Economy of Azerbaijan
Encyclopedia
Azerbaijan
is an economy that has completed its post-Soviet transition into a major oil based economy (with the completion of the Baku-Tbilisi-Ceyhan Pipeline
), from one where the state played the major role. Azeri GDP grew 41.7% in the first quarter of 2007, possibly the highest of any nation worldwide.
Such rates cannot be sustained, but despite reaching 26.4% in 2005 (second highest GDP growth in the world in 2005 only to Equatorial Guinea
), and 2006 over 34.6% (world highest), in 2008 dropped to 10.8%, and dropped further to 9.3% in 2009 . The real GDP growth rate for 2011 is expected at 3.7%.
Large oil
reserves are a major contributor to the economy. The national currency, the Azerbaijani manat
, was stable in 2000, depreciating 3.8% against the dollar. The budget deficit equaled 1.3% of GDP in 2000.
Progress on economic reform has generally lagged behind macroeconomic stabilization. The government has undertaken regulatory reforms in some areas, including substantial opening of trade policy, but inefficient public administration in which commercial and regulatory interests are co-mingled limit the impact of these reforms. The government has largely completed privatization
of agricultural lands and small and medium-sized enterprises. In August 2000, the government launched a second-stage privatization program, in which many large state enterprises will be privatized. Since 2001, the economic activity in the country is regulated by the Ministry of Economic Development of Azerbaijan Republic
.
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 = $1.10. Mean graduate pay was $5.76 per manhour in 2010.
For more than a century the backbone of the Azerbaijani economy has been petroleum
, which represented 10 percent of Azerbaijan’s GDP in 2005, and is projected to double to almost 20 percent of GDP in 2007. Now that Western oil companies are able to tap deepwater 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.
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 cara was here Kazakhstan also have expressed interest in accessing this pipeline to transport a portion of their production. In March 2001, Azerbaijan concluded a gas
agreement with Turkey, providing a future export market for Azerbaijan.
In 2002 the Azerbaijani merchant marine had 54 ships.
Through the Soviet period, Azerbaijan had always been more developed industrially than Armenia and Georgia, two neighboring Transcaucasia countries - but also less diversified, as a result of slow investment in non-oil sector. With a history of industrial development of more than 100 years, Azerbaijan proved to be a leading nation in Southern Caucasus throughout the turmoil of Soviet Union collapse in early 1990s until nowadays.
Oil remains the most prominent product of Azerbaijan's economy with cotton, natural gas and agriculture products contributing to its economic growth over the last five years. 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 b/d. People visit petroleum spas (or "oil spas") to bathe in the local crude in Naftalan 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. Trade with Russia and the other former Soviet republics is declining in importance while trade is building up with Turkey, Iran, UAE, and the countries of EU. Azerbaijan is also a member of the Economic Cooperation Organization
(ECO). Long-term prospects will depend on world oil prices and the location of new pipelines in the region.
In 2010, Azerbaijan entered into top eight biggest oil suppliers to EU countries with € 9.46 billion.
and toxic defoliant
s used in cotton production during the Soviet era. Caspian petroleum and petrochemicals industries also have contributed to present air and water pollution problems. Several environmental organizations exist in Azerbaijan, yet few funds have been allocated to begin the necessary cleanup and prevention programs. Over-fishing by poachers is threatening the survival of Caspian sturgeon
stocks, the source of most of the world's supply of caviar. The Convention on International Trade in Endangered Species (CITES) has listed as threatened all sturgeon species, including all commercial Caspian varieties. In 2007 the Blacksmith Institute listed Sumgayit as one of the ten most polluted cities in the world. According to Mercer Human Resource Consulting 2007 Worldwide Quality of Living Survey, the capital of Azerbaijan, Baku
, was the world's lowest-ranking city for health and sanitation; however, by 2010 Baku had pulled itself up 4 index points and its place was taken by Port-au-Prince
in Haiti
.
In 2007, mining and hydrocarbon industries accounted for well over 95 per cent of the Azerbaijani economy. Diversification of the economy into manufacturing industries remain a long-term issue.
