Economy of Azerbaijan

Baku, the financial capital of Azerbaijan

Currency| Azerbaijani manat (AZN, ₼)

Fiscal year

| Calendar year

Trade organisations

| CIS, ECO, GUAM, WTO (observer)

Country group

* Developing/Emerging
* Upper-middle income economy [1]

Statistics
Population|  10,153,958 (2023)[2]
GDP|

* $75.649 billion (nominal, 2024)[3]
* $253.12 billion (PPP, 2024 est.)[3]

GDP rank|

* 83rd (nominal, 2024)
* 71st (PPP, 2024)

GDP growth

* 1.1% (2023)
* 3.2% (2024e)
* 2.5% (2025f)[3]

GDP per capita

* $7,381 (nominal, 2024)[3]
* $24,698 (PPP, 2024 est.)[3]

GDP per capita rank

* 96th (nominal, 2024)
* 77th (PPP, 2024)

GDP by sector

* agriculture: 6.93%
* industry: 41.38%
* services: 42.52%
* (2020 est.)[4]

Inflation (CPI)

|  2.1% (2024)[3]

Population below poverty line

* 4.9% (2015 est.)[4]

Gini coefficient

| 33.7 medium (2021)[4]

Human Development Index

* 0.760 high (2022)[5] (89th)
* 0.707 high IHDI (2022)[5]

Corruption Perceptions Index

|  23 out of 100 points (2023, 154th rank)

Labour force

* 5,536,769 (2023)[6]
* 62.0% employment rate (2022)[7]

Labour force by occupation

* agriculture: 37%
* industry: 14.3%
* services: 48.9%
* (2014)[4]

Unemployment|

* 5.4% (2024 est.)[8]
* 13.6% youth unemployment (2022)[9]

Average gross salary

| AZN 839 / €466 monthly (December, 2022)

Average net salary

| AZN 720 / €400 monthly (December, 2022)

Main industries

| petroleum and natural gas; petroleum products; oilfield equipment; steel; iron ore; cement; chemicals; petrochemicals; textiles; machinery; cotton; foodstuffs
External
Exports|  $38.1 billion (2022 Dec.)[10]

Export goods

| oil and gas, machinery, foodstuffs, cotton

Main export partners

* Italy 46.6%
* Turkey 9.29%
* Israel 4.41%
* India 4.36%
* Greece 3.65%
* Spain 2.65%
* Russia 2.56%
* Croatia 2.50%
* Czech Republic 2.42%
* United Kingdom 2.04% (2022)[11]

Imports|  $14.5 billion (2022 Dec.)[10]

Import goods

| machinery and equipment, foodstuffs, metals, chemicals

Main import partners

* Russia 18.81%
* Turkey 15.8%
* China 14.35%
* Germany 4.56%
* Turkmenistan 3.51%
* United States 3.3%
* Iran 3.28%
* Italy 2.34%
* Japan 2%
* South Korea 1.85% (2022 Dec.)[11]

FDI stock

* $79.53 billion (31 December 2017 est.)[4]
* Abroad: $19.6 billion (31 December 2017 est.)[4]

Current account

|  $4.65 billion (2024 est.)[3]

Gross external debt

|  $15.51 billion (2024 est.)[3]
Public finances

Government debt

|  20.5% of GDP (2024 est.)[3]

Budget balance

| 5.55% (of GDP) (2019 est.)[4]
Revenues| 17.175 billion (2022 est.)[12]
Expenses| 19.002 billion (2022 est.)[13]

Credit rating

* Fitch:[14]
* BB+
* Outlook: Negative
* Moody's:[15]
* Ba2
* Outlook: Stable
* Standard & Poor's:[16]
* BB+
* AAA (T&C Assessment)
* Outlook: Stable[17]

Foreign reserves

|  $70,1 billion (2024 est.)[4]

All values, unless otherwise stated, are in US dollars.

The economy of Azerbaijan is highly dependent on oil and gas exports, in particular since the completion of the Baku-Tbilisi-Ceyhan Pipeline. The transition to oil production in the late 1990s led to rapid economic growth over the period 1995–2014.[18][19] Since 2014, GDP growth has slowed down substantially.[19]

Large oil reserves are a major contributor to Azerbaijan's economy. Gas and oil make up two-thirds of Azerbaijan's GDP, making it one of the top ten most fossil fuel-dependent economies in the world.[20] Gas and oil make up 90% of Azerbaijan's export revenues and 60% of its finances.[21]

Azerbaijan's economy is characterized by corruption and inequality.[18] The country's oil wealth has significantly strengthened the stability of Ilham Aliyev's regime and enriched ruling elites in Azerbaijan.[22][23][24][25] The country's oil wealth has enabled the state to host lavish international events, as well as engage in extensive lobbying efforts abroad.[26][27]

The national currency is the Azerbaijani manat. The private sector is weak in Azerbaijan, as the economy is dominated by state-owned enterprises.[19] More than half of the formal labor force works for the government in Azerbaijan.[19]

## Economic history of Azerbaijan

[edit]

Main article: Economic history of Azerbaijan

### Republic era

[edit]

Oil and gas are the most prominent products of Azerbaijan's economy. More than $60 billion was invested into Azerbaijan's oil by major international oil companies in AIOC consortium operated by BP. Oil production under the first of these PSAs, with the Azerbaijan International Operating Company, began in November 1997 and now is about 500,000 barrels per day. People visit petroleum spas (or "oil spas") to bathe in the local crude in Naftalan.[28] A leading caviar producer and exporter in the past, Azerbaijan's fishing industry today is concentrated on the dwindling stocks of sturgeon and beluga in the Caspian Sea.

