Azerbaijan overview

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Cityscape at night

In Azerbaijan we focus on:

  • Helping diversify Azerbaijan’s economy by supporting the development of the private sector in non-oil sectors and strengthening governance of private and state-owned companies.
  • Further expanding access to finance for local businesses by encouraging lending by banks and non-bank financial institutions as well as by helping develop local currency and capital markets.
  • Supporting to the country’s green economy, including financing for renewable energy sources, increased energy efficiency and cleaner transport and sustainable infrastructure.

The EBRD’s latest Azerbaijan strategy was adopted on 25 April 2019

Azerbaijan's policy response to the coronavirus crisis

The EBRD is monitoring Azerbaijan's policy response to the coronavirus pandemic. Our biweekly publication identifies the major channels of disruption as well as selected impact and response indicators.

Learn more

EBRD forecast for Azerbaijan’s Real GDP Growth in 2020 -3.0%

EBRD forecast for Azerbaijan's Real GDP Growth in 2021 3.0%

Azerbaijan’s output expanded modestly in 2019, by 2.2 per cent, driven by the non-oil and gas sector which grew at the rate of 3.6 per cent. Agriculture and services also showed positive growth. Low inflation (below 3 per cent) has allowed the central bank to continue cutting the refinancing rate, to 7.25 per cent at end-January 2020. With the hydrocarbon sector generating more than a third of GDP, roughly two thirds of
government revenue and 90 per cent of export receipts, the recent oil price decline will hit Azerbaijan’s economy in 2020. The State Oil fund of Azerbaijan (SOFAZ) sold nearly US$ 2 billion of foreign exchange to local banks in March amid soaring demand.

Azerbaijan in the EBRD’s 2019-20 Transition Report

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