National Bank of Azerbaijan - Annual Report 2005
"During that period the favorable domestic and foreign economic environment made a vast contribution to the 26.4% annual economic growth. Continuous macroeconomic stability and further improvement of the business climate that served the purpose of speeding up the private investment processes promoted economic growth even further.
"In parallel, the fiscal policy that sought to expand social welfare and develop the country's market infrastructure became more expansive and effective, foreign demand for goods exported from Azerbaijan increased, and, in particular, world market oil prices went up considerably thus leading to economic growth during the reported year.
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