Azerbaijan: Economy | Asian Development Bank

Azerbaijan: Economy

In the first half of 2017, the economy contracted by 1.3% but nevertheless improved on a 3.4% decline in the first half of 2016. Industry shrank by 5.8%, reflecting decreases of 6.6% in mining and 2.0% in refineries. Oil production fell by 9.0%, far exceeding the 0.4% slide in the same period of 2016. Meanwhile, public sector capital outlays held the decline in construction to 3.6%, much better than the 33.6% plunge a year earlier. Growth in services, at 2.3%, reflected increases of 6.7% in transportation, 1.8% in retail trade, and 2.1% in tourism and recreation. Agriculture expanded by 2.2% with the help of higher state support for cotton and horticulture production. Read more from Asian Development Outlook 2017 Update


Economic forecasts for Central Asian countries

Country 2017f 2018f
Armenia 3.8 3.0
Azerbaijan –1.3 1.0
Georgia 4.2 4.5
Kazakhstan 2.7 3.0
Kyrgyz Republic 4.0 4.0
Tajikistan 5.0 5.5
Turkmenistan 6.5 6.5
Uzbekistan 6.8 7.5
Average 3.3 3.9
Country 2017f 2018f
Armenia 1.2 1.8
Azerbaijan 14.0 10.0
Georgia 5.7 4.0
Kazakhstan 8.0 7.0
Kyrgyz Republic 3.5 5.0
Tajikistan 8.0 7.5
Turkmenistan 5.7 5.5
Uzbekistan 11.5 12.0
Average 8.9 7.8
Country 2017f 2018f
Armenia –2.5 –2.3
Azerbaijan 5.6 11.0
Georgia –12.0 –11.5
Kazakhstan –4.5 –3.5
Kyrgyz Republic –13.0 –13.5
Tajikistan –5.5 –6.0
Turkmenistan –12.8 –12.4
Uzbekistan 0.1 0.5
Average –3.4 –2.0

f = forecast number.

Source: Asian Development Outlook 2017 Update