's Doing Business report
:
Investment (gross fixed)–
21% of GDP (2008 est.)
Household income or consumption by percentage share–
Inflation rate (consumer prices)–
21.6% (2008 est.)
Agriculture–
Industrial production growth rate–
12% (2008 est.)
Electricity–
Current account balance–
Exports - commodities–
Reserves of foreign exchange and gold–
Debt - external–
Economic aid - recipient–
Currency–
Exchange rates–
Fiscal year–
Azerbaijan
Azerbaijan , officially the Republic of Azerbaijan is the largest country in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded by the Caspian Sea to the east, Russia to the north, Georgia to the northwest, Armenia to the west, and Iran to...
is an economy that has completed its post-Soviet transition into a major oil based economy (with the completion of the Baku-Tbilisi-Ceyhan Pipeline
Baku-Tbilisi-Ceyhan pipeline
The Baku–Tbilisi–Ceyhan pipeline is a long crude oil pipeline from the Azeri-Chirag-Guneshli oil field in the Caspian Sea to the Mediterranean Sea. It connects Baku, the capital of Azerbaijan; Tbilisi, the capital of Georgia; and Ceyhan, a port on the south-eastern Mediterranean coast of Turkey,...
), from one where the state played the major role. Azeri GDP grew 41.7% in the first quarter of 2007, possibly the highest of any nation worldwide.
Such rates cannot be sustained, but despite reaching 26.4% in 2005 (second highest GDP growth in the world in 2005 only to Equatorial Guinea
Equatorial Guinea
Equatorial Guinea, officially the Republic of Equatorial Guinea where the capital Malabo is situated.Annobón is the southernmost island of Equatorial Guinea and is situated just south of the equator. Bioko island is the northernmost point of Equatorial Guinea. Between the two islands and to the...
), and 2006 over 34.6% (world highest), in 2008 dropped to 10.8%, and dropped further to 9.3% in 2009 . The real GDP growth rate for 2011 is expected at 3.7%.
Large oil
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
reserves are a major contributor to the economy. The national currency, the Azerbaijani manat
Azerbaijani manat
The Manat is the currency of Azerbaijan. It is subdivided into 100 qəpik. The word manat is borrowed from "moneta" which is pronounced as "maneta"...
, was stable in 2000, depreciating 3.8% against the dollar. The budget deficit equaled 1.3% of GDP in 2000.
Progress on economic reform has generally lagged behind macroeconomic stabilization. The government has undertaken regulatory reforms in some areas, including substantial opening of trade policy, but inefficient public administration in which commercial and regulatory interests are co-mingled limit the impact of these reforms. The government has largely completed privatization
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
of agricultural lands and small and medium-sized enterprises. In August 2000, the government launched a second-stage privatization program, in which many large state enterprises will be privatized. Since 2001, the economic activity in the country is regulated by the Ministry of Economic Development of Azerbaijan Republic
Ministry of Economic Development (Azerbaijan)
The Ministry of Economic Development of Azerbaijan Republic is a governmental agency within the Cabinet of Azerbaijan in charge of economic development, state investments, economic relations, foreign investments, sustainable development and business promotion activities in Azerbaijan...
.
Macro-economic trend
The following is a chart of trend of gross domestic product of Azerbaijan at market prices with figures in millions of Manats.| Year | Gross domestic product | US dollar exchange | Per capita income (as % of USA) |
|---|---|---|---|
| 1995 | 10,669,000 | 4,414.14 Manats | 1.13 |
| 2000 | 23,590,500 | 4,473.82 Manats | 1.87 |
| 2005 | 79,378,500 | 4,727.21 Manats | 3.74 |
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 = $1.10. Mean graduate pay was $5.76 per manhour in 2010.
