while the economy of Azerbaijan is mostly based on oil and gas exports, the nation is rich in other natural resources, and it allows gradual economic diversification
Azerbaijan is a major producer of crude oil and natural gas, which together account for more than 90% of Azerbaijan’s exports and a large proportion of the country's GDP. The country was at the forefront of the global oil industry at the turn of the 20th century, when it was supplying over half the world's oil.
This is a major contributor to Azerbaijan's non-oil economy which is continuously growing as a result of the economic diversification policy implemented by the government. Agriculture employs about 37% of Azerbaijan’s population, who are engaged in growing cash crops, livestock farming, horticulture, viticulture, cotton production, beekeeping, medicinal plant cultivation, and more. The country has over a million hectares of cultivated lands and its climatic diversity allows for a huge range of crops to be grown, from tea and tobacco to pomegranates and rice, citrus fruits and saffron.
The development of the tourism industry is among the core priorities of Azerbaijan’s government, especially considering the extensive tourism potential and resources of the country. Azerbaijan has become an increasingly popular destination for tourists, offering excellent skiing, hiking and spas, a vibrant culture and history, and a fabulous national cuisine. A host of exciting tourism-related projects are being implemented around the country, utlising the many opportunities Azerbaijan has to offer to its visitors and inviting guests from all over the globe to take another look at this beautiful destination.
Azerbaijan is endowed with lots of mineral deposits. The common minerals in the country include gold, silver, iron, titanium, copper, manganese, cobalt, molybdenum, and chromium. Most of the country’s mineral deposits are located in Lesser Caucasus Mountains region.
Over 80% of the Azerbaijani population has access to mobile phones and other telecommunication gadgets. The major mobile services providers in the country are Azercell, Bakcell, and Azerfon. These mobile companies have over 10 million subscribers distributed across the country. There are also a considerable number of radio and television stations in the country. There are over 26 radio stations, four public television stations, and 43 private television stations. There are over 2.2 million users of the internet in Azerbaijan today.
Successful health reforms in various aspects are aimed at ensuring the health of the population in line with world standards. About 700 health facilities equipped with modern medical equipment and devices are serving the nation's people. Development of the healthcare system, strengthening material and technical resources, personnel potential, and updating infrastructure are always in the spotlight. As a result of the country's social policy, the annual increase in funds allocated from the state budget to healthcare contributes to the improvement of the activities of medical institutions and to the improvement of the level of services in general.
Science and innovation have had a continuous positive impact on the country. Several important innovations are also on going in Azerbaijan. For instance, in the 21st century, gadgets and centres to help in the prediction of seismic waves were built in Azerbaijan. Azerbaijan has also launched a number of its own satellites into space.
The Azerbaijan government also seeks to develop the country's IT market, having launched education and e-government programmes, increased digital resources available to schools and universities outside Baku, and expanded e-services.
The manufacturing industry is very stable in the country as it is rich in vast amounts of raw materials. The goods manufactured in Azerbaijan are consumed locally and the surplus is exported.