Asian Development Bank and Azerbaijan : Fact Sheet

Abstract

Updated yearly, this ADB Fact Sheet provides social and economic indicators on Azerbaijan as well as concise information on ADB's operations in the country and contact information. Located in the South Caucasus, Azerbaijan is an oil-rich country whose gross national income per capita has increased approximately tenfold since 2001. Consequently, in 2013, the Asian Development Bank (ADB) upgraded Azerbaijan to a Category C developing member country. Economic growth has been spurred by the exploration and development of oil and gas reserves, high levels of public expenditure, and substantial reforms to support a market-based economy. Despite robust growth, the economy of Azerbaijan remains largely dependent upon the extraction and production of fossil fuels.