General economic situation

The Gross Domestic Product (GDP) of Azerbaijan increased by 25.4% and made up AZN 20818mln within January-November 2007. The growth rate made up 9% which is less than the same period of 2006.

Fall in rate of GDP caused by decrease in oil export, particularly, interruption of oil export by the Azerbaijani International Operation Company (AIOC). AIOC clarified the interruption due to repair in oil production platforms within ten days.

Decrease of the export made up to 2.91% or $5461.6mln, but import - $4999.7mln. The trade turnover decreased by 4.7% or $8223.3mln. Generally over the recent 11 months, 5,893,400 tons of oil and 2,807,700tons of oil products were exported from Azerbaijan.

The decrease of the export affected the indices of GDP volume.

The drop in the rates of economic growth may be explained not only decrease of the growth rate in the industry, but also in the sphere of communications and paid postal services. Over the recent eleven months, the industrial production and services increased by 24.7% and made up AZN 17421.2mln. The growth in 2006 made up 37.5%.

The decrease of the growth rate in the industry is explained through decrease in the volumes of production in the State sector. It is linked with the sharp decrease of the chemical production (41.8% fall in the production because at the beginning of the year, the chemical enterprises ceased its activity due to increase of energy resources), electricity, gas and water (7.7%). Special weight of production in the public sector and services comprised only 23%.

The dominant role of oil and gas production is continuing in the GDP because their production is increasing. The oil production made up 38.062mln tons, an increase of 30.3% and gas production - 9799.1mln cu.m under growth of 60.8%.

Moreover, rise was observed in the production of plastic and rubber wares by 47.1%, machine and equipment by 69.8%, transport means by 21,1%, production of wood and wooden wares by 11.4%, construction materials by 27.7%, non-metallic mineral substances by 27.7%.

In January to November 2007 growth rate in agrarian industry rose as compared to last year. Over the recent eleven months, the production rose by 4.5% compared to 2006.

The investments put in the country's economy also increased. A total of AZN 5746.2mln was invested in economy at the expense of all sources, which is 16.8% up as compared to 2006 when it was 15.2%. The major reason for drop in investments is the completion of the construction works within the large oil projects, but growth was observed in demand by the construction of industrial facilities in this sector, where AZN 4590.5mln or 79.9% of all investments was spent.

Thus, growth rate of consumer demand continues drop. The retail good turnover rose by 15.2%, while the community services grew 33.4%. The growth rate of retail goods turnover and commercial services increased in 2006, when the rise comprised 12.8% and 41.3% respectively

Value Added Price In bn manats Special weight, in % Real rise, in %
GDP in total 20 818,0 100,0 125,4
production of goods 14 967,3 71,9 131,2
including - industry  12 491,4  60,0  136,3
- agriculture 1070,9 5,2 104,5
- construction 1243,0 6,7 111,4
Production of services 4191,2 20,1 111,7
Including: - transport  1010,4  4,9  114,1
- communications 355,8 1,7 122,9
- trade and repair 1175,5 5,6 115,2
- hotels and restaurants 166,6 0,8 133,0
- social and different services 1482,9 7,1 103,5
Net taxes on products 1659,5 8,0 109,5
Defliator 104,3  

Sources: State Statistics Committee

In November 2007, the growth rate of prices on consumer goods and tariffs on services went up by 3.2%. According to the State Statistics Committee, in this period the price on food products increased by 4.3%, non-food products - 2.4%, whereas tariffs on services rose 0.9%.

The State Committee fixed in November 2007 that prices of bakery rose 6%, tea and coffee - 2.2%, beer - 1.8%, alcohol drinks - 3%, oil and fats - 13.6%, dairy, cheese, and eggs 4.4%, fish - 5.3% and vegetable - 7%, meat products - 1.6%, tobacco - 0.7%. However, prices of fruits fell 1%.

As a result of January to November, the nominal incomes of the population rose 39.7%, and comprised AZN 12360.5mln. The nominal incomes increased by 17.2% as compared to last year.

Major tendency at the fiscal market was the consolidation of manat rates with respect to dollar. A tendency on increase of rates, observed over the past period, reflects the real state and is linked with increase of oil revenues in the country. The National Bank of Azerbaijan (NBA) holds the policy of floating rate as a factor retaining inflation.

On the other hand, serious developments are observed worldwide. This depreciation of dollar in regard to world leading currencies and it is seemed not pass by Azerbaijan. On his respect, the re-evaluation of assets in dollar is done. The process will take place in Azerbaijan, too.

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