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AZERBAIJAN'S ECONOMY IN 2005
(Interfax News Agency Via Thomson Dialog NewsEdge)Source: State Statistics Committee of Azerbaijan
Azerbaijan's GDP grew 34.6% year-on-year to 1.013 billion manat in January 2006 (1.1100 manat/1EUR at end of January).
GDP broke down into 55.3% industry, 1.7% agriculture, 9.5% construction, 6.5% transportation, 2.8% communications, and 11.1% social and other services, with other sectors making up the remainder.
Per capita GDP grew 33.2% to 121.70 manat ($132.70).
The government is forecasting GDP of 14.42 billion manat in 2006.
Industrial output in Azerbaijan totaled 857 million manat in January 2006, up 40.2% year-on-year.
Production of goods accounted for 94.5% of the total and production of services made up 5.5%.
The extractive sector accounted for 61% of industrial production, the manufacturing sector for 32.1% and electricity, gas and water supply accounted for 6.9%.
The oil sector, which increased production by 50.4% year-on-year, accounted for 71.9% of industrial output.
Production in the private sector surged 66.5% to 595.7 million manat, while output at state companies grew 3.1% to 261.3 million manat.
Azerbaijan's government expects industrial production to total 10.433 billion manat in 2006.
Agricultural production in Azerbaijan grew 5.2% year-on-year to 62.8 million manat in January 2006. Production grew 5.3% in livestock farming and 1.4% in crop farming.
The country increased production 5.3% year-on-year to 21,450 tonnes of meat, 4.4% to 94,200 tonnes of milk products, and 14.3% to 75.8 million eggs.
The government is forecasting agricultural production of 2.06 billion manat for 2006.
Bank loans to Azerbaijan's economy decreased 4.2% in January to 1.380 billion manat as of February 1, 2006, the National Bank reported.
Short-term loans stood at 841.5 million manat, down 7.86%
from the
beginning of 2006, while long-term bank loans rose 2.12% to
538.9million manat. Overdue debt made up 50.1 million manat of short-term loans, up by 0.63%.
Loans to the state sector decreased by 25% to 215.2 million manat, and loans to the private sector dropped 0.95% to 1.165 billion manat.
Loans to private individuals increased by 30% to 519.4 million manat at the beginning of February; and loans to the trade and services sector grew 0.7% to 363.6 million manat; while loans to the transportation and communications sector fell 5.3% to 121.4 million manat.
Foreign currency loans amounted to 837.1 million manat, or 60.65% of the total.
Capital investment in Azerbaijan's economy grew 1.2% year-on-year to 356.5 million manat in January 2006.
Investment broke down into 291.2 million manat, or 81.7% in production assets and 65.3 million manat or 18.3% in non-production assets.
Foreign investment made up 62.8%, or 223.9 million manat of the total and domestic investment accounted for 37.2%, or 132.6 million manat.
Capital investment in construction and assembly work rose 11.1% to 179.1 million manat.
The government expects capital investment to total 5.862 billion manat, including 3.616 billion manat of foreign investment, and 2.246 billion manat of domestic investment.
Freight transportation in Azerbaijan in January 2006 amounted to 10.5 million tonnes, up 10.5% year-on-year.
The private sector carried 55.6% of the total, and the state sector 44.4%.
Trucks carried 5.5 million tonnes of freight, up 6.7% year-on-year. Trains carried 2.2 million tonnes (including transshipments), up 32.2%; crude oil and oil products made up 79.3% of rail freight, construction materials made up 15.5%, and nonferrous metals, chemical products and other commodities made up the remainder.
Marine transport carried 1 million tonnes, 10.3% more than in January 2005, with hydrocarbons making up 66.5% of the total.
Internal oil pipelines carried 1 million tonnes of crude and
oil
products, and gas pipelines 929 million cubic meters of
gas,respectively 12.4% less and 31.4% more year-on-year. Of the total gas carried, imports from Russia made up 50.9%.
Azerbaijani communications companies provided 34.1 million manat worth of postal and telecommunications services in January 2006, 25.8% more than a year earlier.
Services to households grew 27.3% to 26.7 million manat, or 78.3% of the total.
Companies in the private sector increased sales 26.1% and provided 73.9% of all services, and state companies saw growth of 25.2% and provided the other 26.1%.
