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Per capita GDP $2,400 in Azerbaijan

29 December 2006 16:37 (UTC +04:00)

In Azerbaijan per capita Gross Domestic Product (GDP) is forecasted to reach $2,400 as of the end of this year ($1,150 in non-oil sector), the National Bank of Azerbaijan told APA.
The GDP grew by 34.4% in the eleven months of this year (64.8% in oil sector). In non-oil sector the growth rate was 11.2% in non-oil sector and industry growth was 7.7%.
The hike of the aggregate expenditures caused high aggregate demand in the economy. Expansion of the aggregate demand accelerated the economic growth. Although the aggregate supply grew by a two-digit rate, but was exceeded by the aggregate demand.
Final consumption expenditures-the main channel of the aggregate demand- constituted 85% of the non-oil GDP. The final consumption expenditures of people grew by 34.4%, average monthly salary increased by 20%.
70% of the cash incomes were spent on consumption.
The amount of domestic-funded investments grew by 47.6%, and its share in the total investments reached 42.7%.
Loan-funded investments constituted 15% of the domestic investments. 90% of the domestic investments were made in the non-oil sector.
The realization of the State Budget was a vital factor in the expansion of the aggregate demand and acceleration of the economic growth. The budget expenditures grew by 67%, year-over-year, in the eleven months of this year.
The hike of investment expenditures influenced the investment activeness in the country.
The 4.4-times-increase of domestic investments funded by the state budget took its share in the total investment to 31% from 11%. /APA/