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Azerbaijan: The Economy
Country Study > Chapter 6 > The Economy


Azerbaijan possesses fertile agricultural lands, rich industrial resources, including considerable oil reserves, and a relatively developed industrial sector. Utilization of those resources in the Soviet period, however, was subject to the usual distortions of centralized planning. In the early 1990s, economic output declined drastically. The major factors in that decline were the deterioration of trade relations with the other former Soviet republics, the conflict in Nagorno-Karabakh, erosion of consumer buying power, and retention of the ruble alongside the national currency. In 1994 the economy remained heavily dependent on the other former republics of the Soviet Union, especially Russia.

Data as of March 1994

Last Updated: March 1994

Editor's Note: Country Studies included here were published between 1988 and 1998. The Country study for Azerbaijan was first published in 1995. Where available, the data has been updated through 2008. The date at the bottom of each section will indicate the time period of the data. Information on some countries may no longer be up to date. See the "Research Completed" date at the beginning of each study on the Title Page or the "Data as of" date at the end of each section of text. This information is included due to its comprehensiveness and for historical purposes.

Note that current information from the CIA World Factbook, U.S. Department of State Background Notes, Australia's Department of Foreign Affairs and Trade Country Briefs, the UK's Foreign and Commonwealth Office's Country Profiles, and the World Bank can be found on

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Section 44 of 82


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