Azerbaijan shares all the problems of the former Soviet republics in making the transition from a command to a market economy, but its energy resources brighten its long-term prospects. Azerbaijan has begun making progress on economic reform, and old economic ties and structures are slowly being replaced. An obstacle to economic progress, including stepped up foreign investment, is the continuing conflict with Armenia over the Nagorno-Karabakh region.[29]

In 1992, Azerbaijan became a member of the Economic Cooperation Organization.[30] In 2002, the Azerbaijani merchant marine had 54 ships.[31] In March 2001, Azerbaijan concluded a natural gas agreement with Turkey, providing a future export market for Azerbaijan.

Azerbaijan has concluded 21 production-sharing agreements with various oil companies. An export pipeline that transports Caspian oil to the Mediterranean from Baku through Tbilisi, Georgia to Ceyhan, Turkey (the Baku-Tbilisi-Ceyhan Pipeline) became operational in 2006. The pipeline is expected to generate as much as $160 billion in revenues for the country over the next 30 years. The recent high price of oil is highly beneficial to Azerbaijan's economy, as the nation is in the midst of an oil boom. Eastern Caspian producers in Kazakhstan have also expressed interest in accessing this pipeline to transport a portion of their production.

In 2010, Azerbaijan entered into the top eight biggest oil suppliers to EU countries with €9.46 billion.[32] In 2011, the amount of foreign investments in Azerbaijan was $20 billion, a 61% increase from 2010. According to Minister of Economic Development of Azerbaijan, Shahin Mustafayev, in 2011, "$15.7 billion was invested in the non-oil sector, while the rest - in the oil sector".[33]

Azerbaijani exports in 2006

In 2012, because of its economic performance after the Soviet breakup, Azerbaijan was predicted to become "Tiger of Caucasus".[34][35][36] In 2012, Globalization and World Cities Research Network study ranked Baku as a Gamma-level global city.[37]

In 2015, Turkey and Azerbaijan agreed to boost mutual trade to US$15 billion by 2023.[38]

## Macroeconomic trend

[edit]

Change in per capita GDP of Azerbaijan since 1973. Figures are inflation-adjusted to 2011 International dollars.

The following is a chart of trend of gross domestic product of Azerbaijan at market prices[39] with figures in USD.

Year | Gross domestic product PPP | Per capita income
(as % of USA)

|
|

1995 | 19,497,000,000 | 8.78
2000 | 29,683,000,000 | 10.01
2005 | 59,087,000,000 | 15.52
2010 | 138,947,000,000 | 31.78
2015 | 169,789,000,000 | 32.15

For purchasing power parity comparisons, the US dollar was exchanged at 1,565.88 Manats only. Currently, the new Manat is in use, with an exchange rate of about 1 manat = $0.59. Mean graduate pay was $5.76 per man-hour in 2010.

The following table shows the main economic indicators in 1980–2017.

Year  | GDP (in bil. US$ PPP)  | GDP per capita (in US$ PPP)  | GDP

(in bil. US$ nominal)

| GDP growth (real)  | Inflation (in Percent)  | Government debt (in % of GDP)

|
|
|
|
|
|

1993  | 27.4  | 3,658  | 1.3  | −27.4%  | 1,129.7%  | ...
1995  | 20.0  | 2,610  | 2.4  | −13.0%  | 411.8%  | 19%
2000  | 30.4  | 3,781  | 5.3  | 6.2%  | 1.8%  | 23%
2005  | 61.3  | 7,252  | 13.3  | 28.0%  | 9.6%  | 14%
2006  | 84.9  | 9,927  | 21.0  | 34.5%  | 8.2%  | 11%
2007  | 109.3  | 12,619  | 33.1  | 25.5%  | 16.7%  | 8%
2008  | 123.3  | 14,046  | 49.0  | 10.6%  | 20.8%  | 7%
2009  | 135.9  | 15,231  | 44.3  | 9.4%  | 1.5%  | 12%
2010  | 143.9  | 15,995  | 52.9  | 4.6%  | 5.7%  | 13%
2011  | 144.5  | 15,861  | 66.0  | −1.6%  | 7.8%  | 11%
2012  | 150.2  | 16,271  | 69.7  | 2.1%  | 1.1%  | 14%
2013  | 161.6  | 17,277  | 74.2  | 5.9%  | 2.5%  | 13%
2014  | 168.9  | 17,824  | 75.2  | 2.7%  | 1.5%  | 14%
2015  | 171.8  | 17,915  | 50.8  | 0.6%  | 4.1%  | 35%
2016  | 168.6  | 17,378  | 37.8  | −3.1%  | 12.6%  | 51%
2017  | 171.8  | 17,492  | 41.4  | 0.1%  | 13.0%  | 55%

Source: IMF[40]

For more than a century the backbone of the Azerbaijani economy has been petroleum, which represented 50 percent of Azerbaijan's GDP in 2005, and is projected to double to almost 125 percent of GDP in 2007.[41] Now that Western oil companies are able to tap deep-water oilfields untouched by the Soviets because of poor technology, Azerbaijan is considered one of the most important areas in the world for oil exploration and development. Proven oil reserves in the Caspian Basin, which Azerbaijan shares with Russia, Kazakhstan, Iran, and Turkmenistan, are comparable in size to the North Sea, although exploration is still in the early stages.