For more than a century the backbone of the Azerbaijani economy has been petroleum
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
, which represented 10 percent of Azerbaijan’s GDP in 2005, and is projected to double to almost 20 percent of GDP in 2007. Now that Western oil companies are able to tap deepwater oilfields untouched by the Soviets
Soviet Union
The Soviet Union , officially the Union of Soviet Socialist Republics , was a constitutionally socialist state that existed in Eurasia between 1922 and 1991....
because of poor technology, Azerbaijan is considered one of the most important areas in the world for oil exploration and development. Proven oil reserves
Oil reserves
The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place. However, because of reservoir characteristics and limitations in petroleum extraction technologies, only a fraction of this oil can be brought to the surface, and it is...
in the Caspian Basin
Caspian Sea
The Caspian Sea is the largest enclosed body of water on Earth by area, variously classed as the world's largest lake or a full-fledged sea. The sea has a surface area of and a volume of...
, which Azerbaijan shares with Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, Kazakhstan
Kazakhstan
Kazakhstan , officially the Republic of Kazakhstan, is a transcontinental country in Central Asia and Eastern Europe. Ranked as the ninth largest country in the world, it is also the world's largest landlocked country; its territory of is greater than Western Europe...
, Iran
Iran
Iran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...
, and Turkmenistan
Turkmenistan
Turkmenistan , formerly also known as Turkmenia is one of the Turkic states in Central Asia. Until 1991, it was a constituent republic of the Soviet Union, the Turkmen Soviet Socialist Republic . Turkmenistan is one of the six independent Turkic states...
, are comparable in size to the North Sea
North Sea oil
North Sea oil is a mixture of hydrocarbons, comprising liquid oil and natural gas, produced from oil reservoirs beneath the North Sea.In the oil industry, the term "North Sea" often includes areas such as the Norwegian Sea and the area known as "West of Shetland", "the Atlantic Frontier" or "the...
, although exploration is still in the early stages.
External trade
Baku
Baku , sometimes spelled as Baki or Bakou, is the capital and largest city of Azerbaijan, as well as the largest city on the Caspian Sea and of the Caucasus region. It is located on the southern shore of the Absheron Peninsula, which projects into the Caspian Sea. The city consists of two principal...
through Tbilisi
Tbilisi
Tbilisi is the capital and the largest city of Georgia, lying on the banks of the Mt'k'vari River. The name is derived from an early Georgian form T'pilisi and it was officially known as Tiflis until 1936...
, Georgia
Georgia (country)
Georgia is a sovereign state in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded to the west by the Black Sea, to the north by Russia, to the southwest by Turkey, to the south by Armenia, and to the southeast by Azerbaijan. The capital of...
to Ceyhan
Ceyhan
Ceyhan is a city in southeast Turkey and with 105,000 inhabitants it is the second largest city of Adana Province after the capital Adana. Ceyhan is the transportation hub for Middle Eastern, Central Asian and Russian oil and natural gas. It is situated on the Ceyhan River, from which it takes...
, Turkey
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
(the Baku-Tbilisi-Ceyhan Pipeline
Baku-Tbilisi-Ceyhan pipeline
The Baku–Tbilisi–Ceyhan pipeline is a long crude oil pipeline from the Azeri-Chirag-Guneshli oil field in the Caspian Sea to the Mediterranean Sea. It connects Baku, the capital of Azerbaijan; Tbilisi, the capital of Georgia; and Ceyhan, a port on the south-eastern Mediterranean coast of Turkey,...
) 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 cara was here Kazakhstan also have expressed interest in accessing this pipeline to transport a portion of their production. In March 2001, Azerbaijan concluded a gas
Gas
Gas is one of the three classical states of matter . Near absolute zero, a substance exists as a solid. As heat is added to this substance it melts into a liquid at its melting point , boils into a gas at its boiling point, and if heated high enough would enter a plasma state in which the electrons...
agreement with Turkey, providing a future export market for Azerbaijan.
In 2002 the Azerbaijani merchant marine had 54 ships.
Overview
Oil remains the most prominent product of Azerbaijan's economy with cotton, natural gas and agriculture products contributing to its economic growth over the last five years. More than $60 billion was invested into Azerbaijan's oil by major international oil companies in AIOC consortium operated by BP
BP
BP p.l.c. is a global oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by revenues and one of the six oil and gas "supermajors"...
