1.8
Azerbaijan 9.0 8.0
Georgia 4.2 4.5
Kazakhstan 8.0 7.0
Kyrgyz Republic 5.0 4.0
Tajikistan 8.0 7.0
Turkmenistan 6.0 6.0
Uzbekistan 9.5 10.0
Average 7.8 7.3
Country 2017 2018
Armenia -2.3 -2.0
Azerbaijan 5.9 11.4
Georgia -12.0 -11.5
Kazakhstan -3.4 -3.0
Kyrgyz Republic -13.0 -13.5
Tajikistan -5.5 -6.0
Turkmenistan -15.0 -13.0
Uzbekistan 0.2 0.4
Average -3.0 -1.7

Source: Asian Development Outlook 2017