After restoring independence, in 1991–1995 there was a slump in the production of all the branches of national economy. As compared with 1990, the real volume of Gross Domestic Product (GDP) fell down twice, industrial production–by 47%. Even worse, the living standards of the population deteriorated by 3,6 times due to the growth of inflation For objectives and subjective reasons, the radical reforms in Azerbaijan started in 1995. In 1996, following the implementation of the 2 economic programs on macroeconomic stabilization and restructuring of economy agreed with the IMF and he WB, it became possible to ensure the growth of GDP by 1,3 %, the agricultural production and living standards of the population. The budget deficit is no more than 3% of GDP, average monthly inflation 0,5% against 22-25% in 1993 1994. – The investment process has stepped up as well. After the signing of the first oil contract (September 1994) and 5 others with the biggest oil companies worldwide worth upwards of $0 bn., the inflow of foreign investments into the Azerbaijan economy rose sharply. In 1995–1996, investments made up approximately $ 800 mln., and more than $ 1,2 billion in 1997. Nowadays, intensive talks are being held with foreign investors from the United States, Germany, Japan, Great Britain, Saudi Arabia, etc. in the matter of radical refurbishment of chemical, oil–chemical, metallurgic, light and food industry. Over the past two the foreign trade turnover increased by 25 % and reached $ 1,6 bn. Since 1994, the foreign trade ballance had been negative, but since early 1997–positive. About 75 % of export structure is oil related products and cotton, about 40 % of import–food stuffs and consumer goods, some 42% - industrial technical products and transport vehicles. – Vocabulary: as compared with müqayisədə – basis of market relations bazar münasibətlərinin – əsası branch sahə – consumer goods istehlak malları – ensure ( v.) təmin etmək – growth of inflation inflyasiyanın artması – gross domestic product ümumi daxili məhsul – food industry sənayesi – ərzaq freedom of conscience fikir azadlığı – freedom of speech söz azadlığı – implementation həyata keçirmə, tətbiq etmə –
After restoring independence, in 1991–1995 there was a slump in the production of all the branches of national economy. As compared with 1990, the real volume of Gross Domestic Product (GDP) fell down twice, industrial production–by 47%. Even worse, the living standards of the population deteriorated by 3,6 times due to the growth of inflation For objectives and subjective reasons, the radical reforms in Azerbaijan started in 1995. In 1996, following the implementation of the 2 economic programs on macroeconomic stabilization and restructuring of economy agreed with the IMF and he WB, it became possible to ensure the growth of GDP by 1,3 %, the agricultural production and living standards of the population. The budget deficit is no more than 3% of GDP, average monthly inflation 0,5% against 22-25% in 1993 – 1994. The investment process has stepped up as well. After the signing of the first oil contract (September 1994) and 5 others with the biggest oil companies worldwide worth upwards of $0 bn., the inflow of foreign investments into the Azerbaijan economy rose sharply. In 1995–1996, investments made up approximately $ 800 mln., and more than $ 1,2 billion in 1997. Nowadays, intensive talks are being held with foreign investors from the United States, Germany, Japan, Great Britain, Saudi Arabia, etc. in the matter of radical refurbishment of chemical, oil–chemical, metallurgic, light and food industry. Over the past two the foreign trade turnover increased by 25 % and reached $ 1,6 bn. Since 1994, the foreign trade ballance had been negative, but since early 1997–positive. About 75 % of export structure is oil related products and cotton, about 40 % of import–food stuffs and consumer goods, some 42% - industrial – technical products and transport vehicles. Vocabulary: as compared with – müqayisədə basis of market relations – bazar münasibətlərinin əsası branch – sahə consumer goods – istehlak malları ensure ( v.) – təmin etmək growth of inflation – inflyasiyanın artması gross domestic product – ümumi daxili məhsul food industry – ərzaq sənayesi freedom of conscience – fikir azadlığı freedom of speech – söz azadlığı implementation – həyata keçirmə, tətbiq etmə
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