582:, is oil-based one, meaning the main revenues are from oil exports, the fall in petroleum prices since 2010 has made a huge impact on overall economy. This, however, has positive sides to it as well. The fall in GDP and overall economy itself, has made the government realize the urgency of the diversification of the industry. If, for example, the revenues from oil exports accounted for 42% of value added GDP, and 90.7% of total gross exports, in 2015, this number was only 34.3%. In 2005, the government decided to revalue the manat at the rate of 5,000 to 1 new manat (AZN). In 2005–2010 years average annual growth rates of "oil" GDP more than 3.5 times higher than the increase in "non-oil" GDP. The share of the oil sector in the country's
388:, all the branches of the economy were adjusted to the requirements of the peacetime period. In 1948, the republic's industry produced more goods than in the prewar years. In 1950, the production of industrial goods increased by 39% compared to 1940. In the 1950s and 1960s, the development of Azerbaijan industry was intensified, regional and sectoral structures had been improved. The output of industrial goods increased by 5.5 times in comparison with 1940. 146 large industrial facilities, which amounted to 60% of all constructions, were built and put into production in the years between 1941 and 1970s. Major factories such as the plant for the production of pipes, aluminum and rubber synthesis in
446:(GNI) amounted to $ 7,350 (2013) per capita, GDP per capita to $ 7,912.5 (2013), and a poverty rate decreased to 5% in 2013. For a newly independent country with the economy mainly based on oil and gas industry, it was quite demanding to keep its say in the world of economic giants. The key objectives of the new and independent economic policy were establishment of the economic system built on the principles of several types of property, including private property, unlike the Soviet times, integration into the global economy and transition to market economy.
373:
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establishments, as well as large-scale and medium companies by auctions and joint stock procedures. Retail businesses were planned to be fully privatized by the end of 199, although the process prolonged. Privatization of housing was planned to be implemented by transferring the property ownership to the current residences.
460:
resources has played a pivotal role in the economic development of
Azerbaijan. The number of agreements with foreign companies and foreign investments had also contributed to the state's economy. Transition to market economy by adopting relevant reforms had also been one of the main objectives of the
779:
During the Soviet period and the period following its collapse, Azerbaijani banks were still dependent on
Russian banks in terms of funding. Bank funds were spread in accordance with a single state plan, and government banks had little contribution when it came to the raising or allocation of funds.
736:
Second most important step was the privatization law that was passed in
January 1993 to support the exuberant small-scale private economy which was in a desperate need of legitimizing its business ventures and operations. The policy was designed to encourage privatization of small bulk-sale business
586:
for this period rose from 39 to 60%. Bank loans and incentive measures of the government contributed to the rapid growth of non-oil industries. Significant growth in the construction industry and service sector led to the fact that in 2010, the non-oil sector of
Azerbaijan's economy overtook the oil
703:
First economic reforms started in the early stage of independence, namely 1991–1993 with the liberalization of price policy and foreign economic activities. About 70–80% of consumer and producer prices were already deregulated by
January, 1992 following further price liberalization rounds in April,
590:
3 five-year programs related to the socio-economic development of the
Republic of Azerbaijan were implemented in 2004-2013. These programs were aimed at economic diversification. "State Programs for Social and Economic Development for 2014-2018", "State Programs on Poverty Reduction and Sustainable
321:
The export of
Azerbaijani oil declined significantly following the revolution in Russia. Because of the closure of the northern market in 1919 only 600 thousand tons of oil were exported from the 3.6 million tons of oil produced. Exporting oil to Europe became possible only after the restoration of
615:
The history of the oil industry in
Azerbaijan dates back to 1847, when the first oil well was drilled using a primitive percussion drilling mechanism, eleven years prior to the first oil well rilled in the US, Pennsylvania. Baku became a hub for world-scale industrial investment towards the end of
627:
and for other industries, providing 75% of the whole consumption. Oil tankers were filled and transported to their destinations through the
Caspian Sea, which no doubt, had a vital role in WWII. However, wide-scale exploitation of the oil reserves for industrial reasons came only in the late 20th
652:
in 1996 initiated an exceptional amount of international investment flowing into the oil-gas sector. $ 60 billion foreign investment flew into the oil and gas sector of
Azerbaijan from 1994 to 2010. While the oil and gas revenues were anticipated to reach $ 200 billion by 2024, with the current
764:) considerably reduced expenditures for government subsidies for consumer goods, especially in bread and fuels, as well as government investment and supplementary funding for organizations. Increasing wages of civil servants was one of the reasons of the budget deficit in 1992.
