annual repOrt - Turan Bank

10
7,1%
7,3%
Structure of Gross Domestic Product
in 2007, (%)
6,2%
8,3%
5,8%
Industry
Social and other services
Net Taxes
Construction
1,9%
4,2%
Agriculture
Trade and services
Transportation
Communication
59,2%
As the summary of the country economy for 2007,
we would like to note that the year was distinguished
with quite positive factors. Thus, the launch of “Baku-
Tbilisi-Ceyhan” oil pipeline led to a remarkable increase
both in the political weight and in the economic potential
within a single year. Today, the rapid development of
socio-economic processes mostly depends on the
economic reforms carried out in the country, on the
improved regulation of the economic processes and on
the cooperation with International Financial Institutes.
For this purpose, our country pursues a policy of rapid
and comprehensive integration with the world economy
and carries out reforms and economic regulations
in all fields of country’s economy in response to the
economic changes in the world.
The main achievements in the socio-economic
development of the country, reached during the recent
years, were maintained in 2007, thus the sustained
economic growth was ensured.
For 2007, the Gross Domestic Product (GDP) growth
rate in Azerbaijan reached 25 percent, amounting to
25.2 billion AZN, which is a record figure for the world
economy. The amount of per capita GDP in 2007 was
2980.9 AZN (3474 US Dollars).
The share of private sector in the GDP produced
in 2007 was 84 percent and according to the sectoral
division 74 percent of GDP fell under production sector,
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Share of the investments intended for fixed assets
in 2007 in respect to financial sources, (%)
25%
4%
6%
Own assets of entities and
organizations
Bank credits
Borrowed assets
3%
0.3%
61.7%
Assets of non-budget funds
Personal assets of population
Other assets
19 percent under service sector and 7 percent under
other sectors. According to the statistic data, the GDP
production increased by 36,8 percent in oil sector and
by 11,4 percent in non-oil sector. Generally, the share
of non-oil sector in GDP for 2007 was 9.5 billion AZN.
In 2007, the amount of investments in the country’s
economy increased compared to the previous years
and during the reporting year, from all sources, total of
6.77 billion AZN (approximately 7.58 billion US Dollars)
investments were made to the country’s economy.
It is gratifying that this year the share of domestic
investments, amounting to 59.6 percent, exceeded
Total amount of the domestic and foreign
investment to the country’s economy
8000.0
6000.0
4000.0
2000.0
0.0
2003 2004 2005 2006 2007
Domestic investments Foreign investments