Azerbaijan Economic information

Azerbaijan is a country located in the Middle East and Eastern Europe. Its economy is largely based on oil and natural gas. Having oil and natural gas reserves has enabled the country's economic growth. Azerbaijan's economy began to develop rapidly after the collapse of the Soviet Union. Especially since the 2000s, increases in oil prices have accelerated the country's economic growth. Oil and natural gas exports are the country's largest source of income. Azerbaijan also operates in the agriculture, tourism, construction and service sectors. The agricultural sector is an important source of employment in the country and agricultural products are also exported. The tourism sector is supported by the country's natural beauties, historical and cultural heritage, as well as events such as the Azerbaijan Grand Prix. In recent years, the Azerbaijani state has been pursuing economic diversification policies. It aims to operate in different areas of the energy sector by investing in renewable energy resources. Additionally, investments are made in social sectors such as education, health and infrastructure. However, the fact that oil and natural gas are still the country's largest source of income makes Azerbaijan sensitive to fluctuations in oil prices. Therefore, economic diversification efforts are ongoing. Azerbaijan's economic growth rates have been rising steadily in recent years. However, there are still problems such as poverty and unemployment in the country. Social policies need to be developed to solve these problems.