## Sectors of the economy

[edit]

### Agriculture

[edit]

Main article: Agriculture in Azerbaijan

Azerbaijan has the largest agricultural basin in the region. About 54.9 percent of Azerbaijan is agricultural lands. At the beginning of 2007 there were 4.76 million hectares (11.8 million acres) of utilized agricultural area.[42] In the same year, the total wood resources counted 136 million cubic metres (178 million cubic yards).[42] Azerbaijan's agricultural scientific research institutes are focused on meadows and pastures, horticulture and subtropical crops, leaf vegetables, viticulture and wine-making, cotton growing and medicinal plants.[43] In some lands, it is profitable to grow grain, potatoes, sugar beets, cotton and tobacco. Livestock, dairy products, and wine and spirits are also important farm products. The Caspian fishing industry is concentrated on the dwindling stocks of sturgeon and beluga.

Some portions of most products that were previously imported from abroad have begun to be produced locally (among them are Coca-Cola by Coca-Cola Bottlers LTD, beer by Baki-Kastel, parquet by Nehir and oil pipes by EUPEC Pipe Coating Azerbaijan).[44]

A new program which is prepared by the European Union is aimed to supporting the economic diversification of Azerbaijan.[45]

### Manufacturing

[edit]

Marauder (Mine Protected Vehicle) is manufactured in Azerbaijan.

In 2007, mining and hydrocarbon industries accounted for well over 95 percent of the Azerbaijani economy. Diversification of the economy into manufacturing industries remains a long-term issue.[46]

As of the late 2000s, the defense industry of Azerbaijan has emerged as an autonomous entity with a growing defense production capability. The ministry is cooperating with the defense sectors of Ukraine, Belarus and Pakistan.[47] Along with other contracts, Azerbaijani defense industries and Turkish companies, Azerbaijan will produce 40 mm revolver grenade launchers, 107 mm and 122 mm MLRS systems, Cobra 4×4 vehicles and joint modernization of BTR vehicles in Baku.[48][49][50][51]

#### Financial and business services

[edit]

Main article: Banking in Azerbaijan

The banking sector remains small in relation to the size of the Azerbaijani economy.

#### Telecommunications

[edit]

Main article: Communications in Azerbaijan

The Azerbaijan telecommunications sector is embroiled in corruption. Azerbaijan President Ilham Aliyev and his family own two of Azerbaijan's largest mobile providers (Azerfon and Azercell) through offshore companies and potentially control three-quarters of the mobile market in Azerbaijan.[52] The third large mobile provider is Bakcell, which is registered as a company in an offshore tax haven and whose owners are unknown.[52] Ownership of the mobile providers in Azerbaijan enables the ruling Aliyev family to monitor phone calls and internet activity.[52]

Investigative reporting revealed that Azerbaijani President Ilham Aliyev and his family made more than $1 billion when state shares of mobile operators were transferred to a purportedly "local partner" which was in reality owned by the Aliyev family's offshore companies.[53]

Azerbaijan has relatively expensive call rates relative to comparable countries. The high prices are possibly due to consolidated control of the mobile market and a lack of competition.[52]

The Azerbaijan government has stated that it wants to create a high-tech sector in Azerbaijan.[54]

#### Tourism

[edit]

See also: Tourism in Azerbaijan

Petroglyphs in Gobustan dating back to 10,000 BC indicating a thriving culture. It is a UNESCO World Heritage Site considered to be of "outstanding universal value".

Tourism is an important part of the economy of Azerbaijan. The country was a well-known tourist spot in the 1980s. However, the fall of the Soviet Union, and the First Nagorno-Karabakh War during the 1988–1994 period, damaged the tourist industry and the image of Azerbaijan as a tourist destination.[55]

It was not until the 2000s that the tourism industry began to recover, and the country has since experienced a high rate of growth in the number of tourist visits and overnight stays.[56] In recent years, Azerbaijan has also become a popular destination for religious, spa, and health care tourism.[57] During winter, the Shahdag Winter Complex offers skiing.

The government of Azerbaijan has set the development of Azerbaijan as an elite tourist destination a top priority.[58] It is a national strategy to make tourism a major, if not the single largest, contributor to the Azerbaijani economy.[59] These activities are regulated by the State Tourism Agency and the Ministry of Culture. The Formula One Grand Prix is held in Baku, the capital city, and has been held here for years.

