Azerbaijan is classified as an upper middle income economy by the World Bank, with an estimated GNI per capita of USD6,050 in 2012.
With ample natural resources in the hydrocarbon sector, the economy is highly dependent on mineral products?which account for about 45% of GDP, 70% of fiscal revenue and 95% of merchandise exports?and on one single company, the Azerbaijan International Operating Company, which exports around 90% of total crude oil. This makes the country very vulnerable to external shocks.
With ample natural resources in the hydrocarbon sector, the economy is highly dependent on mineral products?which account for about 45% of GDP, 70% of fiscal revenue and 95% of merchandise exports?and on one single company, the Azerbaijan International Operating Company, which exports around 90% of total crude oil. This makes the country very vulnerable to external shocks.