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

factoids
country	Azerbaijan| image = Port Baku.jpg| caption = Baku, the financial capital of Azerbaijan| currency = Azerbaijani manat (AZN, ₼)| fixed exchange = | year = Calendar year Commonwealth of Independent States>CIS, ECO, GUAM, WTO (observer) {edih}		PUBLISHER=EUROSTAT	ACCESS-DATE=13 JULY 2020,	{{increase{edih} $78.749 billion (nominal, 2024)WEB,weblink World Economic Outlook Database, April 2024 Edition. (Azerbaijan), International Monetary Fund, April 2024, 21 April 2024, {{increase}} $199.195 billion (PPP, 2024 est.)}}	82nd (nominal, 2024) 78th (PPP, 2024){edih}	1.5% (2018) 2.2% (2019e) −4.3% (2020) 4.8% (2021f) 4.0% (2022f) 5.3% (2023f) 3.7% (2024f) 3.1% (2025f)BOOK, Global Economic Prospects, June 2020, 80,weblink openknowledge.worldbank.org, 8 June 2020, World Bank, 10.1596/978-1-4648-1553-9, 978-1-4648-1553-9, 225749731, 10 June 2020, }}	{{increase{edih} $7,641 (nominal, 2024) {{increase}} $19,328 (PPP, 2024 est.)}}	90th (nominal, 2024) 88th (PPP, 2024){edih}	agriculture: 6.93% industry: 41.38% services: 42.52% (2020 est.)}}| components =		PUBLISHER=STATE STATISTICS COMMITTEE	ACCESS-DATE=,	4.8% (2019 est.) {{decreasePositive}} 7.0% on less than $5.50/day (2020)WEB,weblink Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) – Azerbaijan, World Bank, data.worldbank.org, 3 November 2019, }}	{{decrease{edih} 0.745 {{color|green|high}} (2021)WEB,weblink Human Development Index (HDI), Human Development Report, HDRO (Human Development Report Office) United Nations Development Programme, hdr.undp.org, 17 November 2022, (91st) {{increase}} 0.685 {{color|darkorange|medium}} IHDI (2021)WEB, Inequality-adjusted HDI (IHDI),weblink hdr.undp.org, United Nations Development Programme, UNDP, 17 November 2022, }}	darkorange|medium}} (2021)	{{increase{edih} 5,073,024 (2019)WEB,weblink Labor force, total{{Snd, Azerbaijan |publisher=World Bank |website=data.worldbank.org |access-date=3 November 2019}} {{increase}} 63.0% employment rate (2018)WEB,weblink Employment to population ratio, 15+, total (%) (national estimate){{Snd, Azerbaijan |publisher=World Bank |website=data.worldbank.org |access-date=3 November 2019}}}}	agriculture: 37% industry: 14.3% services: 48.9% (2014)CIA WORLD FACTBOOK, Azerbaijan, 16 August 2019, 2019, }}	{{increaseNegative{edih} 5.0% (2020 est.)WEB, World Economic Outlook Database, April 2022,weblink IMF.org, International Monetary Fund, 20 April 2020, {{decreasePositive}} 4.9% (2018)WEB, Unemployment, total (% of total labor force) (national estimate){{Snd, Azerbaijan |url=https://data.worldbank.org/indicator/SL.UEM.TOTL.NE.ZS?locations=AZ |website=data.worldbank.org |publisher=World Bank |access-date=6 March 2020}} {{decreasePositive}} 13.4% youth unemployment (2015)WEB, Unemployment, youth total (% of total labor force ages 15-24) (national estimate){{Snd, Azerbaijan |url=https://data.worldbank.org/indicator/SL.UEM.1524.NE.ZS?locations=AZ |website=data.worldbank.org |publisher=World Bank |access-date=6 March 2020}}}}	{{increase}}>AZN 839 / €466 monthly (December, 2022)	{{increase}}>AZN 720 / €400 monthly (December, 2022)	petroleum and natural gas; petroleum products; oilfield equipment; steel; iron ore; cement; chemical industry>chemicals; petrochemicals; textiles; machinery; cotton; foodstuffs	Ease of doing business index#Ranking>34th (very easy, 2020)HTTP://WWW.DOINGBUSINESS.ORG/DATA/EXPLOREECONOMIES/AZERBAIJAN >TITLE=EASE OF DOING BUSINESS IN AZERBAIJAN	ACCESS-DATE=2017-01-25, | exports = {{increase}} $38.1billion (2022 Dec.)WEB,weblink