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. Since 2014, GDP growth has slowed down substantially. Large

oil An oil is any nonpolar chemical substance that is composed primarily of hydrocarbons and is hydrophobic (does not mix with water) and lipophilic (mixes with other oils). Oils are usually flammable and surface active. Most oils are unsaturate ...

reserves are a major contributor to

Azerbaijan Azerbaijan, officially the Republic of Azerbaijan, is a Boundaries between the continents, transcontinental and landlocked country at the boundary of West Asia and Eastern Europe. It is a part of the South Caucasus region and is bounded by ...

'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. Gas and oil make up 90% of Azerbaijan's export revenues and 60% of its finances. Azerbaijan's economy is characterized by corruption and inequality. The country's oil wealth has significantly strengthened the stability of

Ilham Aliyev Ilham Heydar Oghlu Aliyev (born 24 December 1961) is an Azerbaijani politician who has been the fourth president of Azerbaijan since 2003. He is also the leader of the New Azerbaijan Party since 2005. The son and second child of former Aze ...

's regime and enriched ruling elites in Azerbaijan. The country's oil wealth has enabled the state to host lavish international events, as well as engage in extensive lobbying efforts abroad. The national currency is the

Azerbaijani manat The manat (ISO 4217, ISO code: AZN; Currency symbol, sign: ₼; abbreviation: m) is the currency of Azerbaijan. It is subdivided into 100 ''gapiks''. The first iteration of the currency emerged in the Azerbaijan Democratic Republic and its succ ...

. 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 sector by major international oil companies in AIOC consortium operated by BP. Oil production under the first of these production sharing agreements (PSAs), with the Azerbaijan International Operating Company, began in November 1997 and was about 500,000 barrels per day in 2006. People visit petroleum spas (or "oil spas") to bathe in the local crude in Naftalan. A leading

caviar Caviar or caviare is a food consisting of salt-cured roe of the family Acipenseridae. Caviar is considered a delicacy and is eaten as a garnish or spread. Traditionally, the term caviar refers only to roe from wild sturgeon in the Caspi ...

producer and exporter in the past, Azerbaijan's

fishing industry The fishing industry includes any industry or activity that takes, cultures, processes, preserves, stores, transports, markets or sells fish or fish products. It is defined by the Food and Agriculture Organization as including recreational, sub ...

today is concentrated on the dwindling stocks of

sturgeon Sturgeon (from Old English ultimately from Proto-Indo-European language, Proto-Indo-European *''str̥(Hx)yón''-) is the common name for the 27 species of fish belonging to the family Acipenseridae. The earliest sturgeon fossils date to the ...

and

beluga Beluga may refer to: Animals *Beluga (sturgeon) * Beluga whale Vehicles * Airbus Beluga, a large transport airplane * Airbus BelugaXL, a larger transport airplane * Beluga-class submarine, a class of Russian SSA diesel-electric submarine * U ...

in the

Caspian Sea The Caspian Sea is the world's largest inland body of water, described as the List of lakes by area, world's largest lake and usually referred to as a full-fledged sea. An endorheic basin, it lies between Europe and Asia: east of the Caucasus, ...

. Azerbaijan shares all the problems of the former Soviet republics in making the transition from a

command Command may refer to: Computing * Command (computing), a statement in a computer language * command (Unix), a Unix command * COMMAND.COM, the default operating system shell and command-line interpreter for DOS * Command key, a modifier key on A ...

to a

market economy A market economy is an economic system in which the decisions regarding investment, production, and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a mark ...

, 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 foreign investment, is the continuing conflict with Armenia over the

Nagorno-Karabakh Nagorno-Karabakh (, ; ) is a region in Azerbaijan, covering the southeastern stretch of the Lesser Caucasus mountain range. Part of the greater region of Karabakh, it spans the area between Lower Karabakh and Syunik Province, Syunik. Its ter ...

region. In 1992 Azerbaijan became a member of the

Economic Cooperation Organization The Economic Cooperation Organization or ECO is a Eurasian political and economic intergovernmental organization that was founded in 1985 in Tehran by the leaders of Iran, Pakistan, and Turkey. It provides a platform to discuss ways to improve ...

. In 2002, the Azerbaijani merchant marine had 54 ships. In 2010 Azerbaijan entered into the top eight biggest oil suppliers to EU countries with €9.46 billion. 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 Shahin Abdullah oghlu Mustafayev (; born 13 June 1965) is an Azerbaijani politician serving as the Deputy Prime Minister of Azerbaijan. Early life Mustafayev was born on 13 June 1965 in the village of Jujevan in the Noyemberyan District of th ...

