MACROECONOMIC INDICATORS ON ECONOMIC AND SOCIAL DEVELOPMENT OF THE REPUBLIC OF AZERBAIJAN, 2007

According to the Ministry of Economic Development of the Republic of Azerbaijan GDP annual growth in 2007 was 25, 0%. It is highest growth indicator globally for the year. Azerbaijan will be global leader in economic growth in the 2008 year too. The per capita GDP in 2007 was 23,6%. The per capita GDP in 2008 is expected to reach 4500 USD dollar against 3700 USD dollar in 2007. It shows that economy of Azerbaijan is growing very rapidly and that such progress has a positive impact on all spheres of Azerbaijan.

Compared to 2006 period, the sectors of economy of Azerbaijan were increased:  product sphere for 29,9 %, industry for 35%, agricultural for 4%, construction for 16%, service sector for 12,5%. Industrial production (construction) in GDP was 72 %, the service production was 20,2 % and taxes 7,3%. Oil production in GDP was 36,8% and non oil state sector was 11,3%.

According to data of the Ministry of Finance of the Republic of Azerbaijan for the period of January-November of 2007,  6397,82 USD dollars were incomes to the state budget and 5564,83 USD dollars were expenditures from the state budget.

For the period of January-November 2007 there were carried out trade operations with more of 130 world countries in amount 10461,3 million USD dollars, of which, import was 4999,7 million USD dollars and export 5461,6 million USD dollars. Compared to the same period of 2006, the trade turnover for 2,1 %, including export was decreased 2,9% and import was increased for 8,1%.

Average monthly wage of employees, who work in the economy sphere of Azerbaijan 2007, was 245 USD dollars and compared to corresponding period of 2006 was increased for 42%. 

Amount of population deposits in banks in 2007 had reached 1572,5 million USD dollars and compared to corresponding period of 2006, was increased for 88,4%.  

Meantime, the State Programme on the Social and Economic Development of the Regions was adopted in Azerbaijan in 2004. As a result of implementation of this programme, for last 4 years 650,000 new workplaces have been created. It means new enterprises are created, people are supplied with job, unemployment is removed, local production is created that replaces import, big support is rendered to economy of country, agriculture develops.  In January of 2008, the Government of the Republic of Azerbaijan has adopted State investment program for 2008. In according to which, it’s expecting to investment 3,5 milliard  USD dollars.