. Oil production under the first of these PSAs, with the Azerbaijan International Operating Company, began in November 1997 and now is about 500,000 b/d. People visit petroleum spas (or "oil spas") to bathe in the local crude in Naftalan A leading caviar
Caviar
Caviar, sometimes called black caviar, is a luxury delicacy, consisting of processed, salted, non-fertilized sturgeon roe. The roe can be "fresh" or pasteurized, the latter having much less culinary and economic value....
producer and exporter in the past, Azerbaijan's fishing industry
Fishing industry
The fishing industry includes any industry or activity concerned with taking, culturing, processing, preserving, storing, transporting, marketing or selling fish or fish products....
today is concentrated on the dwindling stocks of sturgeon
Sturgeon
Sturgeon is the common name used for some 26 species of fish in the family Acipenseridae, including the genera Acipenser, Huso, Scaphirhynchus and Pseudoscaphirhynchus. The term includes over 20 species commonly referred to as sturgeon and several closely related species that have distinct common...
and beluga in the Caspian Sea
Caspian Sea
The Caspian Sea is the largest enclosed body of water on Earth by area, variously classed as the world's largest lake or a full-fledged sea. The sea has a surface area of and a volume of...
.
Azerbaijan shares all the problems of the former Soviet republics in making the transition from a command to a market economy
Market economy
A market economy is an economy in which the prices of goods and services are determined in a free price system. This is often contrasted with a state-directed or planned economy. Market economies can range from hypothetically pure laissez-faire variants to an assortment of real-world mixed...
, 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
Nagorno-Karabakh
Nagorno-Karabakh is a landlocked region in the South Caucasus, lying between Lower Karabakh and Zangezur and covering the southeastern range of the Lesser Caucasus mountains...
region. Trade with Russia and the other former Soviet republics is declining in importance while trade is building up with Turkey, Iran, UAE, and the countries of EU. Azerbaijan is also a member of the Economic Cooperation Organization
Economic Cooperation Organization
The Economic Cooperation Organization is an intergovernmental organization involving seven Asian and three Eurasian nations, part of the South-central Asian Union. It provides a platform to discuss ways to improve development and promote trade, and investment opportunities. The ECO is an ad hoc...
(ECO). Long-term prospects will depend on world oil prices and the location of new pipelines in the region.
In 2010, Azerbaijan entered into top eight biggest oil suppliers to EU countries with € 9.46 billion.
Environmental issues
Azerbaijan faces serious environmental challenges. Soil throughout the region was contaminated by DDTDDT
DDT is one of the most well-known synthetic insecticides. It is a chemical with a long, unique, and controversial history....
and toxic defoliant
Defoliant
A defoliant is any chemical sprayed or dusted on plants to cause its leaves to fall off. A classic example of a highly toxic defoliant is Agent Orange, which the United States armed forces used abundantly to defoliate regions of Vietnam during the Vietnam War from 1961 to 1970.Defoliants differ...
s used in cotton production during the Soviet era. Caspian petroleum and petrochemicals industries also have contributed to present air and water pollution problems. Several environmental organizations exist in Azerbaijan, yet few funds have been allocated to begin the necessary cleanup and prevention programs. Over-fishing by poachers is threatening the survival of Caspian sturgeon
Sturgeon
Sturgeon is the common name used for some 26 species of fish in the family Acipenseridae, including the genera Acipenser, Huso, Scaphirhynchus and Pseudoscaphirhynchus. The term includes over 20 species commonly referred to as sturgeon and several closely related species that have distinct common...
stocks, the source of most of the world's supply of caviar. The Convention on International Trade in Endangered Species (CITES) has listed as threatened all sturgeon species, including all commercial Caspian varieties. In 2007 the Blacksmith Institute listed Sumgayit as one of the ten most polluted cities in the world. According to Mercer Human Resource Consulting 2007 Worldwide Quality of Living Survey, the capital of Azerbaijan, Baku
Baku
Baku , sometimes spelled as Baki or Bakou, is the capital and largest city of Azerbaijan, as well as the largest city on the Caspian Sea and of the Caucasus region. It is located on the southern shore of the Absheron Peninsula, which projects into the Caspian Sea. The city consists of two principal...
