Gross National Product (GNP): Estimated at
billion in 1992, or approximately US$850 per person. Economic
growth negative in early 1990s because of destruction of
infrastructure, unavailability of inputs, and failure of economic
Agriculture: Very productive with irrigation of
lowlands, but efficiency hindered by post-Soviet misallocation of
land and materials. Tea and citrus fruits produced in subtropical
areas; also grain, sugar beets, fruits, wine, cattle, pigs, and
sheep. Over half of cultivated land privatized as of end of 1993.
Industry and Mining: Industry heavily dependent
inputs from other Commonwealth of Independent States (CIS)
republics and from abroad. Main products semifinished metals,
vehicles, textiles, and chemicals. Coal, copper, and manganese
Energy: Scant domestic fuel reserves; 95
imported (mostly oil and natural gas) in 1990. Coal output
dropped sharply through early 1990s. Hydroelectric potential
high, but mainly untapped. Power output does not meet domestic
Exports: Estimated at US$32.6 million in 1992.
exports citrus fruits, tea, machinery, ferrous and nonferrous
metals, and textiles. Main markets Armenia, Azerbaijan, Bulgaria,
Czechoslovakia, Germany, Poland, Russia, and Turkey.
Imports: Estimated at US$43.8 million in 1992.
imports machinery and parts, fuels, transportation equipment, and
textiles. Main suppliers Bulgaria, Czechoslovakia, Poland,
Russia, and Ukraine.
Balance of Payments: Estimated as US$23.7
deficit in 1992.
Exchange Rate: Coupon introduced in early 1993.
November 1994 exchange rate 1,625,000 coupons per US$1.
Inflation: Estimated in January 1993 at 50
Fiscal Year: Calendar year.
Fiscal Policy: Centralized decision making, but
underground economy limits economic control. Extensive
manipulation of tax structure in 1992-93 to shrink large budget
deficits. Deficits remained high as revenue estimates fell short.
Enterprise privatization slow.
Data as of March 1994