, in 2011, "$15.7 billion was invested in the non-oil sector, while the restin the oil sector". 2006Azerbaijani exports

In 2012, because of its economic performance after the Soviet breakup, Azerbaijan was predicted to become " Tiger of Caucasus". In 2012,

Globalization and World Cities Research Network The Globalization and World Cities Research Network (GaWC) is a British think tank that studies the relationships between world cities in the context of globalization. It is based in the geography department of Loughborough University in Leic ...

study ranked Baku as a Gamma-level

global city A global city (also known as a power city, world city, alpha city, or world center) is a city that serves as a primary node in the global economic network. The concept originates from geography and urban studies, based on the thesis that glo ...

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

Macroeconomic trend

GPD per capita development of Azerbaijan

The following is a chart of trend of gross domestic product of Azerbaijan at market prices with figures in USD. 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. Source: IMF For more than a century the backbone of the Azerbaijani economy has been

petroleum Petroleum, also known as crude oil or simply oil, is a naturally occurring, yellowish-black liquid chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring un ...

, which represented 50 percent of Azerbaijan's GDP in 2005, and is projected to double to almost 125 percent of GDP in 2007. Now that Western oil companies are able to tap deep-water oilfields untouched by the

Soviets The Soviet people () were the citizens and nationals of the Soviet Union. This demonym was presented in the ideology of the country as the "new historical unity of peoples of different nationalities" (). Nationality policy in the Soviet Union ...

because of poor technology, Azerbaijan is considered one of the most important areas in the world for oil exploration and development. Proven

oil reserves An oil is any chemical polarity, nonpolar chemical substance that is composed primarily of hydrocarbons and is hydrophobe, hydrophobic (does not mix with water) and lipophilicity, lipophilic (mixes with other oils). Oils are usually flammable ...

in the Caspian Basin, which Azerbaijan shares with Russia,

Kazakhstan Kazakhstan, officially the Republic of Kazakhstan, is a landlocked country primarily in Central Asia, with a European Kazakhstan, small portion in Eastern Europe. It borders Russia to the Kazakhstan–Russia border, north and west, China to th ...

, Iran, and

Turkmenistan Turkmenistan is a landlocked country in Central Asia bordered by Kazakhstan to the northwest, Uzbekistan to the north, east and northeast, Afghanistan to the southeast, Iran to the south and southwest and the Caspian Sea to the west. Ash ...

, are comparable in size to the

North Sea The North Sea lies between Great Britain, Denmark, Norway, Germany, the Netherlands, Belgium, and France. A sea on the European continental shelf, it connects to the Atlantic Ocean through the English Channel in the south and the Norwegian Se ...

, 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 of utilized agricultural area. In the same year, the total wood resources counted . Azerbaijan's agricultural scientific research institutes are focused on meadows and pastures, horticulture and

subtropical The subtropical zones or subtropics are geographical zone, geographical and Köppen climate classification, climate zones immediately to the Northern Hemisphere, north and Southern Hemisphere, south of the tropics. Geographically part of the Ge ...

crops,

leaf vegetable Leaf vegetables, also called leafy greens, vegetable greens, or simply greens, are plant leaves eaten as a vegetable, sometimes accompanied by their petioles and shoots, if tender. Leaf vegetables eaten raw in a salad can be called salad gre ...

viticulture Viticulture (, "vine-growing"), viniculture (, "wine-growing"), or winegrowing is the cultivation and harvesting of grapes. It is a branch of the science of horticulture. While the native territory of ''Vitis vinifera'', the common grape vine ...

and

wine-making Winemaking, wine-making, or vinification is the production of wine, starting with the selection of the fruit, its fermentation into alcohol, and the bottling of the finished liquid. The history of wine-making stretches over millennia. There is ...

, cotton growing and

medicinal plants Medicinal plants, also called medicinal herbs, have been discovered and used in traditional medicine practices since prehistoric times. Plants synthesize hundreds of chemical compounds for various functions, including Plant defense against h ...

. In some lands, it is profitable to grow grain, potatoes,

sugar beet A sugar beet is a plant whose root contains a high concentration of sucrose and that is grown commercially for sugar production. In plant breeding, it is known as the Altissima cultivar group of the common beet (''Beta vulgaris''). Together with ...

s, cotton and tobacco. Livestock,

dairy product Dairy products or milk products are food products made from (or containing) milk. The most common dairy animals are cow, water buffalo, goat, nanny goat, and Sheep, ewe. Dairy products include common grocery store food around the world such as y ...

s, and wine and spirits are also important farm products. The Caspian

is concentrated on the dwindling stocks of

and

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

Manufacturing

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. 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. 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.Azerbaijan’s Ministry of Defense Industry plans to assume several projects on technical modernization of Armed Forces
Azerbaijani Defense Industry Ministry conducts negotiations with Turkish "Otokar" Company on production of armored vehicles

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. The third large mobile provider is Bakcell, which is registered as 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. 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.

