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Azerbaijan Economy
Gross National Product (GNP): In 1992 estimated
at
US$18.6 billion, or US$2,480 per capita. Average growth rate 1.9
percent in 1980-91. Production dropped throughout early 1990s
because of adjustments to post-Soviet system and because of
Nagorno-Karabakh conflict.
Agriculture: Main crops grapes, cotton,
tobacco, citrus
fruits, and vegetables. Livestock, dairy products, and wine also
produced. Slow privatization hinders productivity increase, and
production of most crops decreased in early 1990s. Irrigation and
other equipment outmoded, although irrigation critical for many
crops.
Industry and Mining: Principal industries oil
extraction, oil equipment manufacture, petrochemicals, and
construction. Besides oil, large natural gas deposits and some
iron ore, bauxite, cobalt, and molybdenum. Oil production in
decline since 1980s.
Energy: Abundant hydroelectric potential, but
majority
of electric power generated by oil-fired plants. Domestic natural
gas production meets 35 percent of domestic needs. Foreign
assistance sought to rejuvenate oil extraction industry.
Exports: In 1992 estimated at US$926 million
with
Commonwealth of Independent States (CIS) nations and US$821
million outside CIS, of which 61 percent refined oil and gas
products, 25 percent machinery and metal products, and 7 percent
light industrial products (textiles and food products). Largest
export markets Russia, Ukraine, Iran, Turkey, and Hungary.
Imports: In 1992 estimated at US$300 million
outside
CIS, of which 36 percent machine parts, 21 percent processed
foods, and 12 percent nonfood light industrial products. Largest
import sources Russia, Turkey, and Ukraine.
Balance of Payments: In 1992 trade surplus
approximately US$24 million.
Exchange Rate: Manat, established in 1992 at
ten rubles
to the manat, was used together with ruble until end of 1993,
after which manat became sole currency. October 1993 exchange
rate US$1=120 manat.
Inflation: Estimated at 1,200 percent for 1993.
Fiscal Year: Calendar year.
Fiscal Policy: State budget consists of central
government budget and budgets of sixty-eight local and regional
government budgets. Tax system revised in 1992 to improve state
income, and budgetary expenditures tightly controlled to minimize
budget deficits.
Data as of March 1994
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