Azerbaijan Economy in 2014

Azerbaijan Economy in 2014

Decline of oil price in the world market was the main character of Azerbaijan economy in 2014. As an oil exporter country, Azerbaijan might face the effects of a sharp fall in oil revenue after oil price decline in the world market. Azerbaijan is heavily dependent on oil and natural gas export revenues. In fact, 2014 was somehow successful for Azerbaijan economy since the country was able to reserve growth in the almost all economic data.

The committee also reports that non-oil sector increased by 7,0 % in 2014 meanwhile decline has been continuing in the country’s oil sector. State Budget of Azerbaijan for 2014 had deficit which was amount of AZN 300 million ($ 385 million US). Because of cutting some budget expenditures actual deficit was 5 times less that forecasted deficit.

Azerbaijan produced 41,9 million tons oil in 2014. The oil output declined by 3.7 % in 2014 compared with 2013 since oil production was 43.5 million tons previous year. This show that decline tendency in oil output continued in 2014. There is also decline in the industrial sector. Total industrial output was 31.9 billion manat ($ 40.8 billion US) in 2014. The industry declined by 5.4 % in 2014 compared with previous year since total industrial output was 33,7 billion manat ($ 43.2 billion US) in 2013.

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