Economic activities in S. Caucasus countries

After the war with Russia in 2008 and the global economic crisis, the Georgian economy began its recovery in 2009. According to official data, Georgia’s economy grew 6.3% in 2010. In 2011, economic growth reached 7%.

In Armenia, the global crisis of 2008-2009 also influenced economic growth in the country. In 2010, after recovering from the economic collapse, Armenia’s economy growth reached to 2.2%. In 2011 it reached 4.7%.

Azerbaijan's economy has enjoyed very stable growth for the last several years. Before the economic crisis, Azeri economic growth reached 34.5% in 2006 and 25% in 2007. Even in 2009, the country saw growth of 9.3%, though in 2010, growth declined to 5%. Most surprisingly, in 2011, economic growth in Azerbaijan saw 0% growth. However, this does not mean much for Azerbaijan which has huge reserves of oil and gas.