The economy of Azerbaijan has completed its post-Soviet transition into a major oil-based economy (with the completion of the Baku-Tbilisi-Ceyhan Pipeline), from one where the state played the major role. The transition to oil production led to remarkable growth figures as projects came online; reaching 26.4% in 2005 (second highest GDP growth in the world in 2005 only to Equatorial Guinea) and 34.6% in 2006 (world highest) before subsiding to 10.8% and 9.3% in 2008 and 2009 respectively. The real GDP growth rate for 2011 was expected at 3.7% but had dropped to 0.1%. Large oil reserves are a major contributor to Azerbaijan's economy. The national currency, the Azerbaijani manat, was stable in 2000, depreciating 3.8% against the dollar. The budget deficit equaled 1.3% of GDP in 2000. Progress on economic reform has generally lagged behind macroeconomic stabilization. The government has undertaken regulatory reforms in some areas, including the substantial opening of trade policy, but inefficient public administration in which commercial and regulatory interests are commingled limit the impact of these reforms. The government has largely completed privatization of agricultural lands and small and medium-sized enterprises. In August 2000, the government launched a second-stage privatization program, in which many large state enterprises will be privatized. Since 2001, the economic activity in the country is regulated by the Ministry of Economy of Azerbaijan Republic. Economic history of Azerbaijan Modern era Throughout the Soviet period, Azerbaijan had always been more developed industrially than Armenia and Georgia, two neighboring Transcaucasia countries but also less diversified, as a result of slow investment in the non-oil sector. With a history of industrial development of more than 100 years, Azerbaijan proved to be a leading nation in the Southern Caucasus throughout the turmoil of the Soviet Union collapse in the early 1990s until nowadays. Republic era Oil remains the most prominent product of Azerbaijan's economy with cotton, natural gas and agriculture products contributing to its economic growth over the last five years. More than $60 billion was invested into Azerbaijan's oil by major international oil companies in AIOC consortium operated by BP. Oil production under the first of these PSAs, with the Azerbaijan International Operating Company, began in November 1997 and now is about 500,000 barrels per day. People visit petroleum spas (or "oil spas") to bathe in the local crude in Naftalan A leading caviar producer and exporter in the past, Azerbaijan's fishing industry today