## Currency system

[edit]

See also: Azerbaijani manat

The Azerbaijani manat is the currency of Azerbaijani, denominated as the manat, subdivided into 100 qapik. The manat is issued by the Central Bank of Azerbaijan, the monetary authority of Azerbaijan. The ISO 4217 abbreviation is AZN. The Latinised symbol is ().

The manat is held in a floating exchange-rate system, managed primarily against the US dollar. The rate of exchange (Azerbaijani manat per US$1) for 28 January 2016, was AZN 1.60.

There is a complex relationship between Azerbaijan's balance of trade, inflation, measured by the consumer price index and the value of its currency. Despite allowing the value of the manat to "float", Azerbaijan's central bank has decisive ability to control its value in relationship to other currencies.

## Infrastructure

[edit]

### Energy

[edit]

Main article: Energy in Azerbaijan

Further information: Petroleum industry in Azerbaijan

The Baku-Tbilisi-Ceyhan pipeline (green) is one of several pipelines running from Baku.

Two-thirds of Azerbaijan is rich in oil and natural gas.[60] The region of the Lesser Caucasus accounts for most of the country's gold, silver, iron, copper, titanium, chromium, manganese, cobalt, molybdenum, complex ore and antimony.[60] In September 1994, a 30-year contract was signed between the State Oil Company of Azerbaijan Republic (SOCAR) and 13 oil companies, among them Amoco, BP, ExxonMobil, Lukoil and Statoil.[61] As Western oil companies are able to tap deep-water oilfields untouched by the Soviet exploitation, Azerbaijan is considered one of the most important spots in the world for oil exploration and development.[62] Azeriqaz, a sub-company of SOCAR, intends to ensure full gasification of the country by 2021.[63]

### Transportation

[edit]

Main article: Transportation in Azerbaijan

The convenient location of Azerbaijan on the crossroad of major international traffic arteries, such as the Silk Road and the south–north corridor, highlights the strategic importance of the transportation sector for the country's economy.[64] The transport sector in the country includes roads, railways, aviation, and maritime transport.

Azerbaijan is also an important economic hub in the transportation of raw materials. The Baku-Tbilisi-Ceyhan pipeline (BTC) became operational in May 2006 and extends more than 1,774 kilometers through the territories of Azerbaijan, Georgia and Turkey. The BTC is designed to transport up to 50 million tons of crude oil annually and carries oil from the Caspian Sea oilfields to global markets.[65] The South Caucasus Pipeline, also stretching through the territory of Azerbaijan, Georgia and Turkey, became operational at the end of 2006 and offers additional gas supplies to the European market from the Shah Deniz gas field. Shah Deniz is expected to produce up to 296 billion cubic meters of natural gas per year.[66] Azerbaijan also plays a major role in the EU-sponsored Silk Road Project.

In 2012, the construction of Kars–Tbilisi–Baku railway expected to provide transportation between Asia and Europe through connecting the railways of China and Kazakhstan in the east with Turkey's Marmaray to the European railway system in the west. Broad gauge railways in 2010 stretched for 2,918 km (1,813 mi) and electrified railways numbered 1,278 km (794 mi). By 2010, there were 35 airports and one heliport.[4]

### Regulation

[edit]

Single window system shares needed information through a single gateway with all organizations serving in trade field, as well as abolishes useless processes and raises the effectiveness of cooperation among different parties. 73 economies implement single window system in the world. Azerbaijan started to implement this system in 2009.[67] It implemented an E-Government portal as well.[68][69]

A single-window system was established by a decree of the Azerbaijani President issued in 2007, 30 April, in order to simplify export-import procedures, innovate customs services, and improve the trade environment.[67] The president appointed the State Customs Committee as the leading body of controlling goods and transportation passing through the borders of the country in 2008.[70]

The State Migration Service issues appropriate permits for foreigners and stateless persons coming to Azerbaijan to live and work. The "single window" principle has been applied on migration management processes starting from 1 July 2009 according to the Decree.[71]

## Poverty

[edit]

This section is an excerpt from Poverty in Azerbaijan.[edit]

As per the Asian Development Bank's estimates of 2017, 5.5% of the population of Azerbaijan lives below the poverty line in 2022.[72] In the same ADB report, it was estimated that for every 1000 babies born in Azerbaijan, 18 die before their 15th birthday.[72]

## Other economic indicators

[edit]

Data from CIA World Factbook[4] unless noted otherwise

Investment (gross fixed)

17% of GDP (2011 est.)

Household income or consumption by percentage share

* lowest 10%: 3.4%
* highest 10%: 27.4% (2008)

Inflation rate (consumer prices)

1.1% (2012 est.)

Agriculture

* utilized agricultural land: 47,584 square kilometres (18,372 sq mi) (2011)[42]
* total wood resources: 144,2 million cubic meters
* crops: cotton, grain, rice, grapes, fruit, vegetables, tea, tobacco
* livestock products: beef, mutton, poultry, milk, eggs

Industrial production growth rate

-3% (2011 est.)

