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Azerbaijan 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
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