Azerbaijan Economy in 2013
Publisher: Center for Economic & Social Development, Azerbaijan
Date: January, 27, 2014
Volume : 6 pages , pdf
Description
Azerbaijan oil production started to decline rapidly since 2010. In fact, oil output in 2013 was almost the same compared to previous year. But the oil sector is still dominant in the country’s economy since the energy sector contributes 72,0 % of the budget revenues as well as 44,0 % of Azerbaijan’s total GDP. Thanks to affected growth in non-oil sector, the country was able to keep growth track last year since State Statistics Committee announced GDP growth was 5.8 % in this period. Oil production, however, has still had a profound effect on Azerbaijan’s domestic sector. One way to characterize its impact is by looking at the rents produced by oil - that is, the returns in excess of production costs - in the Azerbaijan economy.