Electricity

* production: 22,55 billion kWh (2008)
* consumption: 18,8 billion kWh (2008)
* exports: 812 million kWh (2008)
* imports: 596 million kWh (2008)

Current account balance

* $11,12 billion (2011 est.)

Exports - commodities

* petroleum and natural gas, petroleum products, oilfield equipment; steel, iron ore, cement; chemicals, petrochemicals, textiles, machinery, cotton, foodstuffs.

Reserves of foreign exchange and gold

* $7,146 billion (2011 est.)

Debt - external

* $3.89 billion (2011 est.)

Currency

* 1 Manat = 100 gepik

Exchange rates

* Azerbaijani manat per US dollar - 1.7 (for 22 November 2020)[73]
* Azerbaijani manat per Euro - 2.01 (for 22 November 2020)[73]

Fiscal year

* Calendar year

## See also

[edit]

* Money portal

* Azerbaijan and the International Monetary Fund
* List of companies of Azerbaijan
* Baku-Tbilisi-Ceyhan pipeline
* State Oil Company of Azerbaijan
* Petroleum industry in Azerbaijan
* Agriculture in Azerbaijan
* Tourism in Azerbaijan
* Baku
* Military of Azerbaijan
* Judiciary of Azerbaijan

## References

[edit]

1. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 21 April 2024.
2. ^ "World Bank Open Data".
3. ^ a b c d e f g h i "World Economic Outlook Database, April 2024 Edition. (Azerbaijan)". International Monetary Fund. April 2024. Retrieved 21 April 2024.
4. ^ a b c d e f g h i j "Azerbaijan". The World Factbook (2025 ed.). Central Intelligence Agency. Retrieved 16 August 2019. (Archived 2019 edition.)
5. ^ a b "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 17 November 2022.
6. ^ "Labor force, total - Azerbaijan". data.worldbank.org. World Bank. Retrieved 3 November 2019.
7. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Azerbaijan". data.worldbank.org. World Bank. Retrieved 3 November 2019.
8. ^ "World Economic Outlook Database, April 2022". IMF.org. International Monetary Fund. Retrieved 20 April 2020.
9. ^ "Unemployment, youth total (% of total labor force ages 15-24) (national estimate) - Azerbaijan". data.worldbank.org. World Bank. Retrieved 6 March 2020.
10. ^ a b "Azərbaycan Dövlət Gömrük Komitəsi".
11. ^ a b "Foreign trade partners of Azerbaijan". The States Customs Committee of the Republic of Azerbaijan. Retrieved 31 December 2022.
12. ^ "Доходы и расходы госбюджета Азербайджана на 2022 год увеличиваются". 20 June 2022.
13. ^ "Доходы и расходы госбюджета Азербайджана на 2022 год увеличиваются". 20 June 2022.
14. ^ "Azerbaijan at BBB- according to Fitch Ratings" (in Turkish). London. 27 January 2012. Archived from the original on 31 December 2013.
15. ^ "Moody's changes outlook on Azerbaijan's sovereign ratings to positive from stable". 8 March 2011.
16. ^ "Sovereigns Ratings List".
17. ^ "Azerbaijan Rating Stable". London. 13 January 2012. Archived from the original on 30 January 2015. Retrieved 1 April 2012.
18. ^ a b Levine, Joshua (15 August 2012). "Big in Baku". The New York Times. ISSN 0362-4331.
19. ^ a b c d "Azerbaijan: Country economic memorandum" (PDF). World Bank. September 2022.
20. ^ Lo, Joe (9 December 2023). "Oil-reliant Azerbaijan chosen to host Cop29 climate talks". Climate Home News. Retrieved 9 December 2023.
21. ^ "Oil-rich nations 'pushback' against fossil fuel phaseout". www.ft.com. 2024.
22. ^ Altstadt, Audrey L. (2017). Frustrated Democracy in Post-Soviet Azerbaijan. Columbia University Press. pp. 114–120\. ISBN 978-0-231-80141-6.114-120&rft.pub=Columbia+University+Press&rft.date=2017&rft.isbn=978-0-231-80141-6&rft.aulast=Altstadt&rft.aufirst=Audrey+L.&rft_id=https://books.google.com/books?id=RgbRDgAAQBAJ&rfr_id=info:sid/en.wikipedia.org:Economy+of+Azerbaijan" class="Z3988">
23. ^ Waal, Thomas de (2 November 2018). The Caucasus: An Introduction. Oxford University Press. pp. 185–186, 226–229\. ISBN 978-0-19-068311-5.185-186,+226-229&rft.pub=Oxford+University+Press&rft.date=2018-11-02&rft.isbn=978-0-19-068311-5&rft.aulast=Waal&rft.aufirst=Thomas+de&rft_id=https://books.google.com/books?id=8dp1DwAAQBAJ&rfr_id=info:sid/en.wikipedia.org:Economy+of+Azerbaijan" class="Z3988">