AzÉ™rbaycan DövlÉ™t Gömrük KomitÉ™si, | export-goods = oil and gas, machinery, foodstuffs, cotton	{{flag|Italy{edih} 46.6% {{flag|Turkey}} 9.29% {{flag|Israel}} 4.41% {{flag|India}} 4.36% {{flag|Greece}} 3.65% {{flag|Spain}} 2.65% {{flag|Russia}} 2.56% {{flag|Croatia}} 2.50% {{flag|Czech Republic}} 2.42% {{flag|United Kingdom}} 2.04% (2022)WEB, Foreign trade partners of Azerbaijan,weblink The States Customs Committee of the Republic of Azerbaijan, 31 Dec 2022, }}		{{flag|Russia{edih} 18.81% {{flag|Turkey}} 15.8% {{flag|China}} 14.35% {{flag|Germany}} 4.56% {{flag|Turkmenistan}} 3.51% {{flag|United States}} 3.3% {{flag|Iran}} 3.28% {{flag|Italy}} 2.34% {{flag|Japan}} 2% {{flag|South Korea}} 1.85% (2022 Dec.)}}| current account = {{increase}} $4.4 billion (2019 est.)	{{increase{edih} $79.53 billion (31 December 2017 est.) {{increase}} Abroad: $19.6 billion (31 December 2017 est.)}}| gross external debt = {{increaseNegative}} $8.927 billion (2020 est.)| debt = {{increaseNegative}} 17.59% of GDP (2020 est.)			Fitch:NEWS, Azerbaijan at BBB- according to Fitch Ratings.,weblink 27 January 2012, London, tr, dead,weblink" title="web.archive.org/web/20131231000104weblink">weblink 31 December 2013, BB+ Outlook: Negative Moody's:WEB, Moody's changes outlook on Azerbaijan's sovereign ratings to positive from stable, 8 March 2011,weblink Ba2 Outlook: Stable Standard & Poor's:WEB, Sovereigns Ratings List,weblink BB+ AAA (T&C Assessment) Outlook: StableWEB, Azerbaijan Rating Stable,weblink London, 13 January 2012, 1 April 2012,weblink" title="web.archive.org/web/20150130202445weblink">weblink 30 January 2015, dead, }}| reserves = {{increase}} $70,1 billion (2024 est.)| cianame = azerbaijan| spelling = }}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.NEWS, Levine, Joshua, 2012-08-15, Big in Baku, en-US, The New York Times,weblink 0362-4331, WEB, September 2022, Azerbaijan: Country economic memorandum,weblink World Bank, Since 2014, GDP growth has slowed down substantially. 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.WEB, Lo, Joe, 2023-12-09, Oil-reliant Azerbaijan chosen to host Cop29 climate talks,weblink 2023-12-09, Climate Home News, en, Azerbaijan's economy is characterized by corruption and inequality. The country's oil wealth has significantly strengthened the stability of Ilham Aliyev's regime and enriched ruling elites in Azerbaijan.BOOK, Altstadt, Audrey L.,weblink Frustrated Democracy in Post-Soviet Azerbaijan, 2017, Columbia University Press, 978-0-231-80141-6, 114–120, en, BOOK, Waal, Thomas de,weblink The Caucasus: An Introduction, 2018-11-02, Oxford University Press, 978-0-19-068311-5, 185–186, 226–229, en, BOOK, Ross, Michael,weblink The Oil Curse: How Petroleum Wealth Shapes the Development of Nations, 2012, Princeton University Press, 978-0-691-14545-7, 60, en, BOOK, Cornell, Svante E.,weblink Azerbaijan Since Independence, 2015, Routledge, 978-1-317-47621-4, 210–211, 235, en, The country's oil wealth has enabled the state to host lavish international events, as well as engage in extensive lobbying efforts abroad.WEB, Project, Organized Crime and Corruption Reporting, The Azerbaijani Laundromat,weblink OCCRP, WEB, Harding, Luke, Barr, Caelainn, Nagapetyants, Dina, September 4, 2017, Everything you need to know about the Azerbaijani Laundromat,weblink www.theguardian.com, The national currency is the Azerbaijani manat. The private sector is weak in Azerbaijan, as the economy is dominated by state-owned enterprises. More than half of the formal labor force works for the government in Azerbaijan. Economic