Here is your first Forum » Economy of Azerbaijan

Azerbaijan is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Azerbaijan may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Azerbaijan exports around $34.46 billion and imports roughly $10.72 billion. 5% of population in the country are unemployed. The total number of unemployed people in Azerbaijan is 496,196. In Azerbaijan, 6% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Azerbaijan is low, indicating that it has a stable economy. Investors should consider Azerbaijan to be a safe location for investments and other financial ventures. Government expenditure on education is 2.8% of GDP. The Gini Index of the country is 33.7. Azerbaijan is experiencing good equality. The majority of citizens in Azerbaijan fall within a narrow range of income, although some cases may show significant differences. Azerbaijan has a Human Development Index (HDI) of 0.747. Azerbaijan has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Azerbaijan is 2.325. The strength of legal rights index for Azerbaijan is 2. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.

Currency
The currency of Azerbaijan is Azerbaijani manat. There are several plural forms of the name 'Azerbaijani manat'. These are manat, manats. The symbol used for this currency is ₼, and it is abbreviated as AZN. The Azerbaijani manat is divided into Qepik; there are 100 in one manat.

Credit rating
The depth of credit information index for Azerbaijan is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Azerbaijan has a credit rating score of BBB-, and the prospects of this rating are positive. According to the Fitch credit-rating agency, Azerbaijan has a credit rating score of BBB-, and the prospects of this rating are positive. According to the Moody's credit-rating agency, Azerbaijan has a credit rating score of Baa3, and the prospects of this rating are positive.

Central bank
The prime lending rate of Azerbaijan's commercial banks is 18. In Azerbaijan, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Azerbaijan. Locally, the central bank of Azerbaijan is called Azərbaycan Mərkəzi Bankı. The average deposit interest rate offered by local banks in Azerbaijan is 9.2%.

Public debt
Azerbaijan has a government debt of 79.9% of the country's Gross Domestic Product (GDP), as assessed in 2013.

Tax information
The corporate tax in Azerbaijan is set at 20%. Personal income tax ranges from 14% to 25%, depending on your specific situation and income level. VAT in Azerbaijan is 18%.

Finances
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Azerbaijan is $168.4 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Azerbaijan was last recorded at $0 million. PPP in Azerbaijan is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Azerbaijan is 88 billion. Based on this statistic, Azerbaijan is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Azerbaijan was last recorded at $0 million. The average citizen in Azerbaijan has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Azerbaijan averaged 4.5% in 2014. According to this percentage, Azerbaijan is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Azerbaijan.

Industry
Major industries in the country are petroleum and petroleum products, natural gas, oilfield equipment, steel, iron ore, cement, chemicals and petrochemicals, textiles. The total labor force of Azerbaijan is 5,002,980 people, wherein 5% of population in the country are unemployed. The total number of unemployed people in Azerbaijan is 496,196. The Industrial Production growth rate of Azerbaijan is 3%.To read more about industrial information within Azerbaijan click on industry of Azerbaijan.

Agriculture
There are 21486 km2 of arable land in Azerbaijan, and it comprises 25% of the country's total territory. There are 44658 km2 of cultivated land in Azerbaijan. The country's major agricultural crops and products are cotton, grain, rice, grapes, fruit, vegetables, tea, tobacco, cattle, pigs, sheep, goats.To read more about agriculture click on agriculture of Azerbaijan.