Macroeconomy
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Azerbaijan’s service economy is having a moment. In January-February 2026 the value of paid services sold to households rose by 8.9% in real terms, to 2.53bn manats.
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The escalation of military tensions around Iran has driven a sharp rise in global oil prices, potentially bringing significant benefits to Azerbaijan’s energy-dependent economy while at the same time highlighting the country’s continuing reliance on hydrocarbon revenues.
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When Azerbaijan’s Economic Council convened on February 27 under the chairmanship of Prime Minister Ali Asadov, the agenda went beyond a routine macroeconomic review. At the center of discussions was the draft “Socio-Economic Development Strategy of the Republic of Azerbaijan for 2027–2030,” currently under active preparation and consultation.
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Azerbaijan’s drive to modernise one of the South Caucasus’s oldest vehicle fleets is entering a more uncertain phase. After several years of tax incentives that fuelled a surge in hybrid imports, the government is withdrawing key exemptions — a move that risks slowing the transition from ageing internal combustion engines to cleaner models.
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