424:
During these years, a lot of work was done in the direction of profitable placement of industrial sectors and facilities in the country, developing of the regions with a low standard of living, increasing the level of use of labor resources in small and medium-sized cities.
665:
As mentioned above, during the first years of independence when the new oil reservoirs were uncovered, foreign companies were interested in signing contracts to their benefit. In fact, almost all of them were not in favor of Azerbaijani people. In 1993, with the return of
784:(NBA) was established in early 1992, with former Soviet banks, namely State Bank, the former USSR Industrial-Construction Bank, Azerbaijani bank of Agro-Industrial Bank of the USSR – being incorporated into the NBA. The name was then changed into
553:
fields.Oil-gas sector contributed to the flourishing of other fields of economy. New reforms and measures were taken to reach macroeconomic and financial stability. During those years, Azerbaijan had joined different international institutions
245:
from its incorporation into the Russian empire at the beginning of the 19th Century, through the period of independence under the Democratic Republic (1918-1920), as part of the Soviet Union (1920-1991) and subsequent transition to the
726:
By the end of 1993, it was reported that the minimum weekly wage would not even buy one loaf of bread and that hundreds of thousands of refugees in Azerbaijan "simply face starvation," a situation that heightened social and political
591:
Development in the Republic of Azerbaijan for 2008-2015", "State Programs for reliable food supply of the population of the Republic of Azerbaijan for 2008-2015" and a number of sectoral development programs were implemented to date.
791:
NBA became one of the top level authorities in the new banking system and among the commercial banks (both state- and privately owned) with the Law on Banks and Banking Activity and the Law on the National Bank adopted in 1992. The
643:
with Armenia, out-of-date equipment and machinery. As a result of the successful oil and gas strategy implemented by the government, the fall of the oil industry was followed by a number of fruitful oil contracts. With the
464:
The first period of the economical development of Azerbaijan (from 1991-1995) can be described as the period of economic recession. The period after 1996 can be portrayed as the period of dynamic economic development.
380:
The shaping of economic structure of the country continued at a slow pace during 1920-1939. The primary economic sectors were oil, gas, chemical, light industries, food processing, machine building and metalworking.
749:, Azerbaijan, as all the other post-Soviet countries, started to experience the burden of losing government subsidies. So in an effort to aid the budget the government introduced excise taxes and value-added tax (
404:
hydroelectric power station, etc., were built and put into production for the Azerbaijani industry. Thereby the foundation was laid for the development of such industries as heavy industry, energy, chemistry,
475:
In 1994, one of the important oil contracts was signed between Azerbaijan and 13 major oil companies, representing 8 countries of the world. This agreement went down in history as "the Contract of Century".
670:
to power, the talks that were going on since 1980s resumed and finally after long talks and negotiations Azerbaijan agreed to the terms of oil exploitation that actually reflected the nation's interests.
723:
The price of consumer goods increased in 1991 by 2.07 times against figures of 1990, and was growing in several times every year (10.12% times in 1992, 12.3 times in 1993, 17.63 times in 1994).
329:
In the years 1918-1920 the Democratic Republic of Azerbaijan made some changes in the administrative-territorial structure of the country and reorganized financial affairs of the country.
594:
As a result of reforms mainly involving institutional changes implemented recent years, business environment in Azerbaijan improved and the country ranked 25th among 190 countries in the
1235:"Azerbaijan Price Liberalization - Flags, Maps, Economy, History, Climate, Natural Resources, Current Issues, International Agreements, Population, Social Statistics, Political System"
686:. One of the key objectives of the oil strategy was to establish petro-chemical and oil refineries, the building block of the national economy which were founded not long after the “
276:. The bulk of it was replenished by selling oil and levying profit tax, which was 30% then. Other sources of fiscal revenues were excise taxes on the sale of wine, tobacco and oil.
