GENERAL ECONOMIC SITUATION

In January to September 2005 the GDP grew 10.9% in Azerbaijan as compared to 2004. The GDP grew 21.8% and made up 35.7trln manats at current prices.

Growth pace of industrial production went up in this period and attained 28%. 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 5.5% in January to August 2005 against 5.7% in 2004.

The investments put in major capital reduced. A total of 19.04trln manats was invested in economy, which is 10.7% up as compared to 2004 when it was 45.3%. 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 12.5%, while the community services grew 21.4%.


Value Added Price

In bn manats

Special weight, in %

Real rise, in %

GDP in total

40902,9

100,0

121,8

Good production

26636,4

65,1

130,7

Including

Industry

19657,7

48,1

145,9

Agriculture

2867,3

7,0

105,5

Construction

4111,4

10,0

101,9

Production of services

11156,1

27,3

108,6

Including

Transport

2467,5

6,0

109,5

Communications

989,0

2,4

132,9

Trade

2894,2

7,8

112,5

Hotels and restaurants

292,2

0,7

130,8

Social and informal services

4513,2

11,1

101,2

Net taxes on production

3110,4

7,6

107,2

109,3

104,5


Sources: State Statistics Committee, calculations by Trend

Major part of demand was satisfied at the expense of import, which grew by 27.67% and comprised $3.22bn. The volume of export made up $2.50bn, or 14.38% up as compared to last year. The foreign trade ended in balance with $0.72bn in red.

Growth pace of consumer prices fell and made up 11.2% in June. Brake in foodstuff prices tariffs was the key factor for cut in prices.

In January to September net incomes of population grew 26.7%, comprising 26.9trln manats.

Net incomes of population grew 5.1%, whereas the growth pace of inflation gained 6.2%.

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 October 2005, the amount of savings summed up 2.28trln manats and exceeded the similar figure of last year by 28.1%. Growth pace of deposits turned out 41.4% down as compared to January to July of 2004 (69.5%).

In August the major tendency in the financial sector was rise of manat rates in regard to USD - it rose 67.74 points to 4591.07 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.

According to the National Bank of Azerbaijan (NBA) real exchange rate of manat, calculated on the foreign trade turnover, consolidated 8.9% in respect to December 2004. However, in September index of real exchange rate calculated through foreign trade index was 13.2% down as compared December 2000. The change indicate serious consolidation of manat in September.

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