Hydrocarbon based economy. Azerbaijan’s economy is very dependent on hydrocarbon exports. In 2014 this made up 44% of GDP, 70% of budget revenues and 95% of exports. The oil price drop will cut this year’s GDP growth to 2%, from almost 6% in 2013, and lead to an estimated budget deficit of 5% of GDP. The budget needs US$90 p/bbl to break even based on Finance Ministry estimates.