In January to May 2006 the GDP grew 38% in Azerbaijan as compared to 2005 and comprised 5853.9m manats at current prices. The growth pace turned out 22% more than last year.
Growth pace of industrial production went up in this period and attained 43.8% and comprised 4879.8m 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 and oil refinery rose 52.9% as compared 2005 and constituted 74% of the total. Oil production rose 54.9% and made up 11.9m tons, while gas production 2.9bn cu m which a rise of 34.9%.
Rise in industrial production was observed in connection with an increase of production in non sector (9.1%), output of the chemical industry (rise by 48.5%), furniture production (2.1 times), foodstuff production (3.9%), transport facilities and equipment (26.3%), non-metal mineral substances (4.3%), etc.
The growth of production in the agrarian sector dropped, against a rise of 1.8% against 4.9% in 2005.
The investments put in major capital rose inconsiderably. A total of 2184.1m AZN was invested in economy, which is 8.8% 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 85.8% of all investments was spent.
Thus, growth pace of consumer demand rose. The turnover of retail good turnover rose 12.2%, while the community services grew 31.9%. The growth pace of commercial services decreased, while in the commercial services and retail goods turnover remained unchanged and comprised 16.9% and 12.2% respectively.
|
Value Added Price In bn manats |
Special weight, in % |
Real rise, in % | |
|
GDP in total |
5853,9 |
100,0 |
138,0 |
|
production of goods |
3965,5 |
67,7 |
156,0 |
|
including - industry |
3301,0 |
56,4 |
171,5 |
|
- agriculture |
120,8 |
2,0 |
101,8 |
|
- construction |
543,7 |
9,3 |
105,5 |
|
Production of services |
1449,1 |
24,8 |
108,9 |
|
Including: - transport |
342,5 |
5,8 |
114,4 |
|
- communications |
112,0 |
1,9 |
124,0 |
|
- trade and repair |
413,4 |
7,9 |
112,2 |
|
- hotels and restaurants |
45,5 |
0,8 |
125,9 |
|
- social and different services |
535,7 |
9,2 |
100,1 |
|
Net taxes on products |
439,3 |
7,5 |
107,9 |
|
Defliator |
100,1 |
||
Sources: State Statistics Committee, calculations by Trend
Major part of demand was satisfied at the expense of export, which grew by 33.49% and comprised $103,867,500, or 5.87%. The foreign trade ended in balance with $806,344,7 in black.
Major reason for cut in import operations was drop in the amount of import of equipment, technical rigs and spare parts for them, goods of made of ferrous metal, furniture, sugar and meat products.
Growth pace of consumer prices fell and made up 0.3% in May, whereas in April it was 0.7%. Cut in the pace of inflation was conditioned with fall in prices of foodstuff by 0.1% against 1.1% in April.
In May 2006 the consumer prices of chicken, meat and fresh fish, banana, chestnuts, nuts, cabbage, cucumbers, tomatoes, opinions, potatoes, sugar, wine and different products, while prces of meat, sausage, cheese, butter.
Over the first 5 months of 2006 the consumer prices of goods and tariffs of services grew 5.6% as compared to previous year. In this period the growth pace of prices of the foodstuff was 6.9%, while non-food goods 4.6% and tariffs of services 3.1%.
As of January to May 2006 community incomes grew 19.6% and made up 4043.7m manats. As compared to 2005 the growth pace of net incomes was 1.6%.
Savings of physical entities continued rising. As of 1 May 2006, the amount of savings summed up 568.4m manats and exceeded the similar figure of last year by 35%. The manat deposits rose 2.15 times, while since the beginning of 2006 it has summed up 35.3%, whereas in foreign currency 27.4% and 12.4% respectively.