, was the world's lowest-ranking city for health and sanitation; however, by 2010 Baku had pulled itself up 4 index points and its place was taken by Port-au-Prince
Port-au-Prince
Port-au-Prince is the capital and largest city of the Caribbean nation of Haiti. The city's population was 704,776 as of the 2003 census, and was officially estimated to have reached 897,859 in 2009....
in Haiti
Haiti
Haiti , officially the Republic of Haiti , is a Caribbean country. It occupies the western, smaller portion of the island of Hispaniola, in the Greater Antillean archipelago, which it shares with the Dominican Republic. Ayiti was the indigenous Taíno or Amerindian name for the island...
.
Diversification
Business environment
In 2008, Azerbaijan was cited as the top reformer by the World BankWorld Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
's Doing Business report
Doing Business Report
The Doing Business Report is a study elaborated by the World Bank Group since 2004 every year that is aimed to measure the costs to firms of business regulations in 183 countries in 2010...
:
Other statistics
- Data from CIA World Factbook unless noted otherwise
Investment (gross fixed)–
21% of GDP (2008 est.)
Household income or consumption by percentage share–
- lowest 10%: 3.1%
- highest 10%: 29.5% (2001)
Inflation rate (consumer prices)–
21.6% (2008 est.)
Agriculture–
- utilized agricultural land: 47551 square kilometres (18,359.5 sq mi) (2007)
- total wood resources: 136 million cubic metres
- crops: cottonCotton production in AzerbaijanHistorically, cotton production in Azerbaijan has been crucial to the national economy, accounting for approximately 25% of agricultural revenue. It occurs mainly in the area west of the Caspian Sea. Historical records supported by archaeological excavations have established cotton growing in...
, grainCerealCereals are grasses cultivated for the edible components of their grain , composed of the endosperm, germ, and bran...
, riceRiceRice is the seed of the monocot plants Oryza sativa or Oryza glaberrima . As a cereal grain, it is the most important staple food for a large part of the world's human population, especially in East Asia, Southeast Asia, South Asia, the Middle East, and the West Indies...
, grapes, fruitFruitIn broad terms, a fruit is a structure of a plant that contains its seeds.The term has different meanings dependent on context. In non-technical usage, such as food preparation, fruit normally means the fleshy seed-associated structures of certain plants that are sweet and edible in the raw state,...
, vegetables, teaTeaTea is an aromatic beverage prepared by adding cured leaves of the Camellia sinensis plant to hot water. The term also refers to the plant itself. After water, tea is the most widely consumed beverage in the world...
, tobaccoTobaccoTobacco is an agricultural product processed from the leaves of plants in the genus Nicotiana. It can be consumed, used as a pesticide and, in the form of nicotine tartrate, used in some medicines... - livestock products: beefBeefBeef is the culinary name for meat from bovines, especially domestic cattle. Beef can be harvested from cows, bulls, heifers or steers. It is one of the principal meats used in the cuisine of the Middle East , Australia, Argentina, Brazil, Europe and the United States, and is also important in...
, mutton, poultryPoultryPoultry are domesticated birds kept by humans for the purpose of producing eggs, meat, and/or feathers. These most typically are members of the superorder Galloanserae , especially the order Galliformes and the family Anatidae , commonly known as "waterfowl"...
, milkMilkMilk is a white liquid produced by the mammary glands of mammals. It is the primary source of nutrition for young mammals before they are able to digest other types of food. Early-lactation milk contains colostrum, which carries the mother's antibodies to the baby and can reduce the risk of many...
, eggsEgg (food)Eggs are laid by females of many different species, including birds, reptiles, amphibians, and fish, and have probably been eaten by mankind for millennia. Bird and reptile eggs consist of a protective eggshell, albumen , and vitellus , contained within various thin membranes...
Industrial production growth rate–
12% (2008 est.)
Electricity–
- production: 23,80 billion kWh (2007)
- consumption: 27,50 billion kWh (2007)
- exports: 800 million kWh (2007)
- imports: 500 million kWh (2007)
Current account balance–
- $19,36 billion (2008 est.)
