Asian Development Bank & Azerbaijan

Abstract

Updated yearly, this ADB Fact Sheet provides social and economic indicators on Azerbaijan as well as concise information on ADB's operations in the country and contact information. Azerbaijan’s economy has grown at a fast pace in recent years, with the gross domestic product (GDP) expanding by an average of 18% a year since 2001, and rising 25% in 2007. Strong growth is also expected in 2008.The robust performance is largely due to the impact of economic reforms undertaken since the breakup of the Soviet Union, and the current oil boom. Despite this impressive growth, the incidence of poverty remains relatively high, at 20.8%. The rapid economic growth is placing enormous stress on inadequate and deteriorating physical and social infrastructure. At the same time, the large inflow of foreign revenue from oil exports is fueling inflation and pushing up the exchange rate.