Artur Rasizade: Azerbaijan had the highest GNP growth among all other countries of the world in 2005

Artur Rasizade: Azerbaijan had the highest GNP growth among all other countries of the world in 2005

Account on the activity of Azerbaijan government in 2005 was presented by the Cabinet of ministers in Milli Medjlis on March 14. Macroeconomic stability has been achieved in the social and economic development of the country, economic reforms were held and preparations for introduction into the world market were made, Prime Minister Artur Rasizade told presenting the account to parliament. According to international financial organizations observation, Azerbaijan is the most dynamically developing country among all other developing states.

Real GNP growth in 2005 was on 26,4% higher than in 2004 and reached 59,4 trillion of manats. This is the highest denominator among all other countries of the world he said State budget incomes were filled up to 100,5% and increased on 38,8%. Budgets spending part has increased on 42,6% and reached 10,7trillion of manats.

Aid possibilities for entrepreneurship have doubled and reached 200bln of manats, which made it possible to provide with credits more than 2200 entities.

Weight of credit investments in the economy of the state in GNP grew from 8,3% in the beginning of the year to 12,1% by the end. By the condition on January 1 ministry of Finances has allocated to private and legal persons more than 7,2 trillion manats of credits, which is on 45,6% more than in the beginning of 2005.

State foreign currency reserves have grown on 9,7% and reached $1 billion, which exceeds last year numbers in $125m. State oil fund stocks have grown in price on 44,8%,, making $1,4 billion. In general, strategic reserves of the country have grown on 29,8% reaching $2,394 billion. Foreign debt of the country is $1,650bn (12,8% of GNP against 18,6 % in 2004)

According to the Prime minister, the fact that currency reserves of the country exceed foreign debt 45% ($744 m) is good denominator, confirming solvency of the country.

Together with structural reformations Agroleasing stock company was created last year to support the agriculture; Hypothec fund was created to support the living problems of population and Azeristellikjzixat to solve energy problems. To solve the energy problems in the regions building of module electric stations has been started the minister said.

2463 state enterprises and objects were privatized in the frames of the State program in 2005, and 10 of them were turned into stock companies.

Industrial production has increased during this period on 33,5%, oil extraction amounts have grown on 42,9%, electro-energetic on 5,3%, light industry on 61%, building materials production on 18,8%. Oil extraction have reached 22,2m tons of oil, 5,7 billion square meters of gas which has grown on 42,9% comparing to 2004.

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