In January to February 2006 the GDP grew 27.6% in Azerbaijan as compared to 2005. The GDP grew 39.5% and made up 3223.9m AZN at current prices.
Growth pace of industrial production went up in this period and attained 47.4% and comprised 2787m 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 oil production grew 59.1%, while oil refinery 30.7%. Rise in industrial production was observed in connection with an increase of output of the chemical industry (rise by 72.5%), furniture production (87.3%), metallurgical industry (33.4%), etc.
The growth of production in the agrarian sector dropped 2.5% in 2006 against 4.8% in 2005.
The investments put in major capital rose inconsiderably. A total of 1106.7m AZN was invested in economy, which is 6.9% up as compared to 2005 when it was 1.4%. The major reason for rise in investments is growth in demand by the construction of industrial facilities in this sector, where 76.6% of all investments was spent.
Thus, growth pace of consumer demand rose. The turnover of retail good turnover rose 11.7%, while the community services grew 28.4%. the growth pace of commercial services increased, while in the retail goods turnover fell, as it seems on the results of the first quarter of 2005, when the rise comprised 25.1% and 11.9% respectively.
|
Value Added Price In bn manats |
Special weight, in % |
Real rise, in % | |
|
GDP in total |
3223 |
100,0 |
139,5 |
|
production of goods |
2210,2 |
68,6 |
158,7 |
|
including - industry |
1872,7 |
58,1 |
174,7 |
|
- agriculture |
53,2 |
1,7 |
102,5 |
|
- construction |
284,3 |
8,8 |
105,8 |
|
Production of services |
782,4 |
24,3 |
110,3 |
|
Including: - transport |
200,6 |
6,2 |
115,4 |
|
- communications |
65,7 |
2 |
128,8 |
|
- trade and repair |
224,2 |
7,8 |
111,9 |
|
- hotels and restaurants |
24,7 |
0,8 |
123,9 |
|
- social and different services |
267,2 |
8,3 |
101,1 |
|
Net taxes on products |
230,4 |
7,1 |
108,9 |
|
Defliator |
104,3 |
||
Sources: State Statistics Committee, calculations by Trend
Major part of demand was satisfied at the expense of export, which grew by 116.43% and comprised $1037796,200. The volume of import made up $905480,700, or 19.92% down as compared to last year. The foreign trade ended in balance with $132315,600 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 1.3% in March, whereas in February it was 1.9%. Intensification in the pace of inflation was conditioned with a rise in prices of foodstuff by 1.9% against 3.5% in February.
Over the first 3 months of 2006 the consumer prices of goods and tariffs of services grew 5.5% as compared to previous year. In this period the growth pace of prices of the foodstuff was 6.4%, while non-food goods 4.6% and tariffs of services 3.9%.
As of January to March 2006 community incomes grew 18.6% and made up 2460.6m manats. As compared to 2005 the growth pace of net incomes was 5.5%. In this period the growth ace of inflation rose 3.5%.
Savings of physical entities continued rising. As of 1 April 2006, the amount of savings summed up 545m manats and exceeded the similar figure of last year by 29.9%. The growth pace of deposits turned out 18.9% less than in 2005 (48.8%).
In February manat grew 0.7%, while in March it rose 0.3% and attained 0,9109 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 (in March it beat record at 15.2%, while over the first quarter 13.1%) .