Economy

Azerbaijan’s economy got a helping hand post its independence from Soviet Russian in early 90’s. After the completion of the Baku-Tbilisi-Ceyhan Pipeline it transformed into a major oil based economy self-sufficient from Russia’s dependence. Its GDP has been growing year after year, setting an example for the highest rate growth in any country in the world.

Nine out of eleven climate zones are present in Azerbaijan. This provides an excellent ground for promoting agricultural production. The combination of oil trade along with agriculture can turn out to be a stabilizing factor for its economy. When Azerbaijan becomes a member of the IMF (International Monetary Fund) in 1991, it led an economic stabilizing program which brought down the inflation rates from 1,800% in 1994 to 1.8% in 2000. This program also steadied out the Manat against the dollar and decreased the budget deficit to 1.3% in 2000.