After a four-year decline in the early 1990s, Azerbaijan entered a period of dynamic development. The formation of the Institute of the President with a high level of trust and stable socio-political stability in the country limited the negative impact of unstable factors on economic development. As of 2005, Gross Domestic Product (GDP) already exceeded the level of the 1990s by 11 per cent. Although transformational decline was deeper in Azerbaijan compared to other transitional countries, the recovery was faster.