In January to February 2006 the GDP grew 27.6% in Azerbaijan as compared to 2004. The GDP grew 48.1% and made up 222.9m AZN at current prices.
Growth pace of industrial production went up in this period and attained 59.3% and comprised 1877.9m manats. The growth was possible at the expense of commencement of the bulk oil production from the Azeri-Chirag-Gunashli fields. The highest growth pace was fixed in the history of industrial development in the country. The production from Cgirag and Central Azeri fields even grew twice. The oil production grew 77.3%, while oil refinery 35.4%. Rise in industrial production was observed in connection with an increase of output of the chemical industry (rise by 55.8%), furniture production (71.2%), etc.
The growth of production in the agrarian sector dropped 3.5% in 2006 against 4.4% in 2005.
The investments put in major capital rose inconsiderably. A total of 687.7m AZN was invested in economy, which is 5.2% up as compared to 2005 when it was 2.3%. The major reason for rise in investments is growth in demand by the construction of industrial facilities in this sector, where 89% was spent.
Thus, growth pace of consumer demand rose. The turnover of retail good turnover rose 11.7%, while the community services grew 30.5%.
The growth pace went up and 11.7% in 2005 and 16.5% in January 2006.
|
Value Added Price In bn manats |
Special weight, in % |
Real rise, in % | |
|
GDP in total |
2228,9 |
100,0 |
148,1 |
|
production of goods |
1511,8 |
67,8 |
177,3 |
|
including - industry |
1284,2 |
57,6 |
202,3 |
|
- agriculture |
34,8 |
1,6 |
103,5 |
|
- construction |
192,8 |
8,6 |
104,5 |
|
Production of services |
565,5 |
25,4 |
109,3 |
|
Including: - transport |
131,8 |
5,9 |
114,4 |
|
- communications |
57,1 |
2,6 |
126,5 |
|
- trade and repair |
147,3 |
6,6 |
111,7 |
|
- hotels and restaurants |
16,8 |
0,75 |
130,5 |
|
- social and different services |
212,5 |
9,5 |
100,1 |
|
Net taxes on products |
151,6 |
6,8 |
108,0 |
|
Defliator |
104,9 |
||
Sources: State Statistics Committee, calculations by Trend
Major part of demand was satisfied at the expense of export, which grew by 88.47% and comprised $497107.3. The volume of import made up $540242.6, or 36.41% down as compared to last year. The foreign trade ended in balance with $43135.3 in red.
Major reason for cut in import operations was drop in the amount of import of equipment, technical rigs and spare parts for them and natural gas.
Growth pace of consumer prices fell and made up 1.9% in February, whereas in January it was 1.3%. Intensification in the pace of inflation was conditioned with a rise in prices of foodstuff by 3.5% against 1.5% in January.
Over the first two months of 2006 the consumer prices of goods and tariffs of services grew 5.7% as compared to previous year. In this period the growth pace of prices of the foodstuff was 6.3%, while non-food goods 4.7% and tariffs of services - 5% .
As of January to February 2006 community incomes grew 18.4% and made up 1572.1m manats. As compared to 2005 the growth pace of net incomes was 4.4%. In this period the rowth ace of inflation rose 3.5%.
Savings of physical entities continued rising. As of 1 March 2006, the amount of savings
summed up 522.1m manats and exceeded the similar figure of last year by 26.2%. The growth pace of deposits turned out 22.6% less than in 2005 (48.8%).
In February manat grew 0.3% (0,9141 points), while in 2005 6.7%, and attained 0,9172 manats per US dollar. Major reason for strengthening of manat is the aspiration of the authorities cause additional inflation at the expense of fulfilling the gold and currency reserves. Drop in rates started in February 2005, which was linked with the sharp increase in the growth pace of inflation in the first quarter.