In January to August 2005 the GDP grew 10.7% in Azerbaijan as compared to 2004. The GDP grew 20.2% and made up 35.7trln manats at current prices.
Growth pace of industrial production went up in this period and attained 26%. 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 6.5% in January to August 2005 against 5.3% in 2004.
The investments put in major capital reduced. A total of 174.1trln manats was invested in economy, which is 11.4% up as compared to 2004 when it was 48%. 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 21.3%.
|
Value Added Price In bn manats |
Special weight, in % |
Real rise, in % | |
|
GDP in total |
35714,2 |
100,0 |
120,2 |
|
Good production |
22982,8 |
64,4 |
128,3 |
|
Including |
|||
|
Industry |
16784,3 |
46,9 |
142,5 |
|
Agriculture |
2434,5 |
6,8 |
106,5 |
|
Construction |
3764,0 |
10,5 |
101,7 |
|
Production of services |
10164,3 |
28,5 |
108,4 |
|
Including |
|||
|
Transport |
2277,4 |
6,4 |
109,4 |
|
Communications |
873,4 |
2,4 |
131,7 |
|
Trade |
2648,4 |
7,4 |
112,4 |
|
Hotels and restaurants |
229,9 |
0,6 |
133,6 |
|
Social and informal services |
4135,2 |
11,6 |
101,2 |
|
Net taxes on production |
2567,1 |
7,1 |
107,1 |
|
109,4 |
Sources: State Statistics Committee, calculations by Trend
Major part of demand was satisfied at the expense of import, which grew by 37.87% and comprised $2.91bn. The volume of export made up $2.14bn, or 5.73% up as compared to last year. The foreign trade ended in balance with $0.77bn in red.
Growth pace of consumer prices fell and made up 11.1% in June. Brake in foodstuff prices tariffs was the key factor for cut in prices.
As of 1 August net incomes of population grew 26.3%, comprising 23.5trln manats.
Net incomes of population grew 5.8%, whereas the growth pace of inflation gained 5.8%.
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 down. As of 1 Septemnber 2005, the amount of savings summed up 2.3trln manats and exceeded the similar figure of last year by 35.3%. Growth pace of deposits turned out 29.7% down as compared to January to July of 2004 (65%).
In July the major tendency in the financial sector was rise of manat rates in regard to USD - it rose 41.38 points to 4658.81 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 gold and currency reserves.