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