Overview Of Azerbaijan

By the estimate of 2019, the GDP of Azerbaijan stands at US $45.284 billion. The major contributor to the GDP is the energy and natural resources. Following this, Agriculture, tourism, science and technology and finance form the majority of the GDP contributor. Post-free-market status, Azerbaijan was given 25 under the ease of doing business criteria. This led to cost minimization in the industrial sector, which indirectly gave way to many financial institutions. The pandemic did not hinder the production of resources on a greater level, though it should be noted there was a slight cut in the employment levels. The unemployment level has seen a very significant decrease over the years from 1999 till 2021.

Total Population - 10,439,846 people (2024)

GDP – US $221.39 billion (2024 estimate)

Economic Overview

Azerbaijan is one of the leading countries seeing a processed and steady growth in its employment rate at 2.2% annually. The natural resources form over 3/4th of the natural resources obtained. Azerbaijan is often included in the Chinese plan to connect the world through one belt, one road project. Corresponding to the economic growth, there is a significant improvement in social standards like educated youth, number of people employed under the age of 28, mortality rate, women rights, etc.

Market Size

The fertile land, the oil basin below the land, the hard-working minds have taken the country way ahead than anticipated. There has been a 20-fold increase in its economy, which is a great deal compared to many similar situated countries.

A brief glimpse of the industries

• Energy and natural resources are the core of the country's strong economic and worldly stance. Oil and natural gas for 2/3rd of the resources obtained. The natural gas pipelines connect through various cities and places all over the country. It is part of the southern gas corridor. It contributed to the world's 2.3% of natural gas.  Supplementing the fuel, enough silver, iron ore, and copper are found. The oil part is kept protected under the government, and deep scrutiny is done before allowing oil exploration by the companies.
• The whole basin is most fertile for vegetables, wine plantations, tropical plants, and tobacco agriculture. The land is efficiently used to its fullest potential, and quite a good quantity are being exported. 
• Tourism, though in a little shadow, has been contributing to the country continuously. Post the breaking of the USSR, tourism to Azerbaijan decreased due to war effects. Later by the 2000s there was a recovery in the number of people visiting the country. It's best known for its snow skiing. Tourism has been part of the national development strategy. It stands on the 84th want to visit places as per reports. 
• Without science and technology, the resources will be left untapped. Thus, the government started engaging in research involving various countries and educating its youth more and more. While on the other hand, internet services, IT, telecom, payloads, machinery have also seen growth after connecting and working with other countries. Reports show the most rapidly developing sector as the technological sector.

Cost Of Living in Azerbaijan

The country is quite moderately affordable, but at the same time, it cannot be considered cheap. The average cost of living in Azerbaijan is US $544, which is approximately 32% costlier than in India. It ranked 160th in the most expensive country to live in. But when compared to the USA, Canada, Australia, studying, working in Azerbaijan is more affordable.

Cost Of Renting

The cost of living in Azerbaijan is dependent on the population of the location. The salaries of the employees of different sectors don't have a wide range. Thus, it makes renting a place easier corresponding to the working area, and income earned. It's estimated that the monthly salary is enough to survive for six months.‍

Top Sectors Hiring In Azerbaijan

Top Skills In Azerbaijan

Due to a large number of factories, industries, and mines, many people are involved in the manufacturing sector. The labour market is seen to have a lot of inclination towards engineering skills among the youth and the working class.  Major skills that are in great demand are: -

• Machine engineering
• Hotel management
• Mining
• IT
• Marketing and sales
• Management
  

Hiring Cost

The citizens are very smart and have a knack for grabbing opportunities when offered. In this case, it is very important to form a competitive hiring process that will challenge the intellect and find yourself with the best of the best. Factors listed below are to be mined while recruiting-

• Interview expenses
• On-job training expenses
• Onboarding expenses

Salary structure for various roles

The table below depicts the average salaries that are offered to employees in Azerbaijan according to different fields: -

Employment Laws In Azerbaijan

There are special laws and agreements regarding the employment and labour forces. The laws state the importance of abiding by the rules as a mandatory action, and any action or agreement against it is proved void or invalid against the court of law. When joining, a proper agreement of do's and don'ts has to be signed by both parties. Further, some rules are -

• Working conditions have to be fulfilled
• The minimum salary has to be paid regularly
• Maximum hours (8hrs) are not to be exceeded under any condition. 
• Nature of the sector can determine the number of working days 5 or 6 days
• Annual leave of minimum 21days to be provided, extending to 30 days on proper request

These rules are based upon the Employment Code of the Republic of Azerbaijan and the Constitution of Azerbaijan.

How Can Skuad Help You with Hiring in Azerbaijan?

In a highly competitive market, your focus should be on expanding your operations and minimizing the expenses. By engaging in an expensive and prolonged recruitment process, you end up spending more than you ought to. Skuad offers to streamline your hiring process with the help of experienced consultants. Connect with Skuad Experts to know more.