Azerbaijan and economic crisis

The world economic crisis has influenced the Azerbaijani economy. Out of 250 companies questioned by the economic research centre 80% have stated that they had suffered as a result of the crisis.

Analyst Gubad Ibadoglu has stated that in 2008 47% of companies suffered, in 2009 52%.

Sales, employment, banking operations and investment programmes decreased. In 2009 Azeri foreign trade turnover fell 2.5 times, however the country managed to survive and in 2009 Azeri GDP increased 9.3%.

Of course the biggest blow for Azerbaijan was the fall in the price of oil, which forced a 30% budget contraction. However according to both official and external prognoses the country's revival will continue in 2010.