Tourism

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 The First Nagorno-Karabakh War was an ethnic conflict, ethnic and territorial conflict that took place from February 1988 to May 1994, in the enclave of Nagorno-Karabakh in southwestern Azerbaijan, between the majority ethnic Armenians of Nag ...

during the 1988–1994 period, damaged the tourist industry and the image of Azerbaijan as a tourist destination. 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. In recent years, Azerbaijan has also become a popular destination for religious, spa, and health care tourism. During winter, the Shahdag Winter Complex offers skiing. The

government of Azerbaijan The politics of Azerbaijan take place in an Authoritarianism, authoritarian system where elections are not free and fair, political opponents are repressed, civil rights are limited, human rights in Azerbaijan, human rights abuses are widespread ...

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

Baku Baku (, ; ) is the Capital city, capital and List of cities in Azerbaijan, largest city of Azerbaijan, as well as the largest city on the Caspian Sea and in the Caucasus region. Baku is below sea level, which makes it the List of capital ci ...

, the capital city, and has been held here for years.

Currency system

The

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 ISO 4217 is a standard published by the International Organization for Standardization (ISO) that defines alpha codes and numeric codes for the representation of currencies and provides information about the relationships between individ ...

abbreviation is AZN. The Latinised symbol is ( Azeri manat symbol

). The manat is held in a floating exchange-rate system, managed primarily against the US dollar. The

rate of exchange In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of ...

(Azerbaijani manat per US$1) for 28 January 2016, was AZN 1.60. There is a complex relationship between Azerbaijan's

balance of trade Balance of trade is the difference between the monetary value of a nation's exports and imports of goods over a certain time period. Sometimes, trade in Service (economics), services is also included in the balance of trade but the official IMF d ...

, inflation, measured by the

consumer price index A consumer price index (CPI) is a statistical estimate of the level of prices of goods and services bought for consumption purposes by households. It is calculated as the weighted average price of a market basket of Goods, consumer goods and ...

and the value of its currency. Despite allowing the value of the manat to "float", Azerbaijan's

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

has decisive ability to control its value in relationship to other currencies.

Infrastructure

Energy

Two-thirds of Azerbaijan is rich in oil and natural gas. The region of the

Lesser Caucasus The Lesser Caucasus or Lesser Caucasus Mountains, also called Caucasus Minor, is the second of the two main ranges of the Caucasus Mountains, of length about . The western portion of the Lesser Caucasus overlaps and converges with east Turkey an ...

accounts for most of the country's gold, silver, iron, copper,

titanium Titanium is a chemical element; it has symbol Ti and atomic number 22. Found in nature only as an oxide, it can be reduced to produce a lustrous transition metal with a silver color, low density, and high strength, resistant to corrosion in ...

chromium Chromium is a chemical element; it has Symbol (chemistry), symbol Cr and atomic number 24. It is the first element in Group 6 element, group 6. It is a steely-grey, Luster (mineralogy), lustrous, hard, and brittle transition metal. Chromium ...

manganese Manganese is a chemical element; it has Symbol (chemistry), symbol Mn and atomic number 25. It is a hard, brittle, silvery metal, often found in minerals in combination with iron. Manganese was first isolated in the 1770s. It is a transition m ...

cobalt Cobalt is a chemical element; it has Symbol (chemistry), symbol Co and atomic number 27. As with nickel, cobalt is found in the Earth's crust only in a chemically combined form, save for small deposits found in alloys of natural meteoric iron. ...

molybdenum Molybdenum is a chemical element; it has Symbol (chemistry), symbol Mo (from Neo-Latin ''molybdaenum'') and atomic number 42. The name derived from Ancient Greek ', meaning lead, since its ores were confused with lead ores. Molybdenum minerals hav ...

, complex

ore Ore is natural rock or sediment that contains one or more valuable minerals, typically including metals, concentrated above background levels, and that is economically viable to mine and process. The grade of ore refers to the concentration ...

and

antimony Antimony is a chemical element; it has chemical symbol, symbol Sb () and atomic number 51. A lustrous grey metal or metalloid, it is found in nature mainly as the sulfide mineral stibnite (). Antimony compounds have been known since ancient t ...

. 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 Amoco ( ) is a brand of filling station, fuel stations operating in the United States and owned by British conglomerate BP since 1998. The Amoco Corporation was an American chemical and petroleum, oil company, founded by Standard Oil Company i ...

