Azerbaijan Economic Report, Spring 2014
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World Bank, Washington, DC
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This regular economic report records the
economic activities of Azerbaijan for the year 2013-2014.
Economic growth continued to be powered by spending of
previously accumulated oil-related proceeds, although the
stabilization of oil production also helped. The non-oil
sector grew by 10 percent in 2013, essentially aided by
public investment. In addition, efforts aimed at stabilizing
oil production bore fruit and resulted in an increase of 0.9
percent in oil output. The fiscal surplus narrowed to 1.8
percent of GDP in 2013 because of lower oil revenues and
sustained expenditures, and the non-oil fiscal deficit
continues to be high. The 2014 budget signals fiscal
consolidation, essentially through lower public investments,
a step in the right direction. With the announcement of 2014
as the Year of Industry, the authorities intend to
prioritize adoption of the competition code, establishment
of special economic zones and techno parks, winemaking, and
other agricultural products. A modest increase in public
expenditures on health and education in 2014 adds to the
concerns that the government’s efforts at diversification
might not be focused on strengthening its asset base.
Palabras clave
ECONOMIC GROWTH, SOCIETY, SUSTAINABLE GROWTH, ANALYSIS, FINANCE, POLICY, economic outlook, trade, labor market, poverty, fiscal policy, monetary policy