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The economic history of Azerbaijan covers the development of the country's economy from its incorporation into the Russian empire at the beginning of the 19th Century, through the period of independence under the Democratic Republic (1918-1920), as part of the Soviet Union (1920-1991) and subsequent transition to the Republic of Azerbaijan (post 1992).
Azerbaijan's economy experienced a substantial decline with the collapse of the Soviet Union, losing over 60% of its GDP in its first year of independence.[1]
- ^ Altstadt, Audrey L. (2017). Frustrated Democracy in Post-Soviet Azerbaijan. Columbia University Press. p. 56. doi:10.7312/alts70456. ISBN 978-0-231-70456-4. JSTOR 10.7312/alts70456.