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Oil Money vs. Economic Crisis: The Case of Azerbaijan
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Oil Money vs. Economic Crisis: The Case of Azerbaijan
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Journal Article
Oil Money vs. Economic Crisis: The Case of Azerbaijan
2010
Overview
The affect of the global financial crisis on Azerbaijan's economy is an interesting case study, particularly because it is a small Commonwealth of Independent States transition country strongly dependent on oil exports. In fact, oil constitutes about half of the country's GDP. Therefore, the channels by which the recent economic crisis influenced the local economy are slightly different to those experienced by other economies in the region. The fall in oil prices and resulting reductions in income from oil exports is the most obvious and most visible sign of the implications that the economic crisis has had on Azerbaijan's economy. In 2009, Azerbaijan's state budget revenues amounted to AZN 10.6 billion, which is 4.1% lower than in 2008. Public investment cuts manifested themselves in serious investment reduction, hence, GDP slowdown. In 2009, total investment fell by 18.7% yoy; 12.5 percentage points of this decrease was due to a reduction in public investment.