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291:. During this period the cattle reached 1 million heads, horses – 150 thousand heads, buffaloes – 300 thousand heads, camels – 12 thousand head, rams and goats 1.5 million heads.
1333:"Azerbaijan The Budget - Flags, Maps, Economy, History, Climate, Natural Resources, Current Issues, International Agreements, Population, Social Statistics, Political System"
563:
449:
During the first five years of independence, GDP per capita was only a little more than one third of what it was in 1989. With the poverty rate hitting 49% as of 2001
453:
started to engage in making progress in economic situation, and by 2013, GNI per capita rose up to $ 7.350 with $ 7.912 GDP per capita and only 5% unemployment rate.
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Since the country's independence in 1991, the Republic of Azerbaijan has embarked on an independent policy in the field of economy. After the dissolution of the
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Azerbaijan's economy experienced a substantial decline with the collapse of the Soviet Union, losing over 60% of its GDP in its first year of independence.
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in living expenses, important consumer goods and commodities. Official records show that average living expenses surpassed average income by approximately
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The main sources of the budget deficit were from pay rises (increases in wages) and from military and social expenses related to the conflict in
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The custom services, established in those years, contributed 100 million manats to the treasury. 15 million manats came from duties levied on
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140:
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The following years from 2003 till 2009 are characterized to be the boom years due to the oil exports at high prices. Since the economy of
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771:- its own currency in mid-1992. In 1994 the currency was classified as a “soft currency” and therefore non-convertible at that time.
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did a lot of work from 1918 to 1920 to restore the Azerbaijani economy, which faced a decline following the overthrow of
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Independence led to economic decline in Azerbaijan. Many factors caused GDP shrinking until 1996. The situation with
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oil pipeline was put into operation. The pipeline was built as part of the contract for the development of the
442:, Azerbaijan's economy had been severely damaged. The poverty rate had reached 49% in 2001. Later Azerbaijan's
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760:, mainly its defense and increasing refugee expenses. Large increases in defense and wartime expenditures (
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was common in trade and economic relations of the Republic: oil was given in exchange for imported goods.
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with the Western companies on September 20, 1994, was a turning point in the history of oil industry of
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443:
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1173:"Administrative Department of the President of the Republic of Azerbaijan : Presidential Library"
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570:). The poverty rate had been decreased from 68% in 1995 to 29% in 2005 due to the economic growth.
527:
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964:"Exchange rate Azerbaijan Manat (AZN) - Convert Azerbaijan Manat to Eur, USD and other currencies"
17:
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1289:"Azerbaijan towards the Market Liberalization with a Focus on the Role of Industrial Resources"
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is the mere authority regulating the private and state-owned banks and funds at present.
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657:(currency of Azerbaijan), the expectations seem to be difficult to implement.
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1809:
283:, freight and passenger transportation. In those years Azerbaijan was a more
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signed inter-State agreement on the construction of oil export pipeline
100: in this template. Unsourced material may be challenged and removed.
1125:"Status of Azerbaijani Offshore Oil and Gas PSAs as of December 2009".
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1043:"Vie des affaires : la France perd encore du terrain - Les Echos"
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Azerbaijan was paying for military goods, telephone sets, cars, 100
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1018:"Doing Business 2019: A Year of Record Reforms, Rising Influence"
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oil pipeline in 1919 and construction of the Baku-Julfa railway.
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1813:
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302:, 2 thousand tanks, 5 thousand closed wagons, food products of
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In 1919 the State Budget of Azerbaijan amounted to 665 million
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753:) as alternatives to sales and turnover taxes in early 1992.
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metallurgy, instrument making and electrical engineering.
1309:"Armenia, Azerbaijan, and Georgia : country studies"
936:"Azerbaijan Economy Since Independence; Independent View"
353:
1360:"Central Bank of the Republic of Azerbaijan - History"
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from 1.3 percent of GDP in 1991 to 7.6 percent in 1992
653:
economic crisis, oil prices, and the devaluation of
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1307:Curtis, G. E.; Federal Research Division (1995).
