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.

Details on cargo transshipment from Belgium via Turkish ports disclosed
Details on cargo transshipment from Belgium via Turkish ports disclosed
Volume of five-month cargo transshipment through Turkish Samsun port disclosed
Volume of five-month cargo transshipment through Turkish Samsun port disclosed
Details on cargo transshipment from Oman via ports of Turkey revealed
Details on cargo transshipment from Oman via ports of Turkey revealed
Loading Bars
Latest
600 new COVID-19 infections recorded in Qatar
Possibility of airborne transmission of COVID-19 cannot be ruled out: WHO expert
Global COVID-19 deaths surpass 540,000: Johns Hopkins University
Fed policymakers see economy plateauing, risks ahead
WHO acknowledges 'evidence emerging' of airborne spread of COVID-19
U.S. withdrawal from WHO to take effect July 2021
Tehran, China vow to braden mutual cooperation
AZAL to increase the number of flights operated between Baku and Istanbul to 4 times per week
AZAL opens sale for special Baku-London-Baku flights
Azerbaijan’s Shaki winery to produce new types of wine
Azerbaijani Khazar Inshaat talks construction of housing estates in Sumgayit city
Azerbaijan’s Brot Baku company postpones opening of its store
Actual beneficiaries of agricultural subsidies be determined in Azerbaijan by late 2020
Fitch Ratings forecasts global fiscal deficit
Turkmenistan, Bahrain discuss cooperation development in energy sector
Azerbaijan reports 537 new COVID-19 cases
Details on cargo transshipment from Belgium via Turkish ports disclosed
Oil product prices start growing in Georgia
Numerous business projects to get support in Kazakhstan's Karaganda region
Turkmengas State Concern to buy electrical products via tender
Volume of five-month cargo transshipment through Turkish Samsun port disclosed
Details on cargo transshipment from Oman via ports of Turkey revealed
Russian Copper Company to start underground mine operation in Kazakhstan
Azerbaijani MP talks growth of areas where economic reforms vigorously implemented
Eurasia Drilling Company's operations in Caspian to continue to under-perform
Gas tariff to remain unchanged in Georgia for three years
Turkmenistan sets deadline for submitting tax returns
Bank of Georgia takes new initiative to develop wine sector
Kazakhstan introduces moratorium on state agencies buying cars, new furniture
Turkey unveils volume of cargo transshipment from Italy via its ports
Azerbaijan remains leading gas supplier to Georgia
Georgia increases domestic energy consumption
Demand of Azerbaijani banks for foreign currency at CBA's exchange auction grows
Turkish ministry discloses volume of crude oil transshipped via local ports
Details on cargo transshipment from Lebanon via Turkish ports unveiled
UAE banks can withstand shocks of any size - central bank
Philippine consortium drops $2 billion airport project
Kazakhstan's Astana Hub to attract more accelerators before end of 2020
Iran's shortage of affordable housing solvable through loans, cheap lands - MP
EU antitrust regulators extend Fiat, Peugeot investigation to Nov. 13
EIB talks working out framework agreement with Turkmenistan
Egypt's foreign reserves recover slightly to $38.2 billion
Bank of Georgia signs loan guarantee agreement with EIB
Uzbekistan, South Korea intend to establish free trade
Thai first quarter household debt at 80% of GDP, highest in four years
Turkmenistan's oil, gas sector interests TOYO Engineering Corporation
HSBC to cut 38% of global banking and markets jobs in France
Kazakhstan’s national welfare fund to transfer its assets to more competitive env't
Iranian president urges exporters to return foreign currency revenues
Death toll in Iran from COVID-19 nearing 12,000
Ex-chairman of Azerbaijan's bank accused of embezzlement
Kazakhstan’s Qazaq Air expanding domestic routes map
Azerbaijan to elaborate dev't strategy for small hydroelectric power plants (PHOTO)
EU Commission revises oil price forecasts up
EU helps Georgia overcome economic challenges arising from coronavirus pandemic
Iran's public companies continue to sell shares on stock market
Indonesia imposes 10% VAT on Amazon, Google, Netflix and Spotify
Lufthansa to cut leadership positions, 1,000 admin jobs
Iran offers cash reward for revealing illegal crypto miners
Kazakh-German oil extracting JV opens tender for equipment repair
Iran announces wrap up of several projects in electricity sector
Turkmenistan reviews country's foreign policy in 1H2020
Iran Energy Ministry provides funds for water, desalination projects in Bushehr Province
Kazakhstan's entrepreneurship dev't fund, UNDP to promote RES projects in country
Saudi unemployment falls in first quarter, but before coronavirus impact
Azerbaijan's biggest industrial enterprise suspends operations
U.S. firms in India not ready to pay digital tax
Euro zone agrees 750 million euros of debt relief measures for Greece
WB provides financial support to Georgia to fight COVID-19
Estonia opens borders for Georgia
WB-backed livestock dev't program conducive to expansion of Kazakhstan's beef export
Georgian Plant the Future program provides financial support to farmers
Survey: Sentiments regarding businesses’ state moderately positive in Uzbekistan
Data on volume of cargo transshipment through Turkish Kocaeli port revealed
Turkmenistan reveals data on its textile exports
Conversation between Special Representatives of India and China on recent developments on the India-China border areas
PASHA Kapital - leader in volume of operations on Baku Stock Exchange
Kazakhstan’s KMG to hold geological exploration in co-op with BP
Turkey's export of chemical products abroad drops in 1H2020
Most popular mobile brands in Azerbaijan revealed
Azerbaijani oil prices show growth
New housing prices up in Kazakhstan year-on-year
Gold price up in Azerbaijan on July 7
Eni revises down forecasts for oil, gas prices
Renewables development to have minimal impact on LNG
How ‘smart’ can keep cities safer from pandemics
Sustainable rally in oil prices expected in H220
German industrial output rebounds in May but not as much as forecast
Kazakhstan's export to Singapore shrinks
Azerbaijan's State Road Transport Service prepares draft law on freight forwarding
Kazakhstan’s Ulba Metallurgical Plant to buy filters via tender
Azerbaijani currency rates for July 7
Tajikistan to evacuate its residents from Kazakhstan amid COVID-19 pandemic
Georgia reports new cases of coronavirus
Armenia violates ceasefire with Azerbaijan 37 times
Azerbaijan's ADIF reveals compensations paid to closed banks' depositors
UAE says it will test 2 million people for COVID-19 as cases rise
Kazakhstan’s Kazatomprom extending reduced operational activity period
Share of public securities transactions top Azerbaijan's primary market in 1H2020
Kazakh coal extracting venture opens tender for vehicles overhaul
All news