GENERAL ECONOMIC SITUATION

In January to July 2005 the GDP grew 9.5% in Azerbaijan as compared to 2004. The GDP grew 18.9% and made up 29.4trln manats at current prices.

Growth pace of industrial production went up in this period and attained 23.3%. The growth was possible at the expense of commencement of the bulk oil production from the Azeri-Chirag-Gunashli fields.

The growth of production in the agrarian sector grew 7.4% in January to June 2005 against 5.6% in 2004.

The investments put in major capital reduced. A total of 14.8trln manats was invested in economy, which is 9.7% up as compared to 2004 when it was 54.2%.

The major reason for drop in investments is cut in demand by the oil and gas sector in connection with the completion of major part of construction work in this sector.

Thus, growth pace of consumer demand rose. The turnover of retail good turnover rose 12.4%, while the community services grew 21.2%.

Value Added Price

In bn manats

Special weight, in %

Real rise, in %

GDP in total

29352,3

100,0

118,9

Good production

18553,1

63,2

126,2

Including

Industry

13694,5

46,7

138,1

Agriculture

1560,2

5,3

107,4

Construction

3298,4

11,2

102,2

Production of services

8543,8

29,1

108,6

Including

Transport

1952,8

6,65

108,8

Communications

688,9

2,3

131,3

Trade

2465,6

8,4

112,4

Hotels and restaurants

227,3

0,8

136,6

Social and informal services

3209,2

10,9

101,2

Net taxes on production

2255,4

7,7

106,8

Deflator

109,9


Sources: State Statistics Committee, calculations by Trend

Major part of demand was satisfied at the expense of import, which grew by 39.98% and comprised $2.57bn. The volume of export made up $1.61bn, or 10.83% up as compared to last year. The foreign trade ended in balance with $0.96m in red.

Growth pace of consumer prices fell and made up 11.6% in June. Brake in foodstuff prices tariffs was the key factor for cut in prices.

As of 1 August net incomes of population grew 26%, comprising 20.4trln manats.

Net incomes of population grew 5.8%, whereas the growth pace of inflation gained 5.7%.

Despite fall in real incomes from deposits as a result of rapid growth of prices and consolidation of manat in regard to US dollar, savings of physical entities went on growing. As of 1 August 2005, the amount of savings summed up 2.22trln manats and exceeded the similar figure of last year by 32.9%. Growth pace of deposits turned out 37.5% down as compared to January to July of 2004 (70.4%).

In July the major tendency in the financial sector was rise of manat rates in regard to USD - it rose 33.9 points to 4700.19 manats per US dollar. The key reason of rise in manat rates was the aspiration of the monetary authorities not to cause additional inflation at the expense of fulfillment of go and currency reserves.

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