Economic diversification, defense spending shape Azerbaijan’s path to long-term stability

Azernews.Az

24 October 2025 13:56 (UTC+04:00)

Nazrin Abdul

Between 2004 and 2024, Azerbaijan’s economy expanded nearly fourfold, with notable growth in the non-oil sector- a key indicator of economic diversification. Specifically, the non-oil sector grew 3.7 times during this period, reflecting deliberate policy efforts to reduce dependence on hydrocarbon revenues. This structural shift has also had tangible social impacts: poverty rates fell dramatically from 44.7% in 2003 to 5.3% in 2024, while unemployment dropped from 9.2% to a significantly lower level.

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