Published September 2015

The definition of oil prices impact on gross domestic product of Azerbaijan

Sh.B. Guliyev

It is known that the natural resources of Azerbaijan have always been in the spotlight of international community. Among the natural resources the oil stands out with its significance. The analysis shows that the oil plays an extremely important role in economy. Thus, at the moment, 40 % of gross domestic products of country and 50 % of budget income are accounted for oil sector. If the portion of oil industry in general volume of industrial production composed 10.1 % in 1991, in 2013 this number is equal to 70 %. From this point of view the definition of oil prices impact on volume of gross domestic product is of great importance. Taking into account all mentioned-above, with the aim of researching of gross domestic product dependence on oil prices, an analysis was carried out, coefficient of elasticity and determination of Darbin-Vatson evaluated, standard mistakes of obtained equations noted, linear regression equation used.