GENERAL ECONOMIC SITUATION

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.

Energy Community: 2020 - remarkable year in terms of Georgia's ability to continue on its reform path
Energy Community: 2020 - remarkable year in terms of Georgia's ability to continue on its reform path
Georgia sees decrease in car re-exports
Georgia sees decrease in car re-exports
Austrian OMV oil company to start gas exploration in Georgia
Austrian OMV oil company to start gas exploration in Georgia
Loading Bars
Latest
Chairman of State Duma of Federal Assembly of Russia talks Azerbaijan’s territorial integrity (PHOTO)
Get rewarded with Azercell!
Chairman of Public Organization of Udi people thanks Azerbaijan
Agricultural production up in Azerbaijan’s Nakhchivan
Iran's plan to develop paddy fields fails, farmers demand compensation
Iranian trucks carrying tomatoes stuck at Pakistani border
Saudi Arabia explores wind potential in Uzbekistan
Azerbaijan to purchase COVID-19 vaccine
Iran to develop power cooperation with Afghanistan
Iranian Energy Exchange announces products to be on sale September 26
IranAir to resume flights to Germany after several months
Volume of cargo movement through Azerbaijani ports increases
Iran discloses volume of wheat purchased in Ardabil Province
Energy Community: 2020 - remarkable year in terms of Georgia's ability to continue on its reform path
Iran to announce decisive decisions on combating COVID-19
Kazakhstan taking measures to increase railway border stations capacities
Tesla expects approval for battery cells plant in Berlin
UK Brexit border delays 'likely to worsen' in January
Georgia sees decrease in car re-exports
Import of Turkish clothes by Iran plunges
Iran’s Bahar Azadi gold coin price continues to rise
Parliament speaker: Azerbaijani people to never allow creation of second Armenian state on their territory (PHOTO)
Azerbaijan confirms 173 more COVID-19 recoveries
Oil accounts for major part of exports from Azerbaijan to Croatia, says ministry
Volume of gas consumption in Iran revealed
Austrian OMV oil company to start gas exploration in Georgia
EAEU countries increase export of dairy products to Turkmenistan
Kazakhstan’s Oil Construction Company to buy pipes via tender
All activities for Ionian Adriatic Pipeline postponed: Croatian Ministry
Turkey's clothes export to Uzbekistan slumps
Russia eyes to build nuclear power plant in Uzbekistan
Vladimir Putin: Increase of excess income tax rates is justified step
Extraction plan for Iran's South Pars gas field determined
Azerbaijan, ADB discuss prospects for expanding cooperation (PHOTO)
Iran to begin studies related to Sanandaj-Bashmakh route
Kazakhstan Railways opens tender to buy electric generators
Review of dairy products exported by Georgia to Azerbaijan
Israel's Mobileye, Dubai's Habtoor partner on self-driving cars
Georgia exports first batch of honey to Azerbaijan
Azerbaijan developing vaccination strategy against coronavirus
Auction on placement of Azerbaijani Central Bank's short-term notes held
ADB talks opportunities for financing of projects in Azerbaijan
Kazakhstan's crude oil exports to Netherlands surge in 1H2020
Turkmen company plans to cover domestic demand for viscose thread
Volume of lending in Azerbaijan’s Nakhchivan Autonomous Republic increases
Volume of maritime cargo transshipment from S.Korea via Turkey detailed
Ukrainian International Airlines FlyUIA announces flights to Georgia
Kazakhstan's passenger cars export value to Azerbaijan revealed
Turkmen company for polypropylene production thread revealed export volumes
Turkish BOTAS discloses volume of oil shipment from Ceyhan terminal
Iran declares volume of areas put into operation in agricultural parks
Revenues of Azerbaijani Nakhchivan's mobile communication operators up
Speaker of Azerbaijani Parliament: Armenian PM's statements undermine international efforts for peaceful settlement of Karabakh conflict
Georgia's import of tubes, pipes, hollow profiles from Turkey up
Turkmenistan’s Turkmennebit exceeds volume of oil production
Non-cash payments getting increasingly popular in Azerbaijan
Kazakhstan’s QAZAQ AIR resuming flights on more domestic routes
Foreign trade turnover of Azerbaijan's Nakhchivan grows
Iran imports flu vaccine as possible medicine against COVID-19
Paris Eiffel tower evacuated
World GDP spent on energy to be halved by 2050
RAEX: Structural reforms in public sector of Uzbekistan’s economy to support the economic development
AZAL launches special flights to Ankara and Antalya
Turkey remains main importer of flours, meals, pellets from Georgia
Ways for decarbonizing operations of oil & gas companies
China's import of ready-made clothing from Turkey spikes
Geostat reveals volume of ferroalloys exported by Georgia to Turkey
Construction of Ashgabat-Turkmenabat highway continues
Asian Development Bank expanding support program in Azerbaijan
Oil & gas industry to become world’s carbon waste disposal agent
Number of people infected with coronavirus (COVID-19) in Iran exceeds 430,000
Georgians traveling to Estonia to be obliged to go through 14-day self-isolation
Value of exports from Iran’s Kohgiluyeh and Boyer-Ahmad Province climbs
GDP data of Azerbaijan's Nakhchivan revealed
Georgia reveals volume of fish exported to Azerbaijan
Azerbaijan's State Service on Property Issues to put up several enterprises for auction
Iran reveals details of exports from Yazd Province
Georgia reduces import of medicaments from Turkey
Iran threatens to exit from NPT and JCPOA
Precious metal prices in Azerbaijan down
Iran's Shazand Oil Refining Company opens tender to buy equipment
Mayor of Israeli city: Azerbaijan no doubt very tolerant country
Russia increases volume of cement imports from Turkey
Iran discloses amount of currency returned to country economy
Bulgarian MEP: Azerbaijani oil, gas pipelines strongly contribute to pan-European energy security
SOCAR Energoresource, Tyumen Oblast ink agreement on socio-economic cooperation
Azerbaijani president, first lady view landscaping work carried out in Balakhani settlement (PHOTO)
Inflation rate grows in Iran
Inflow of labor migrants from Turkey to Turkmenistan decreases
Azerbaijan holds auction on state-owned enterprises
Daily new coronavirus cases reach record in Israel
Several UAVs and military helicopters handed over to Iranian Armed Forces
Bulgarian MEP: Lasting settlement of Karabakh conflict lies in meaningful negotiations
Neste and Shell to increase supply of sustainable aviation fuel
Uzbek-Korean Gas Chemical LLC to build hydrogen and nitrogen storage station
Turkmenistan increases import of Turkish-made electrical goods
Turkmenhimiya opens tender for turnkey construction of production complex
Several more Russian enterprises get right to export fish products to Azerbaijan
Uzbekistan to develop engineering and communication networks in Fergana region
Construction Cost Index increases in Georgia
All news