Exports - commodities–
- petroleumPetroleumPetroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
and natural gasGasGas is one of the three classical states of matter . Near absolute zero, a substance exists as a solid. As heat is added to this substance it melts into a liquid at its melting point , boils into a gas at its boiling point, and if heated high enough would enter a plasma state in which the electrons...
, petroleum products, oilfield equipment; steelSteelSteel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten...
, iron ore, cementCementIn the most general sense of the word, a cement is a binder, a substance that sets and hardens independently, and can bind other materials together. The word "cement" traces to the Romans, who used the term opus caementicium to describe masonry resembling modern concrete that was made from crushed...
; chemicals, petrochemicals, textiles, machinery, cottonCottonCotton is a soft, fluffy staple fiber that grows in a boll, or protective capsule, around the seeds of cotton plants of the genus Gossypium. The fiber is almost pure cellulose. The botanical purpose of cotton fiber is to aid in seed dispersal....
, foodstuffsFoodstuffsFoodstuffs is a group of three New Zealand grocery and liquor retailers' cooperatives based in Auckland, Wellington and Christchurch which collectively control an estimated 57% of the New Zealand grocery market...
.
Reserves of foreign exchange and gold–
- $30 billion (2010 est.)
Debt - external–
- $2.73 billion (2008 est.)
Economic aid - recipient–
- ODA, $223.4 million (2005 est.)
Currency–
- 1 ManatAzerbaijani manatThe Manat is the currency of Azerbaijan. It is subdivided into 100 qəpik. The word manat is borrowed from "moneta" which is pronounced as "maneta"...
= 100 gepik
Exchange rates–
- Azerbaijani manat per US dollar - 0.7893 (as of 2011
- Azerbaijani manat per Euro - 1.24 (as of 2008)
Fiscal year–
- Calendar year
See also
- List of companies of Azerbaijan
- Azerbaijani manatAzerbaijani manatThe Manat is the currency of Azerbaijan. It is subdivided into 100 qəpik. The word manat is borrowed from "moneta" which is pronounced as "maneta"...
- List of Azerbaijani companies
- Baku-Tbilisi-Ceyhan pipelineBaku-Tbilisi-Ceyhan pipelineThe Baku–Tbilisi–Ceyhan pipeline is a long crude oil pipeline from the Azeri-Chirag-Guneshli oil field in the Caspian Sea to the Mediterranean Sea. It connects Baku, the capital of Azerbaijan; Tbilisi, the capital of Georgia; and Ceyhan, a port on the south-eastern Mediterranean coast of Turkey,...
- State Oil Company of AzerbaijanState Oil Company of AzerbaijanThe State Oil Company of Azerbaijan Republic is the state-owned oil and natural gas corporation of Azerbaijan. It is considered to be one of the largest oil companies in the world. It produces oil and natural gas, operates the country's two oil refineries and the running of oil and gas pipelines...
- Petroleum industry in Azerbaijan
- Agriculture in AzerbaijanAgriculture in AzerbaijanThe major crops for Agriculture in Azerbaijan are agricultural cash crops, grapes, cotton, tobacco, citrus fruits, and vegetables. The first three crops account for over half of all production, and the last two together account for an additional 30 percent...
- Tourism in AzerbaijanTourism in AzerbaijanTourism is an important part of the economy of Azerbaijan. The country's large abundance of natural and cultural attractions make it an attractive destination of visitors...
- AzerbaijanAzerbaijanAzerbaijan , officially the Republic of Azerbaijan is the largest country in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded by the Caspian Sea to the east, Russia to the north, Georgia to the northwest, Armenia to the west, and Iran to...
- BakuBakuBaku , sometimes spelled as Baki or Bakou, is the capital and largest city of Azerbaijan, as well as the largest city on the Caspian Sea and of the Caucasus region. It is located on the southern shore of the Absheron Peninsula, which projects into the Caspian Sea. The city consists of two principal...
- Military of Azerbaijan
External links
- Azerbaijan Economy
- http://www.defensenews.com/story.php?F=940090&C=asiapac
- Energy Potential Of Azerbaijan: Can It Be Used As Alternative For Russia?