, BP,

ExxonMobil Exxon Mobil Corporation ( ) is an American multinational List of oil exploration and production companies, oil and gas corporation headquartered in Spring, Texas, a suburb of Houston. Founded as the Successors of Standard Oil, largest direct s ...

, Lukoil and

Statoil Equinor ASA (formerly Statoil and StatoilHydro) is a Norwegian multinational energy company headquartered in Stavanger, Norway. It is primarily a petroleum company operating in 36 countries with additional investments in renewable energy. In th ...

. 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 Hydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for hydrocarbon deposits, particularly petroleum and natural gas, in the Earth's crust using petroleum geology. Exploration methods V ...

and development. Azeriqaz, a sub-company of SOCAR, intends to ensure full gasification of the country by 2021.

Transportation

The convenient location of Azerbaijan on the crossroad of major international traffic arteries, such as the

Silk Road The Silk Road was a network of Asian trade routes active from the second century BCE until the mid-15th century. Spanning over , it played a central role in facilitating economic, cultural, political, and religious interactions between the ...

and the south–north corridor, highlights the strategic importance of the transportation sector for the country's economy. 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. The

South Caucasus Pipeline The South Caucasus Pipeline (also known as Baku–Tbilisi–Erzurum Pipeline, BTE pipeline, or Shah Deniz Pipeline) is a natural gas pipeline from the Shah Deniz gas field in the Azerbaijan sector of the Caspian Sea to Turkey. It runs parallel ...

, 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 gas field () is the largest natural gas field in Azerbaijan. It is situated in the South Caspian Sea, off the coast of Azerbaijan, approximately southeast of Baku, at a depth of . The field covers approximately . Stretching out over 1 ...

. Shah Deniz is expected to produce up to 296 billion cubic meters of natural gas per year. 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

in the east with Turkey's

Marmaray Marmaray () is a commuter rail line located in Istanbul, Turkey. The line runs from Halkalı, on the European side, to Gebze, on the Asian side, along the north shore of the Sea of Marmara. Mostly using the right-of-way of two existing com ...

to the European railway system in the west.

Broad gauge A broad-gauge railway is a railway with a track gauge (the distance between the rails) broader than the used by standard-gauge railways. Broad gauge of , more known as Russian gauge, is the dominant track gauge in former Soviet Union countries ...

railways in 2010 stretched for and electrified railways numbered . By 2010, there were 35 airports and one

heliport A heliport is a small airport which has a helipad, suitable for use by helicopters, powered lift, and various types of vertical lift aircraft. Designated heliports typically contain one or more touchdown and liftoff areas and may also hav ...

Regulation

Single window system A Single Window (SW) is a trade facilitation concept that enables traders and businesses to submit standardised information and documents through a single entry point to fulfil all regulatory requirements related to import, export, and transit. ...

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.

started to implement this system in 2009. It implemented an

E-Government E-government (known for electronic government) involves utilizing technology devices, such as computers and the Internet, for faster means of delivering public services to citizens and other persons in a country or region. E-government offer ...

portal as well. 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. 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.

Poverty

Other economic indicators

:''Data from CIA World Factbook 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:'' (2011) * ''total wood resources:'' 144,2 million cubic meters * ''crops:''

cotton Cotton (), first recorded in ancient India, is a soft, fluffy staple fiber that grows in a boll, or protective case, around the seeds of the cotton plants of the genus '' Gossypium'' in the mallow family Malvaceae. The fiber is almost pure ...

, rice and other grains, grapes, fruit, vegetables, tea, tobacco * ''livestock products:'' beef,

mutton Lamb and mutton, collectively sheep meat (or sheepmeat) is one of the most common meats around the world, taken from the domestic sheep, ''Ovis aries'', and generally divided into lamb, from sheep in their first year, hogget, from sheep in thei ...

, 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: *

and

natural gas Natural gas (also fossil gas, methane gas, and gas) is a naturally occurring compound of gaseous hydrocarbons, primarily methane (95%), small amounts of higher alkanes, and traces of carbon dioxide and nitrogen, hydrogen sulfide and helium ...

, petroleum products, oilfield equipment; steel,

iron ore Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, or deep purple to rusty red. The iron is usually found in the f ...

, cement; chemicals,

petrochemicals Petrochemicals (sometimes abbreviated as petchems) are the chemical products obtained from petroleum by refining. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewable so ...

, 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)http://www.cbar.az/ Central Bank of the Azerbaijan Republic, accessed 24 July 2015 * Azerbaijani manat per Euro 2.01 (for 22 November 2020) ;Fiscal year: * Calendar year

References

External links

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