Macroeconomic Forecast Azerbaijan

Azerbaijan's dramatic economic expansion in 2005, when real GDP growth swelled to 26.4% from an already healthy 10.2% in 2004, has continued in the first part of 2006. After reaching over 48% y-o-y in January-February, according to the State Statistical Committee, growth ended Q106 at 39.5%. Huge projects in the oil and gas industries are clearly influential in this remarkable growth boom, reflected in the 47.4% expansion in industrial output over the same period. Such promising data, although preliminary, have encouraged us to raise our GDP projections once more, to 26.9% in 2006 and 21.7% in 2007. Furthermore, there remains

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