996:. World Bank Publications. pp. 5, 11, 13.
835:Frustrated Democracy in Post-Soviet Azerbaijan
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1418:
8:
885:"GENERAL INFORMATION ON AZERBAIJANI ECONOMY"
1098:"Analysis of Azerbaijan Oil and Gas Sector"
788:with the referendum act on March 18, 2009.
63:Learn how and when to remove these messages
1832:
1818:
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786:Central Bank of the Republic of Azerbaijan
838:. Columbia University Press. p. 56.
225:Learn how and when to remove this message
160:Learn how and when to remove this message
479:In the same year, the Presidents of the
371:
202:of all important aspects of the article.
824:
637:the oil production dropped dramatically
1076:. World Bank Publications. p. 4.
506:A contract was signed in Baku between
198:Please consider expanding the lead to
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711:The price liberalization resulted in
314:and other countries mainly with oil,
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639:mainly because of the conflict over
98:adding citations to reliable sources
674:The biggest oil contract signed in
587:industry in terms of growth rates.
1391:Economic Development in Azerbaijan
1041:RICHARD HIAULT (31 October 2018).
648:” signed in 1994, and the deal on
472:aggravated the economic downturn.
25:
18:Economic development in Azerbaijan
263:Democratic Republic of Azerbaijan
44:This article has multiple issues.
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1784:
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109:"Economic history of Azerbaijan"
74:
33:
704:September, and December in the
376:Kaganovich Oilfield, Baku, 1940
190:may be too short to adequately
85:needs additional citations for
52:or discuss these issues on the
2204:Economic history of Azerbaijan
1751:British Indian Ocean Territory
631:Following the collapse of the
538:on the promising structure of
257:Azerbaijan Democratic Republic
241:covers the development of the
239:economic history of Azerbaijan
200:provide an accessible overview
1:
384:In the first years after the
832:Altstadt, Audrey L. (2017).
623:oil was the main source for
400:ore purification plant, the
1841:Economic history of Europe
782:National Bank of Azerbaijan
2220:
794:Central Bank of Azerbaijan
745:After the collapse of the
619:During the Soviet period,
566:, Islam Development Bank,
542:condensate field in 1996.
318:, wool, silk and leather.
1779:
1434:Economic history of Asia
287:country, aimed mainly at
1500:East Timor (Timor-Leste)
1761:Cocos (Keeling) Islands
1313:The Library of Congress
688:Contract of the Century
646:Contract of the Century
333:Within the Soviet Union
1890:Bosnia and Herzegovina
809:The Azerbaijan Economy
767:Azerbaijan introduced
568:Asian Development Bank
429:Republic of Azerbaijan
396:aluminum smelter, the
377:
261:The government of the
248:Republic of Azerbaijan
968:www.fx24converter.com
814:History of Azerbaijan
596:Doing Business report
551:Azeri-Chirag-Gunashli
444:gross national income
375:
1675:United Arab Emirates
1129:. December 25, 2009.
919:"Azerbaijan economy"
699:Price liberalization
650:Shah Deniz gas field
456:The exploitation of
94:improve this article
2106:States with limited
1702:limited recognition
1070:Doing Business 2018
1067:World Bank (2017).
990:Doing Business 2019
987:World Bank (2018).
501:Baku-Tbilisi-Ceyhan
1396:2023-05-01 at the
1259:"ECONOMIC REFORMS"
1201:"Economic reforms"
616:the 19th century.
378:
352:. You can help by
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1744:other territories
1141:"AZERBAIJANI OIL"
862:10.7312/alts70456
853:978-0-231-70456-4
844:10.7312/alts70456
661:Oil strategy plan
461:economic policy.
