Key Market Indicators
In a dramatic downturn, Azerbaijan's tourism revenue plummeted by 93.5% in 2023. The country's tourism sector earned approximately $35 million this year, a stark contrast to the $535 million recorded in 2022. This sharp decline underscores significant challenges faced by the Azerbaijani tourism market. A historical perspective reveals a troubling trend, with the sector shrinking by 57.3% annually since 2000. The data highlights a pressing need for strategic interventions to revive the once-promising industry.
