General economic situation in Azerbaijan (january 2013)

In January 2013, Azerbaijan's GDP grew by 2.8 percent compared to the same period last year, amounting to 4.5 billion manat, according to a report of the State Statistical Committee. Nominal GDP growth was at 0.77 percent. GDP per capita totaled 484.2 manat ($616.9).

Production of added value in the non-oil sector grew by 8.8 percent over the year, amounting to 2.2 billion manat, or 49.6 percent of GDP, and fell by 2.1 percent in the oil and gas sector.

Total production in all sectors of the economy grew by 0.8 percent compared to January 2012 and totaled 2.78 billion manat, of which 53.7 percent of GDP (2.404 billion manat) falls on the industry. Production of added value in the services sector increased by 5.9 percent to 1.319 billion manat compared to the same period in 2012.

In January, production of added value in the agriculture, fisheries and forestry was 104.5 million manat, or 2.3 percent of GDP, in the construction sector - 276.4 million manat (6.2 percent), in trade and in repair services of vehicles - 349.4 million manat (7.8 percent), in transport and warehousing - 247.2 million manat (5.5 percent), in communications and information - 76.1 million (1.7 percent), in the field of accommodation and catering - 83 million (1.9 percent), in social and other services - 563.5 million (12.6 percent).

Net taxes on products and imports increased by 9.3 percent, amounting to $ 370 million manat, or 8.3 percent of GDP.

Source: State Statistics Committee

The volume of industrial production, that is goods produced and rendered industrial services in Azerbaijan amounted to 3.007 billion manat in January 2013, which is 0.1 per cent more than in the same month of 2012.

The volume of industrial production in the private sector declined by 2.3 per cent to 79 per cent of total industrial production in Jan. 2013, compared to the same period last year. Around 90.8 per cent falls to the production of industrial goods and 9.2 per cent to industrial services.

Production in the non-oil industrial sector grew by 2.3 per cent, while the oil sector fell by 0.4 per cent.

During the reporting period, the volume of production in the extractive industry decreased by 1.8 per cent to 2.28 billion manat with a weight of 75.9 per cent of the total industrial production. Oil production fell by 3.1 per cent to 3.8 million tons, while natural gas production decreased by 4.7 per cent to 1.5 billion cubic meters.

The production volume in the manufacturing sector was 0.526 billion manat, an increase of 13.8 per cent per year. There was also an increase in the production of computers and other electronic equipment by 2.3 times, furniture by 2.9 times, electrical equipment by 55 per cent, the printing industry by 78.6 per cent and production of finished metal products by 61.6 per cent.

There was also an increase in leather, leather products and footwear by 2.7 times, production of pharmaceutical products (57.3 per cent), construction materials (56.7 per cent) and tobacco (54.7 per cent) in January.

Food production saw an increase of 0.9 per cent. The production of sugar and granulated sugar in the country increased by 8.6 per cent to 47,000 tons, oil by 87.4 per cent (6600 tons), cheese and cottage cheese - by 3.3 per cent (4000 tons) and jam and marmalade by 22.2 per cent (0.9 tons).

As of January 2013, the Azerbaijani metallurgical industry and enterprises produced products and rendered services worth 18.1 million manat. Amount of production in metallurgical industry increased by 61.6 percent, finished metal products during this period increased by 55.2 percent. Amount of production of iron casting reached 127,4 tons, which is 1.6 times more than the same period of 2012. Some 96 tons steel casting were produced in January, steel pipes - 7,300 tons.

The share of production, distribution and supply of electricity, gas and steam in the total industrial production was 6.2 percent (an increase of 2.8 per cent), water sector, wastewater treatment and waste account for 0.4 per cent (a decrease of 1.6 percent).

In January 2013 150.1 kg of precous metals were produced in the country, which is 42.7 percent less than in January 2012. In particular, production amounted to 103.7 kg of gold and 46.4 kg of silver.

As of January, 2013 the agricultural production in Azerbaijan increased by 4.5 percent, vegetables and production of crops increased by 4.9 percent, and livestock - by 4.5 percent compared to the same period of 2012. In January 2013, according to the State Statistics Committee of Azerbaijan, in Azerbaijan cost prices of agricultural products increased by 1.6 percent compared to the previous month.

According to the State Statistics Committee, in January, the Azerbaijani trading networks sold consumer goods to the population at 1.481.7 billion manat, which is 9.1 percent more than in January 2012. Legal entities and individual entrepreneurs provided 56.4 per cent of this trade turnover, and fairs and markets - 43.6 percent.

In January 2013, a decrease in the growth rate of consumer prices, which began in the second half of 2011, continued. According to the State Statistics Committee, in January 2013, the prices of consumer goods and services compared to the previous month increased by 1.2 percent, and in January 2013 compared to January 2012 increased by 0.8 percent.

According to State Statistics Committee of Azerbaijan, in January 2013 nominal income of the population of Azerbaijan totaled 2.273.8 billion manat, which is 5.3 percent more compared to the same period in 2012. During the same period, nominal income per capita income grew by 3.9 percent to 246.1 manat. According to the State Statistics Committee of Azerbaijan, as of Feb.1, 37,275 people were officially registered as unemployed compared to 36,791. In other words, the number of unemployed in January decreased by 484.

The Azerbaijani State Customs Committee announced about increase in the volume of foreign trade operations by 1.76 percent in Jan. 2013 compared to the same period of last year. The total volume of trade turnover of the country amounted to $2.55 billion.

The export operations totaled $1.923 billion in Jan., or 4 percent more compared to the same period of 2012. As of January, imports amounted to $0.627 billion, or 4.53 percent less compared to the same period of 2012. As of January, 463 goods were exported from Azerbaijan, while 3,075 goods were imported. The surplus worth $627.5 million was formed in foreign trade operations.

According to the Azerbaijani State Statistics Committee, 617.7 million manat was invested in the economy of Azerbaijan in January 2013 from all financial sources, increasing by 32.4 percent compared to the figures of the same period of 2012, which indicates high investment activity in the country.

Actual revenue in the revenue part of Azerbaijan's state budget amounted to 1,768.1 billion manat in January 2013 (39.5 percent of GDP) increasing by 14.2 percent compared to the same period of previous year. State budget expenditures amounted to 1,391.7 billion manat increasing by threefold (31.1 percent of GDP). The budget surplus in January amounted to 376.4 million manat, which made up 8.4 percent of GDP.

Manat exchange rate remained stable. In January 2013, average rate of manat to the U.S. dollar was 0.78 manat per dollar, to euro - 1.04 manat per euro, to Russian rouble - 2.59 manat per 100 rouble.