Azerbaijan Republic , is a transcontinental country located at the boundary of Eastern Europe and Western Asia. It is a part of the South Caucasus region. Baku is the capital and largest city. The Azerbaijan Democratic Republic proclaimed its independence from the Transcaucasian Democratic Federative Republic in 1918 and became the first secular democratic Muslim-majority state, taking its name from the adjacent region of northwestern Iran for political reasons
Economy: It has completed its post-Soviet transition into a major oil-based economy, 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 and 34.6% in 2006 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.
azerbaijan
