Local Economy
Baku is the economic center not only of Azerbaijan but of the Southern Caucuses region, too. The oil and petroleum industry is the driving force behind Baku’s economy, and, being a major port, exported goods are a significant part of the city’s commercial activity, including oil and gas, machinery, cotton and foodstuffs.
The financial sector is still quite small, but the telecommunications and information technology sectors are growing quickly. Tourism from regional neighbors is significant and brings funds into the city, the presence of large international hotel chains being one result.
One option for foreigners wanting to work in Baku is to teach English. Demand, particularly for business English, is growing. With a short TEFL qualification or experience, teachers can earn 1,000 to 1,500 USD, while Baku’s international schools and universities pay 3,000 USD or more for better qualified employees.
As of 2013, Azerbaijan’s GDP per capita was around 8,000 USD — but the standard of living is much higher in Baku than elsewhere in the country.