PASHA Bank, one of Azerbaijan’s largest banks, has published its latest quarterly review of Azerbaijan’s economy. This report found that the development of Azerbaijan’s non-oil sector – due to continued measures to increase competitiveness outside of the oil and gas industry – was the key driver behind economic growth in Azerbaijan during 2014. As a result, Azerbaijan’s economy is starting to become less dependent on oil revenues.

Despite risks arising from the global economic environment, the stability and favourable external position of Azerbaijan’s economy were maintained throughout 2014. The prudential policies of the Central Bank resulted in a reduction of the consumer loans growth rate and an increase in financing of the real sector. The start of a new stage in Azerbaijan’s development, including the diversification and restructuring of the economy, as well as the increase in competition on domestic and foreign markets, has created the need for a more detailed analysis of the macro environment in which the Bank operates.

Elman Eminov, Head of PASHA Bank's Economic Research division, commented: “We prepare our economic reviews with our existing and potential corporate customers in mind. Our reports not only anaylse the trends taking place in Azerbaijan’s economy and the wider financial system over the course of the quarter, but they also highlight changes in economic policy and make economic predictions for the year ahead. The information we provide through these reviews makes our clients more aware of micro- and macro-economic trends, which in turn helps them to achieve their business objectives.” The reviews are prepared in Azerbaijani and English.