The country's two mobile operators, Azercell Telecom and Bakcell, increased sales of communications services by 27.3% to 22.8 million manat, which amounted to 66.8% of all services.
There were more than 2.3 million mobile subscribers in Azerbaijan at the beginning of February 2006.
Azerbaijan had a visible foreign trade surplus of $146.484 million in 2005, up 33.2% from a year earlier, the State Customs Committee reported.
The visible trade turnover grew 20% year-on-year to $8.547 billion, as imports rose 19.46% to $4.20 billion and exports grew 20.2% to $4.347 billion.
Exports were dominated by crude oil and oil products, spirits, tobacco products, ferrous and nonferrous metals, tea and cotton, while electronic equipment, furniture, vehicles and foodstuffs made up the bulk of imports.
Azerbaijan largest trade partners in 2005 were Italy, France, Russia, Turkey, Georgia, Iran, Turkmenistan, Singapore, the UK, Ukraine, the United States, China and Germany.
Consumer price inflation in Azerbaijan was 1.3% in January 2006 and 9.8% in the year to the end of January.
Prices in January rose 1.5% for foodstuffs and 2% for nonfood goods, but were unchanged for services.
The government is targeting inflation of 9% for 2006.
Azerbaijan had a state budget deficit of 85.4 million manat,
or0.7% of GDP in 2005, the Finance Ministry reported.
Revenues totaled 2.055 billion manat, 0.5% more than the target. Budget spending totaled 2.141 billion manat, 2.8% less.
Tax revenues totaled 1.4 billion manat. Nine major state companies contributed 44.7% of all tax revenues; the biggest taxpayer was the State Oil Company of the Azerbaijani Republic (Socar), which contributed 542.12 million manat.
The State Customs Committee contributed 326 million manat to the state budget in 2005, the State Oil Fund contributed 150 million manat, the Economic Development Ministry more than 3 million manat, and the National Bank about 2 million manat.
Funding for social programs, which increased 70% compared to 2004, made up 52% of total budget spending.
Expenditures amounted to 287.9 million manat on defense, up 70% from 2004; 206.3 million manat on law enforcement and the judiciary, up 32.3%; 305 million manat on social security and welfare, up 29%; 372.5 million manat on education, up 26.7%; 115.3 million manat on health care, up 60%; and 25.5 million manat on servicing the foreign debt, up 48.2%.
Spending on wages to public sector employees increased by 40.7% to 595.7 million manat.
Azerbaijan's money supply shrank by 11.1% in January, to 708.2 million manat, the National Bank reported.
Cash in circulation decreased by 14.8% to 466.2 million manat, while noncash money contracted by 2.9% to 242 million manat.
Bank deposits in Azerbaijan stood at 1.306 billion manat as of February 1, up 1.65% from the beginning of 2006, the central bank said.
Corporate deposits amounted to 821.7 million manat, up 2.7%
from
the beginning of 2006. Retail deposits decreased by 0.08% to
494.1million manat, or 37.6% of the total.
State banks held 220.5 million manat in retail deposits, 1.85% more than at the beginning of 2006; and commercial banks held 273.6 million manat, 1.58% less.
Private banks with foreign capital held 105.2 million manat in retail deposits, 1.86% more than at the beginning of 2006.
Nominal monetary personal incomes in Azerbaijan rose 17.9% year-on- year to 602.9 million manat in January 2006, with per capita incomes up 16.6% to 72.50 manat.
Households spent 79% of incomes on goods and services, and 11.3% on taxes.
Nominal household spending increased by 20% year-on-year to 618 million manat in January.
The government expects nominal household incomes and spending to total 9.138 billion manat and 8.994 billion manat, respectively, in 2006.
The average monthly nominal wage in Azerbaijan rose 19.5% year-on- year to 127.2 manat in January 2006. Wages were highest in extractive industries, financial services, leasing and commercial activities, and in construction.
The government forecasts that the average monthly wage will reach 156.10 manat in 2006.
The number of registered jobless in Azerbaijan was up 0.6% year-on- year to 56,351 as of February 1, 2006, or 1.46% of the economically active population.
Azerbaijan's economically active population stood at 3.85 million at the beginning of February 2006.
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