ABOUT AZERBAIJAN

A solid rise in income and a reduction in poverty…
As of October 2015, Azerbaijan holds the highest foreign investment per capita among the Commonwealth of Independent States (CIS) countries. Germany, for example, has invested approximately $760 million into the Azerbaijani economy, and approximately 177 German companies operate within Azerbaijan. Since gaining its independence, companies have invested $174 billion into Azerbaijan. Foreign investment accounts for around half of that amount.In 2008, Azerbaijan was cited as the top reformer by the World Bank's Doing Business report.

The country has a unique opportunity to enter the ranks of higher middle-income countries, evidenced by the decline in the poverty rate from 50 percent in 2001 to 7.6 percent in 2011. While some of this improvement was driven by high growth rates, a strong increase in wages, and the introduction of a well-targeted social benefit system, much of it resulted from a jump in oil and gas revenues.

• Azerbaijan has a population of almost 9,6 million people and capital city is Baku.
• GDP per capita is $ 85 billion (2015 est.).
• Azerbaijan, one of the oldest oil producing countries in the world, is an important oil and natural gas supplier in the Caspian Sea region, particularly for European markets
• Huge oil export revenues have funded infrastructure projects and boosted living standards and housing consequently the import of furniture and home textile.
• Budget surplus was $ 13,2 bl. in 2013.
• Azerbaijan's high economic growth has been attributable to large and growing oil and gas exports, but some non‐export sectors also featured double‐digit growth, including construction, furniture, home textile, banking, and real estate.

Trade with Russia and the other former Soviet republics is declining in importance, while trade is building with the nations of Europe and rest of the world.