GENERAL ECONOMIC SITUATION

In January to Nivember 2005 the GDP grew 15.2% in Azerbaijan as compared to 2004. The GDP grew 25.2% and made up 52.3trln manats at current prices.

Growth pace of industrial production went up in this period and attained 32.6%. The growth was possible at the expense of commencement of the bulk oil production from the Azeri-Chirag-Gunashli fields, while the production from Cgirag and Central Azeri fields even grew twice.

The growth of production in the agrarian sector grew 7.1% in January to August 2005 against 5% in 2004.

The investments put in major capital reduced. A total of 23.6trln manats was invested in economy, which is 11.9% up as compared to 2004 when it was 36.3%. 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 12.9%, while the community services grew 24.4%.

Value Added Price

In bn manats

Special weight, in %

Real rise, in %

GDP in total

52329,7

100,0

125,2

production of goods

34646,7

66,2

135,6

including

- industry

25442,0

48,6

153,4

- agriculture

4076,5

7,8

107,1

- construction

5128,2

9,8

101,8

Production of services

13581,5

26,0

109

Including:

- transport

3008,0

5,7

111,1

- communications

1215,7

2,3

132,2

- trade and repair

3499,1

6,7

112,9

- hotels and restaurants

342,4

0,7

127,3

- socisl and different services

5516,3

10,5

101,2

Net taxes on products

4101,5

7,8

107,6

Defliator

107,6

Sources: State Statistics Committee, calculations by Trend

Major part of demand was satisfied at the expense of export, which grew by 34.4% and comprised $3.7bn. The volume of import made up $3.5trln, or 25% up as compared to last year. The foreign trade ended in balance with $0.19trln in red.

Growth pace of consumer prices fell and made up 9.9% in June. Brake in foodstuff prices tariffs was the key factor for cut in prices.

As of Jan-Nov net incomes of population grew 26.9%, comprising 34.4trln manats.

Net incomes of population grew 4.4%, whereas the growth pace of inflation gained 3.5%.

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 December 2005, the amount of savings summed up 2.335trln manats and exceeded the similar figure of last year by 15.9%.

In November the major tendency in the financial sector was rise of manat rates in regard to USD - it rose 0.07 points to 4695.63 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.

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