Asian Development Bank and Azerbaijan: Fact Sheet

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 has experienced remarkable economic growth in recent years, averaging 15% a year since 2000. This has been due largely to the progress of economic reforms since the breakup of the Soviet Union and the current oil boom. Gross domestic product grew at 26.4% in 2005 and is expected to accelerate in 2006. Despite this impressive growth, poverty remains high, around 40%, depending on the method of measurement. Rapid economic growth is placing enormous stress on an inadequate and deteriorating physical and social infrastructure. At the same time, the large inflow of foreign revenue from oil exports is fueling inflation and raising the exchange rate. Recognizing such development challenges, the Government of Azerbaijan has implemented a number of programs to promote sustainable economic development in the non-oil sector, rehabilitate deteriorating physical infrastructure, and reduce disparities between the country’s regions.