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694:Economic reforms
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1385:External links
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1370:on 2013-06-09
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1280:
1269:on 2009-05-17
1268:
1264:
1263:Azerbaijan.az
1260:
1254:
1251:
1240:
1236:
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1228:
1226:
1222:
1211:on 2009-05-17
1210:
1206:
1205:Azerbaijan.az
1202:
1196:
1193:
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1174:
1168:
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1162:
1151:on 2009-05-17
1150:
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1145:Azerbaijan.az
1142:
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891:on 2018-06-20
890:
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738:
732:Privatization
731:
725:
722:
721:
720:
718:
714:
709:
707:
698:
693:
691:
689:
685:
681:
677:
672:
669:
668:Heydar Aliyev
660:
658:
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651:
647:
642:
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629:
626:
622:
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569:
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561:
557:
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545:In 1999, the
543:
541:
537:
533:
529:
525:
521:
517:
516:Elf Aquitaine
513:
509:
504:
502:
498:
494:
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481:United States
477:
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422:
420:
416:
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395:
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364:
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351:
348:This section
346:
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330:
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317:
313:
309:
305:
301:
296:
294:
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270:
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256:
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250:(post 1992).
249:
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226:
211:
208:December 2023
201:
195:
193:
188:
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179:
174:
173:
164:
161:
153:
150:December 2023
142:
139:
135:
132:
128:
125:
121:
118:
114:
111: –
110:
106:
105:Find sources:
99:
95:
89:
88:
81:
77:
72:
71:
66:
64:
57:
56:
51:
50:
45:
40:
31:
30:
27:
19:
2135:Transnistria
1874:
1740:Dependencies
1670:Turkmenistan
1635:Saudi Arabia
1459:
1372:. Retrieved
1368:the original
1363:
1340:. Retrieved
1336:
1327:
1316:. Retrieved
1312:
1282:
1271:. Retrieved
1267:the original
1262:
1253:
1242:. Retrieved
1238:
1213:. Retrieved
1209:the original
1204:
1195:
1183:. Retrieved
1179:
1153:. Retrieved
1149:the original
1144:
1135:
1126:
1120:
1108:. Retrieved
1104:
1092:
1069:
1062:
1051:. Retrieved
1046:
1036:
1025:. Retrieved
1021:
1012:
989:
982:
971:. Retrieved
967:
958:
946:. Retrieved
942:
893:. Retrieved
889:the original
834:
827:
798:
790:
778:
766:
755:
747:Soviet Union
744:
735:
727:instability.
710:
702:
673:
664:
633:Soviet Union
630:
618:
614:
606:Oil industry
593:
589:
577:
544:
526:(Iran) (now
505:
497:Turkmenistan
478:
474:
467:
463:
455:
448:
440:Soviet Union
437:
423:
411:oil refining
383:
379:
358:
354:adding to it
349:
328:
320:
297:
278:
271:
260:
252:
238:
236:
221:
205:
189:
187:lead section
156:
147:
137:
130:
123:
116:
104:
92:Please help
87:verification
84:
60:
53:
47:
46:Please help
43:
26:
2173:Isle of Man
2108:recognition
2082:Switzerland
2017:Netherlands
1799:Asia portal
1700:States with
1620:Philippines
1560:South Korea
1555:North Korea
1450:Afghanistan
1337:photius.com
1239:photius.com
1185:23 February
1110:23 February
1049:(in French)
1047:Lesechos.fr
948:23 February
514:, LUKAgip,
458:hydrocarbon
419:non-ferrous
361:August 2024
324:Baku-Batumi
300:locomotives
2052:San Marino
2012:Montenegro
1992:Luxembourg
1972:Kazakhstan
1875:Azerbaijan
1680:Uzbekistan
1655:Tajikistan
1570:Kyrgyzstan
1550:Kazakhstan
1470:Bangladesh
1460:Azerbaijan
1374:2017-09-05
1364:en.cbar.az
1342:2017-09-05
1318:2017-09-05
1273:2017-09-05
1244:2017-09-05
1215:2017-09-05
1155:2017-09-05
1053:2018-11-02
1027:2018-11-02
1022:World Bank
973:2020-09-04
895:2018-03-21
820:References
684:Azerbaijan
600:World Bank
580:Azerbaijan
560:World Bank
547:Baku-Supsa
493:Kazakhstan
451:Azerbaijan
402:Mingechaur
281:free trade
120:newspapers
49:improve it
2163:Gibraltar
1987:Lithuania
1766:Hong Kong
1720:Palestine
1645:Sri Lanka
1640:Singapore
1520:Indonesia
1105:Usaee.org
706:same year
628:century.