history of Azerbaijan Republic era 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.Azerbaijani answer to oil glut: Bathe in it – Asia – Pacific – International Herald Tribune {{webarchive |url=https://web.archive.org/web/20061128193000weblink |date=28 November 2006 }} 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.WEB, Zhalko-Tytarenko, Andrew, Iran's other side: the South Caucasus,weblink diplomatonline.com, 14 August 2014, In 1992, Azerbaijan became member of the Economic Cooperation Organization.WEB, Brief Introduction of ECO's history,weblink ecosecretariat.org, 14 August 2014,weblink" title="web.archive.org/web/20131022070355weblink">weblink 22 October 2013, usurped, In 2002, the Azerbaijani merchant marine had 54 ships.WEB, Azerbaijan Transportation, NationsEncyclopedia.com,weblink 24 May 2007, 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 also have 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.WEB,weblink Azerbaijan among top 8 biggest oil suppliers to EU countries, Today.AZ, 3 March 2015, 23 September 2016,weblink" title="web.archive.org/web/20160923134549weblink">weblink dead, 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{{Snd}}in the oil sector".NEWS,weblink Azerbaijan investment up 61 pct to $20 bln in 2011, Reuters, Lada Yevgrashina, 17 January 2012, 17 January 2012, (File:2006Azerbaijani exports.PNG|thumb|right|Azerbaijani exports in 2006)In 2012, because of its economic performance after the Soviet breakup, Azerbaijan was predicted to become "Tiger of Caucasus".WEB, Is Azerbaijan the new "Caucasus tiger"?,weblink agccommunication.eu, 14 August 2014, WEB, Safarov, Fuad, Muhammad Asif Noor: "Tiger of Caucasus" pose as an opportunity for Pakistan to get involved in mutually beneficial cooperative engagements",weblink vestnikkavkaza.net, 14 August 2014, 14 August 2014,weblink" title="web.archive.org/web/20140814213930weblink">weblink dead, WEB, Afag, Aliyeva, ru:Известное СМИ Германии: Азербайджан{{Snd, "тигр Кавказа"|url=http://aze.az/news_izvestnoe_smi_germanii_75709.html|website=aze.az|date=14 April 2012 |access-date=14 August 2014|language=ru}} In 2012, Globalization and World Cities Research Network study ranked Baku as a Gamma-level global city.WEB, The World According to GAWC 2012,weblink GAWC, 7 April 2014, In 2015, Turkey and Azerbaijan agreed to boost mutual trade to US$15 billion by 2023.NEWS, Turkey, Azerbaijan intend to boost mutual trade to $15 billion by 2023,weblinkweblink" title="archive.today/20150118152136weblink">weblink dead, 18 January 2015, 16 January 2015, 15 January 2015, Macro-economic trend (File:GPD per capita development of Azerbaijan.jpg|thumb|right|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 pricesestimated {{webarchive |url=https://web.archive.org/web/20170113113412weblink |date=2017-01-13 }} by the International Monetary Fund with figures in USD.{| class="wikitable"
	| 8.78
	| 10.01
	| 15.52
	| 31.78
	| 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 = $1.70. Mean graduate pay was $5.76 per man-hour in 2010.The following table shows the main economic indicators in 1980–2017.{| class="wikitable" style="text-align: center;"!Year!GDP (in bil. US$ 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: IMFWEB, Report for Selected Countries and Subjects,weblink 2018-08-28, en-US, 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.Azerbaijan: Energy profile {{webarchive |url=https://web.archive.org/web/20081004122202weblink |date=4 October 2008 }} (Enerpub, 13 December 2007) 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

