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

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*2017 and 2018 are forecasts.


Economic forecasts for Central Asian countries

The latest available economic data for Azerbaijan compared to countries in Central Asia.

*2017 and 2018 are forecasts.

Sources:
Asian Development Outlook 2017
Asian Development Outlook 2017 Update