24. ^ Ross, Michael (2012). The Oil Curse: How Petroleum Wealth Shapes the Development of Nations. Princeton University Press. p. 60\. ISBN 978-0-691-14545-7.
25. ^ Cornell, Svante E. (2015). Azerbaijan Since Independence. Routledge. pp. 210–211, 235. ISBN 978-1-317-47621-4.210-211,+235&rft.pub=Routledge&rft.date=2015&rft.isbn=978-1-317-47621-4&rft.aulast=Cornell&rft.aufirst=Svante+E.&rft_id=https://books.google.com/books?id=TaZzCQAAQBAJ&rfr_id=info:sid/en.wikipedia.org:Economy+of+Azerbaijan" class="Z3988">
26. ^ Project, Organized Crime and Corruption Reporting. "The Azerbaijani Laundromat". OCCRP.
27. ^ Harding, Luke; Barr, Caelainn; Nagapetyants, Dina (4 September 2017). "Everything you need to know about the Azerbaijani Laundromat". The Guardian - via www.theguardian.com.
28. ^ Azerbaijani answer to oil glut: Bathe in it – Asia – Pacific – International Herald Tribune Archived 28 November 2006 at the Wayback Machine
29. ^ Zhalko-Tytarenko, Andrew. "Iran's other side: the South Caucasus". diplomatonline.com. Retrieved 14 August 2014.
30. ^ "Brief Introduction of ECO's history". ecosecretariat.org. Archived from the original on 22 October 2013. Retrieved 14 August 2014.
31. ^ "Azerbaijan Transportation". NationsEncyclopedia.com. Retrieved 24 May 2007.
32. ^ "Azerbaijan among top 8 biggest oil suppliers to EU countries". Today.AZ. Archived from the original on 23 September 2016. Retrieved 3 March 2015.
33. ^ Lada Yevgrashina (17 January 2012). "Azerbaijan investment up 61 pct to $20 bln in 2011". Reuters. Retrieved 17 January 2012.
34. ^ "Is Azerbaijan the new "Caucasus tiger"?". agccommunication.eu. Retrieved 14 August 2014.
35. ^ Safarov, Fuad. "Muhammad Asif Noor: "Tiger of Caucasus" pose as an opportunity for Pakistan to get involved in mutually beneficial cooperative engagements"". vestnikkavkaza.net. Archived from the original on 14 August 2014. Retrieved 14 August 2014.
36. ^ Afag, Aliyeva (14 April 2012). Известное СМИ Германии: Азербайджан - "тигр Кавказа". aze.az (in Russian). Retrieved 14 August 2014.
37. ^ "The World According to GAWC 2012". GAWC. Archived from the original on 20 March 2014. Retrieved 7 April 2014.
38. ^ "Turkey, Azerbaijan intend to boost mutual trade to $15 billion by 2023". 15 January 2015. Archived from the original on 18 January 2015. Retrieved 16 January 2015.
39. ^ estimated Archived 2017-01-13 at the Wayback Machine by the International Monetary Fund
40. ^ "Report for Selected Countries and Subjects". Retrieved 28 August 2018.
41. ^ Azerbaijan: Energy profile Archived 4 October 2008 at the Wayback Machine (Enerpub, 13 December 2007)
42. ^ a b c "Natural resources". The State Statistical Committee of the Republic of Azerbaijan. Archived from the original on 10 June 2007. Retrieved 26 May 2007.
43. ^ "Azerbaijan: Status of Database". Central Asia and Caucasus Institute. Archived from the original on 20 March 2007. Retrieved 28 May 2007.
44. ^ "Industry" (PDF). Statistical Yearbook of Azerbaijan 2004. Archived from the original (PDF) on 2 February 2007. Retrieved 26 May 2007.
45. ^ https://ec.europa.eu/neighbourhood-enlargement/news_corner/news/eu4lankaran-–-new-eu-action-boost-rural-and-regional-competitiveness-azerbaijan_en [dead link‍]
46. ^ Snow, Nick (30 April 2014). "Azerbaijan looks beyond energy successes for economic growth". ogj.com. Oil & Gas Journal. Retrieved 14 August 2014.
47. ^ Giragosian, Richard (2 February 2012). "Azerbaijan: Baku Signals New Determination For Defense Reform". RadioFreeEurope/RadioLiberty. Retrieved 3 March 2015.
48. ^ "Azerbaijan, Turkey to produce revolver grenade launchers". Today.AZ. Retrieved 3 March 2015.
49. ^ Azerbaijan’s Ministry of Defense Industry plans to assume several projects on technical modernization of Armed Forces Archived 2 April 2012 at the Wayback Machine
50. ^ "News.Az - Azerbaijan, Turkey sign contract on joint rocket production". Archived from the original on 8 November 2010. Retrieved 3 March 2015.