Agriculture

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 {{Convert|4.76|e6ha|e6acre|sigfig=3|abbr=off}} of utilized agricultural area.WEB, Natural resources, The State Statistical Committee of the Republic of Azerbaijan,weblink 2007-05-26,weblink" title="web.archive.org/web/20070610085820weblink">weblink 10 June 2007, dead, In the same year the total wood resources counted {{Convert|136|e6m3|e6yd3|sigfig=3|abbr=off}}. 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.WEB, Azerbaijan: Status of Database, Central Asia and Caucasus Institute,weblink 28 May 2007, dead,weblink" title="web.archive.org/web/20070320100930weblink">weblink 20 March 2007, 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).WEB, Industry, Statistical Yearbook of Azerbaijan 2004,weblink 2007-05-26,weblink" title="web.archive.org/web/20070202100114weblink">weblink 2 February 2007, dead, A new program which is prepared by the European Union is aimed to support the economic diversification of Azerbaijanweblink {{Dead link|date=January 2022}}

Manufacturing

File:Parad 878.jpg|thumb|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.WEB, Snow, Nick, Azerbaijan looks beyond energy successes for economic growth,weblink ogj.com, Oil & Gas Journal, 14 August 2014, As of 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.NEWS,weblink Azerbaijan: Baku Signals New Determination For Defense Reform, RadioFreeEurope/RadioLiberty, 2 February 2012, 3 March 2015, Giragosian, Richard, 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.WEB,weblink Azerbaijan, Turkey to produce revolver grenade launchers, Today.AZ, 3 March 2015, Azerbaijan’s Ministry of Defense Industry plans to assume several projects on technical modernization of Armed Forces {{webarchive |url=https://web.archive.org/web/20120402090426weblink |date=2 April 2012 }}WEB,weblink News.Az{{Snd, Azerbaijan, Turkey sign contract on joint rocket production|access-date=3 March 2015|archive-date=8 November 2010|archive-url=https://web.archive.org/web/20101108063414weblink|url-status=dead}}Azerbaijani Defense Industry Ministry conducts negotiations with Turkish "Otokar" Company on production of armored vehicles {{webarchive |url=https://web.archive.org/web/20120325182937weblink |date=25 March 2012 }}

Financial and business services

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

Telecommunications

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.NEWS, Ismayilova, Khadija, 2014-07-15, TeliaSonera's Behind-The-Scenes Connection To Azerbaijani President's Daughters, en, Radio Free Europe/Radio Liberty,weblink The third large mobile provider is Bakcell, which is registered to a company in an offshore tax haven and whose owners are unknown. Ownership of the mobile providers in Azerbaijan enables the ruling Aliyev family to monitor phone calls and internet activity.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.WEB, 2015, Offshores Close to President Paid Nothing for State Share of Telecom - Corruptistan,weblink OCCRP, en, 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.The Azerbaijan government has stated that it wants to create a high-tech sector in Azerbaijan.WEB, Azerbaijan aims for hi-tech state,weblink Euronews, 19 December 2010,

Tourism

{{See also|Tourism in Azerbaijan}}File:Ancient Azerbaijan 4.jpg|thumb|Petroglyphs in Gobustan dating back to 10,000 BC indicating a thriving culture. It is a UNESCO World Heritage SiteWorld Heritage SiteTourism 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.WEB,weblink Rapid Tourism Assessment for the Azerbaijan Tourism Sector Development Program, Organization for Security and Cooperation in Europe, 2013-09-09, 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.AzÉ™rbaycan Qarabağın turizm imkanlarını tÉ™bliÄŸ edir {{in lang|az}} In recent years, Azerbaijan has also become a popular destination for religious, spa, and health care tourism.WEB, Ismayilov, Rovshan, Azerbaijan: Baku Boom Has Yet to Hit Regions, EurasiaNet,weblink 12 August 2007,weblink" title="web.archive.org/web/20070819211953weblink">weblink 19 August 2007, live, 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.WEB, Cree, Richard, Azerbaijan on Director magazine,weblink director.co.uk, 14 August 2014, dead,weblink" title="web.archive.org/web/20140702121348weblink">weblink 2 July 2014, It is a national strategy to make tourism a major, if not the single largest, contributor to the Azerbaijani economy.WEB,weblink Ministry of Culture and Tourism of Azerbaijan: Goals, Tourism.az, 6 February 2004, 4 January 2011,weblink" title="web.archive.org/web/20101128233315weblink">weblink 28 November 2010, live, 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

{{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 ((File:Azeri manat symbol.svg|13px)).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 with relationship to other currencies.

