Azerbaijan reports 34.5% annual GDP growth

Azerbaijan reports 34.5% annual GDP growth

19/01/2007 12:44 BAKU, January 19 (RIA Novosti) – Azerbaijan’s annual
gross domestic product (GDP) soared 34.5% on the previous year to
reach $20.6 billion, the statistics committee of the energy-rich South
Caucasus nation said Friday.

GDP per capita rose 33% to make $2,373.3, and production shared 72.9%
of GDP as compared to 68.6% a year earlier.

The services sector contributed 20.6% to the GDP, which is less than
in 2005. Taxes on commodities and import accounted for 6.5% of GDP.

Azerbaijan holds vast oil and gas reserves in the Caspian, which it
exports to neighboring Georgia, Turkey and Europe. The high oil price
has contributed to the country’s impressive GDP growth.