398:Dashkesen
293:Bartering
192:summarize
55:talk page
2198:Category
2183:Svalbard
2168:Guernsey
2115:Abkhazia
2067:Slovenia
2062:Slovakia
2037:Portugal
1895:Bulgaria
1789:Category
1710:Abkhazia
1660:Thailand
1615:Pakistan
1595:Mongolia
1590:Maldives
1585:Malaysia
1485:Cambodia
1394:Archived
803:See also
598:2019 of
390:Sumqayit
285:agrarian
2092:Ukraine
2042:Romania
2002:Moldova
1960:Ireland
1955:Iceland
1950:Hungary
1940:Germany
1935:Georgia
1925:Finland
1920:Estonia
1915:Denmark
1900:Croatia
1885:Belgium
1880:Belarus
1870:Austria
1865:Armenia
1860:Andorra
1855:Albania
1685:Vietnam
1600:Myanmar
1580:Lebanon
1510:Georgia
1465:Bahrain
1455:Armenia
943:Cesd.az
775:Banking
611:History
512:Statoil
489:Georgia
470:Armenia
415:ferrous
304:America
267:tsarism
134:scholar
2178:Jersey
2120:Kosovo
2087:Turkey
2077:Sweden
2057:Serbia
2047:Russia
2032:Poland
2027:Norway
2007:Monaco
1977:Latvia
1945:Greece
1930:France
1905:Cyprus
1730:Taiwan
1665:Turkey
1630:Russia
1565:Kuwait
1545:Jordan
1535:Israel
1495:Cyprus
1480:Brunei
1475:Bhutan
1080:
1000:
860:
850:
741:Budget
485:Turkey
392:, the
316:cotton
308:France
274:manats
136:
129:
122:
115:
107:
2153:Ă…land
2072:Spain
1997:Malta
1967:Italy
1771:Macau
1690:Yemen
1650:Syria
1625:Qatar
1605:Nepal
1540:Japan
1515:India
1505:Egypt
1490:China
1176:(PDF)
1101:(PDF)
1074:(PDF)
994:(PDF)
939:(PDF)
858:JSTOR
769:manat
655:manat
536:SOCAR
520:TOTAL
434:1990s
394:Ganja
312:Italy
141:JSTOR
127:books
1610:Oman
1575:Laos
1530:Iraq
1525:Iran
1187:2019
1112:2019
1078:ISBN
998:ISBN
950:2019
848:ISBN
680:Baku
625:WWII
621:Baku
564:EBRD
534:and
532:TPAO
528:NICO
524:OIEC
495:and
417:and
322:the
237:The
113:news
1742:and
840:doi
751:VAT
717:50%
690:”.
678:in
584:GDP
556:IMF
530:),
522:),
356:.
96:by
2200::
1362:.
1351:^
1335:.
1311:.
1297:^
1261:.
1237:.
1224:^
1203:.
1178:.
1164:^
1143:.
1103:.
1045:.
1020:.
966:.
941:.
927:^
904:^
870:^
856:.
846:.
719:.
708:.
635:,
602:.
562:,
558:,
510:,
508:BP
503:.
491:,
483:,
413:,
409:,
310:,
306:,
269:.
58:.
1833:e
1826:t
1819:v
1426:e
1419:t
1412:v
1377:.
1345:.
1321:.
1291:.
1276:.
1247:.
1218:.
1189:.
1158:.
1114:.
1086:.
1056:.
1030:.
1006:.
976:.
952:.
921:.
898:.
864:.
842::
644:"
554:(
363:)
359:(
228:)
222:(
210:)
206:(
196:.
163:)
157:(
152:)
148:(
138:·
131:·
124:·
117:·
90:.
65:)
61:(
20:)
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