51. ^ Azerbaijani Defense Industry Ministry conducts negotiations with Turkish "Otokar" Company on production of armored vehicles Archived 25 March 2012 at the Wayback Machine
52. ^ a b c d Ismayilova, Khadija (15 July 2014). "TeliaSonera's Behind-The-Scenes Connection To Azerbaijani President's Daughters". Radio Free Europe/Radio Liberty.
53. ^ "Offshores Close to President Paid Nothing for State Share of Telecom - Corruptistan". OCCRP. 2015. Archived from the original on 2 January 2024. Retrieved 2 January 2024.
54. ^ "Azerbaijan aims for hi-tech state". euronews. Euronews. Retrieved 19 December 2010.
55. ^ "Rapid Tourism Assessment for the Azerbaijan Tourism Sector Development Program". Organization for Security and Cooperation in Europe. Retrieved 9 September 2013.
56. ^ Azərbaycan Qarabağın turizm imkanlarını təbliğ edir (in Azerbaijani)
57. ^ Ismayilov, Rovshan. "Azerbaijan: Baku Boom Has Yet to Hit Regions". EurasiaNet. Archived from the original on 19 August 2007. Retrieved 12 August 2007.
58. ^ Cree, Richard. "Azerbaijan on Director magazine". director.co.uk. Archived from the original on 2 July 2014. Retrieved 14 August 2014.
59. ^ "Ministry of Culture and Tourism of Azerbaijan: Goals". Tourism.az. 6 February 2004. Archived from the original on 28 November 2010. Retrieved 4 January 2011.
60. ^ a b "Azerbaijan - General Information". Heydar Aliyev Foundation. Archived from the original on 28 May 2007. Retrieved 22 May 2007.
61. ^ "Azerbaijan - General Information". Heydar Aliyev Foundation. Archived from the original on 5 May 2007. Retrieved 22 May 2007.
62. ^ "Azerbaijan: Economy". globalEDGE. Archived from the original on 12 October 2007. Retrieved 29 May 2007.
63. ^ "SOCAR plans to completed full gasification of Azerbaijan only by 2021". Azerbaijan Business Center. Retrieved 6 June 2010.
64. ^ Ziyadov, Taleh. "The New Silk Roads" (PDF). Central Asia-Caucasus Institute Silk Road Studies Program. Archived from the original (PDF) on 25 July 2013.
65. ^ Zeyno Baran (2005). "The Baku-Tbilisi-Ceyhan Pipeline: Implications for Turkey" (PDF). The Baku-Tbilisi-Ceyhan Pipeline: Oil Window to the West. The Central Asia-Caucasus Institute, Silk Road Studies Program: 103–118\. Archived from the original (PDF) on 27 February 2008. Retrieved 30 December 2007.103-118&rft.date=2005&rft.au=Zeyno+Baran&rft_id=http://www.silkroadstudies.org/BTC_6.pdf&rfr_id=info:sid/en.wikipedia.org:Economy+of+Azerbaijan" class="Z3988">
66. ^ "SCP Commissioning Commences" (Press release). BP. 1 June 2006. Archived from the original on 11 October 2007. Retrieved 4 June 2008.
67. ^ a b Doing Business 2014 (PDF) (11th ed.). The World Bank. 29 October 2013. pp. 60–65\. doi:10.1596/978-0-8213-9984-2. hdl:10986/16204. ISBN 978-0-8213-9983-5. Archived (PDF) from the original on 9 October 2022.60-65&rft.edition=11th&rft.pub=The+World+Bank&rft.date=2013-10-29&rft_id=info:hdl/10986/16204&rft_id=info:doi/10.1596/978-0-8213-9984-2&rft.isbn=978-0-8213-9983-5&rft_id=https://www.doingbusiness.org/content/dam/doingBusiness/media/Annual-Reports/English/DB14-Full-Report.pdf&rfr_id=info:sid/en.wikipedia.org:Economy+of+Azerbaijan" class="Z3988">
68. ^ "2010-2012 State Program on Development of Communication and Information Technologies in the Republic of Azerbaijan (Electronic Azerbaijan)". president.az (in Azerbaijani). Retrieved 6 October 2017.
69. ^ "Service providers". e-gov.az. Archived from the original on 6 October 2017. Retrieved 6 October 2017.
70. ^ "Single-window: Decree of the President of Azerbaijan (11 November 2008)". customs.gov.az (in Azerbaijani). Retrieved 4 October 2017.
71. ^ "Decree of the President of Azerbaijan on Implementation of the "single window" principle in the management of migration processes" (PDF). mfa.gov.az. Archived from the original (PDF) on 17 October 2012. Retrieved 4 October 2017.
72. ^ a b Asian Development Bank, "Poverty in Azerbaijan", Asian Development Bank, Manila, 13 February 2020. Retrieved on 13 February 2020.
73. ^ a b http://www.cbar.az/ Archived 14 March 2010 at the Wayback Machine Central Bank of the Azerbaijan Republic, accessed 24 July 2015

