Economy of Nagorno-Karabakh

Infobox Country or territory
native_name = _hy. Լեռնային Ղարաբաղի Հանրապետության Կառավարություն
conventional_long_name =

---

---

national_anthem = "Azat u ankakh Artsakh" "Free and Independent Artsakh"
official_languages = Armenian¹
main_religion = Armenian Apostolic Orthodox Christianity
capital = Stepanakert
latd=39 |latm=52 |latNS=N |longd=46 |longm=43 |longEW=E
largest_city =
government_type = Unrecognized
leader_title1 = President
leader_title2 = Prime Minister
leader_name1 = Bako Sahakyan
leader_name2 = Arayik Harutyunyan
area_rank =
area_magnitude = 1 E9
area_km2 = 11458.38²
area_sq_mi = 4424.10²
percent_water =
population_estimate = 138,000
population_estimate_rank = n/a
population_estimate_year = March 2007
population_census =
population_census_year =
population_density_km2 =
population_density_sq_mi =
population_density_rank = n/a
GDP_PPP =
GDP_PPP_rank =
GDP_PPP_year =
GDP_PPP_per_capita =
GDP_PPP_per_capita_rank =
sovereignty_type = Independence
sovereignty_note = from Azerbaijan
established_event1 = Referendum
established_event2 = Proclaimed
established_event3 = Recognition
established_date1 = December 10 1991
established_date2 = January 6 1992
established_date3 = none
HDI =
HDI_rank =
HDI_year =
HDI_category =
currency = Armenian dram
currency_code = AMD
country_code =
time_zone =
utc_offset = +4
time_zone_DST =
utc_offset_DST = +5
cctld =
calling_code = 374 47
footnote1 = The constitution guarantees "the free use of other languages spread among the population."
footnote2 = Virtual administrative territory of the NKR

The Economy of Nagorno-Karabakh Republic includes a GDP of $114 million (doubled from 2001 to 2005), and economic growth of 14 percents (2005). [ [http://diplomatictraffic.com/highlights_archives.asp?ID=163 NAGORNO-KARABAKH: ‘There is no going back for us’, by Thomas Cromwell] ]

The most investments are in telecoms, gold mining, diamond polishing, jewelry and agriculture. In the Soviet Union, Nagorno-Karabakh was the biggest per-capita producer of grapes in the country.

Karabakh is also known for its Mulberry brandy ("Tti Oghi" in Armenian).

Industry

Before the war, the textile industry (Karabakh Silk Factory, which employed 2,500 people prior to 1990, the Stepanakert Shoe Factory, carpet factories in Stepanakert and Shushi) was highly developed in Karabakh. The nowdays investments into the textile industry of NKR are dedicated to the production of local raw materials, which decrease the use of imported raw goods (i.e. silk, leather, fur, etc.).

Food processing includes numerous enterprises producing wine, vodka, brandy, bread, flour, and pastries. This sector mainly uses the local agricultural products like tobacco, grapes and spirits, canned meets.

Other developing spheres of industry are wood processing, electronic industry, radio electronics, jewelry production, and diamond processing. [ [http://www.nkrusa.org/business_economy/agriculture.shtml Office of the Nagorno-Karabakh Republic] ]

Finances, Banks, Foreign Trade

The banking system of the NKR includes different banks and banking institutions. The Closed Joint Stock Company, ArtsakhBank [www.artsakhbank.am] , has branches throughout the NKR and Armenia.

Foreign Trade

NKR exports and imports goods and materials to the CIS countries, Western and Eastern Europe, the United States, and Canada.

References

External links

* [http://www.karabakh.net/engl/gov?id=75 Government of Nagorno-Karabakh Republic]