Infrastructure

Energy

File:Baku pipelines.svg|thumb|right|The Baku-Tbilisi-Ceyhan pipelineBaku-Tbilisi-Ceyhan pipelineTwo-thirds of Azerbaijan is rich in oil and natural gas.WEB, Azerbaijan{{Snd, General Information |publisher=Heydar Aliyev Foundation |url=http://www.azerbaijan.az/_Geography/_GeneralInfo/_generalInfo_e.html |access-date=2007-05-22 |archive-url=https://web.archive.org/web/20070528033940weblink |archive-date=28 May 2007 |url-status=live }} 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. 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.WEB, Azerbaijan{{Snd, General Information |publisher=Heydar Aliyev Foundation |url=http://www.azerbaijan.az/_Economy/_GeneralInfo/_generalInfo_e.html |access-date=2007-05-22 |archive-url=https://web.archive.org/web/20070505020428weblink |archive-date=5 May 2007 |url-status=live }} 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.WEB, Azerbaijan: Economy, globalEDGE,weblinkweblink" title="web.archive.org/web/20071012194537weblink">weblink dead, 12 October 2007, 29 May 2007, Azeriqaz, a sub-company of SOCAR, intends to ensure full gasification of the country by 2021.WEB,weblink SOCAR plans to completed full gasification of Azerbaijan only by 2021, Azerbaijan Business Center, 6 June 2010,

Transportation

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.WEB, Ziyadov, Taleh, Taleh Ziyadov, The New Silk Roads, Central Asia-Caucasus Institute Silk Road Studies Program,weblink dead,weblink" title="web.archive.org/web/20130725084438weblink">weblink 25 July 2013, 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.JOURNAL , 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 {{convert|2918|km|0|abbr=on}} and electrified railways numbered {{convert|1278|km|0|abbr=on}}. By 2010, there were 35 airports and one heliport.

Regulation

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.BOOK,weblinkweblink 2022-10-09, live, 11th, Doing Business 2014, The World Bank, 29 October 2013, 978-0-8213-9983-5, 60–65, 10.1596/978-0-8213-9984-2, 10986/16204, It implemented an E-Government portal as well.WEB,weblink 2010-2012 State Program on Development of Communication and Information Technologies in the Republic of Azerbaijan (Electronic Azerbaijan), president.az, az, 2017-10-06, WEB,weblink Service providers, e-gov.az, en, 2017-10-06, 6 October 2017,weblink dead, 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. 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.WEB, Single-window: Decree of the President of Azerbaijan (11 November 2008),weblink 2017-10-04, customs.gov.az, az, 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.WEB,weblink Decree of the President of Azerbaijan on Implementation of the "single window" principle in the management of migration processes, mfa.gov.az, 2017-10-04, 17 October 2012,weblink" title="web.archive.org/web/20121017073141weblink">weblink dead,

Poverty

{{excerpt|Poverty in Azerbaijan}}

Other economic indicators

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: {{convert|47584|km2}} (2011)
• 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{{Snd}} 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{{Snd}} external:

• $3.89 billion (2011 est.)

Currency:

• 1 Manat = 100 gepik

Exchange rates:

• Azerbaijani manat per US dollar{{Snd}} 1.7 (for 22 November 2020weblink {{Webarchive|url=https://web.archive.org/web/20100314050016weblink |date=14 March 2010 }} Central Bank of the Azerbaijan Republic, accessed 24 July 2015
• Azerbaijani manat per Euro{{Snd}} 2.01 (for 22 November 2020)

Fiscal year:

• Calendar year

See also

• 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

{{Reflist}}

Further reading

• Habibov, Nazim: "Poverty in Azerbaijan" in the Caucasus Analytical Digest No. 34
• BOOK, Küpeli, Ismail, Aserbaidschan{{Snd, ein autoritärer Rentierstaat? Politik und Ökonomie unter dem Aliyev-Regime|publisher=Optimus Verlag|location=Göttingen|year=2013|isbn=978-3-86376-042-7}}

External links

• {{Curlie|Regional/Asia/Azerbaijan/Business_and_Economy/Economic_Development|Azerbaijan Economic Development}}
• Hübner, Gerald: "As If Nothing Happened? How Azerbaijan's Economy Manages to Sail Through Stormy Weather" in the Caucasus Analytical Digest No. 18

{{Azerbaijan topics}}{{Asia in topic|Economy of}}{{Economy of Europe}}