## Further reading

[edit]

* Habibov, Nazim: "Poverty in Azerbaijan" in the Caucasus Analytical Digest No. 34
* Küpeli, Ismail (2013). Aserbaidschan - ein autoritärer Rentierstaat? Politik und Ökonomie unter dem Aliyev-Regime. Göttingen: Optimus Verlag. ISBN 978-3-86376-042-7.

## External links

[edit]

* Hübner, Gerald: "As If Nothing Happened? How Azerbaijan's Economy Manages to Sail Through Stormy Weather" in the Caucasus Analytical Digest No. 18

* v
* t
* e

Azerbaijan articles

History|

| Early|

* Stone Age
* Bronze and Iron age
* Kura–Araxes culture
* Nakhchivan culture
* Khojaly–Gadabay culture
* Shulaveri–Shomu culture
* Mughan culture
* Jar-Burial Culture
* Leyla-Tepe culture
* Achaemenid Empire
* Caucasian Albania
* Parthian Empire
* Arran (Caucasus)
* Sasanian Empire
* Shirvan

|

Middle Ages|

* Sajid dynasty
* Sallarid dynasty
* Shaddadids
* Shirvanshahs
* Eldiguzids
* Ilkhanate
* Kara Koyunlu
* Aq Qoyunlu
* Safavid Iran
* Afsharid Iran
* Khanates of the Caucasus
* Zand dynasty
* Qajar Iran
* Russo-Persian War (1804–13)
* Treaty of Gulistan
* Russo-Persian War (1826–1828)
* Treaty of Turkmenchay

Modern|

* Armenian–Tatar massacres
* March Days
* Armenian–Azerbaijani war (1918–1920)
* Azerbaijan Democratic Republic
* Soviet Azerbaijan
* First Nagorno-Karabakh War
* Black January
* Independent Azerbaijan
* Second Nagorno-Karabakh War

By topic|

* History of the name Azerbaijan
* The Land of Fire

Geography|

* Bodies of water
* Caspian Sea
* Climate
* Climate change
* Earthquakes
* Environment
* issues
* Extreme points
* Fauna
* Flora
* Geology
* Caves
* Mountains
* Lakes
* National parks
* Orography
* Protected areas
* State reserves
* Wildlife

Subdivisions|

* Administrative divisions
* Borders
* Cities
* World Heritage Sites

Politics|

| Government|

* Cabinet
* Constitution
* Elections
* Foreign relations
* Human rights
* LGBT
* Children's rights
* Law enforcement
* Military
* National Assembly
* Political parties
* Politics
* President
* Prime Minister
* Migration

|

Economy|

* Agriculture
* Central Bank
* Companies
* Energy
* Manat (currency)
* Metallurgy
* Mineral industry
* Natural resources
* Petroleum industry
* Telecommunications
* Tourism
* Transport

Culture|

* Animation
* Architecture
* Art
* Cinema
* Cuisine (wine)
* Dances
* Dress
* Folklore
* Holidays
* National identity
* Language
* Literature
* Media
* Music
* Mythology
* Novruz (New Year)
* Public holidays
* Religion
* Rug
* Sport
* Tea culture
* Theatre
* Wedding

Demographics|

* Education
* Ethnic minorities
* Gender equality
* Health
* Healthcare
* Languages
* LGBT rights
* People
* list
* Women

Symbols|

* Flag
* National anthem
* National emblem

* Outline
* Index
* Bibliography

* Category
* Portal

* v
* t
* e

Economy of Asia

Sovereign states|

* Afghanistan
* Armenia
* Azerbaijan
* Bahrain
* Bangladesh
* Bhutan
* Brunei
* Cambodia
* China
* Cyprus
* East Timor (Timor-Leste)
* Egypt
* Georgia
* India
* Indonesia
* Iran
* Iraq
* Israel
* Japan
* Jordan
* Kazakhstan
* North Korea
* South Korea
* Kuwait
* Kyrgyzstan
* Laos
* Lebanon
* Malaysia
* Maldives
* Mongolia
* Myanmar
* Nepal
* Oman
* Pakistan
* Philippines
* Qatar
* Russia
* Saudi Arabia
* Singapore
* Sri Lanka
* Syria
* Tajikistan
* Thailand
* Turkey
* Turkmenistan
* United Arab Emirates
* Uzbekistan
* Vietnam
* Yemen

States with
limited recognition|

* Abkhazia
* Northern Cyprus
* Palestine
* South Ossetia
* Taiwan

Dependencies and
other territories|

* British Indian Ocean Territory
* Christmas Island
* Cocos (Keeling) Islands
* Hong Kong
* Macau

* Category
* Asia portal

* v
* t
* e

Economy of Europe

Sovereign states|

* Albania
* Andorra
* Armenia
* Austria
* Azerbaijan
* Belarus
* Belgium
* Bosnia and Herzegovina
* Bulgaria
* Croatia
* Cyprus
* Czech Republic
* Denmark
* Estonia
* Finland
* France
* Georgia
* Germany
* Greece
* Hungary
* Iceland
* Ireland
*   * Italy
* Kazakhstan
* Latvia
* Liechtenstein
* Lithuania
* Luxembourg
* Malta
* Moldova
* Monaco
* Montenegro
* Netherlands
* North Macedonia
* Norway
* Poland
* Portugal
* Romania
* Russia
* San Marino
* Serbia
* Slovakia
* Slovenia
* Spain
* Sweden
* Switzerland
* Turkey
* Ukraine
* United Kingdom
* Vatican City

States with limited
recognition|

* Abkhazia
* Kosovo
* Northern Cyprus
* South Ossetia
* Transnistria

Dependencies and
other entities|

* Åland
* Faroe Islands
* Gibraltar
* Guernsey
* Isle of Man
* Jersey
* Svalbard

Other entities|

* European Union

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template