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Azerbaijan is a transcontinental country in the Caucasus region, situated at the crossroads of Eastern Europe and Western Asia. Azerbaijan has the largest agricultural basin in the region. Two-thirds of Azerbaijan is rich in oil and natural gas. Azerbaijan's high economic growth has been attributable to large and growing oil and gas exports, but some non-export sectors also featured double-digit growth, including construction, banking, and real estate. Oil exports through the Baku-Tbilisi-Ceyhan Pipeline, the Baku-Novorossiysk, and the Baku-Supsa pipelines remain the main economic driver, but efforts to boost Azerbaijan's gas production are underway. Long-term prospects depend on world oil prices, Azerbaijan's ability to negotiate export routes for its growing gas production, and its ability to use its energy wealth to promote growth and spur employment in non-energy sectors of the economy. The manat (AZN) is the currency of Azerbaijan. |
