General economic situation

The Gross Domestic Product (GDP) of Azerbaijan increased by 15.0% and made up AZN 11.2bln in January to April 2008. The growth rate made up 22% less than the same period of 2007.

The drop in the rates of economic growth may be explained not only decrease of the growth rate in the industry, but also in the sphere of agriculture, cargo transportation and paid services. In January to April, the industrial production and services increased by 14.3% and made up AZN 9626.9mln. The growth in 2007 made up 36.6%.

The decrease of the growth rate in the industry is explained through decrease in the volumes of production of wares form the rubber and plastic mass (22.5%), transport means (16.2%), electrical and optical equipment (7.7%).

The amount of the GDP per capita made up AZN 1310.6 ($1560.4), an increase of 13.6%.

The amount of the production in all spheres of the economy increased by 17% and made up 74.1% of the GDP where 66.6% (AZN 7436.1mln) fell on industry. The specific weight of the service sector in the GDP made up 18.4%. Net taxes from the production and import made up 7.5% in the GDP.

Value Added Price In mln manats Special weight, in % Real rise, in %
GDP in total 11172,4 100,0 115,0
production of goods 8279,4 74,10 117,0
including - industry 7436,1 66,6  117,6
- agriculture 151,4 1,3 103,4
- construction 691,9 6,2 115,3
Production of services 2050,9 18,35 110,2
Including: - transport 421,8 3,8 110,1
- communications 175,0 1,6 141,4
- trade and repair 607,6 5,4 114,2
- hotels and restaurants 88,7 0,8 113,5
- social and different services 757,8 6,8 101,0
Net taxes on products 842,1 7,5 111,3
Defliator 135

Sources: State Statistics Committee

Unlike previous months, growth was recorded in the public production sector which totaled 5.8% in January to April. The specific weight of the industrial production and services in the public sector made up 19.7% or (AZN 1894.11bln) of all industrial production.

In addition, growth was observed in import and export operations. The growth of the Azerbaijani export equaled 188.24% up to $3857.4mln and import - $1924.4mln (26.79%). Nearly 88.32 of the export operations fell on oil and oil products. In January to April Azerbaijan exported 4.8mln tons of oil and 828.2mln tons of oil products

The key reason for the growth of the import operations is the growth in import of the cars, electronic devises, foodstuffs, spare parts, etc.

The dominant role of oil and gas production is continuing in the GDP because their production is increasing. The oil production made up 15774.4mln tons, an increase of 14.1% and gas production - 5175.3mln cu.m under growth of 79.8%. At the same time, Azerbaijan International Operating Company produced 12.9mln tons of oil and 2811.3mln cu.m. of gas.

Moreover, rise was observed in the production of wood and wooden wares by 4.8%, foodstuffs by 12.9%, chemical industry - 2.1 times, etc.

In January to April 2008 growth rate in agrarian industry decreased as compared to last year. In January-April, the production rose by 3.4% compared to 2007 when the increase was 7.1%.

The investments put in the country's economy also increased. A total of AZN 2031.7mln was invested in economy at the expense of all sources, which is 21.6% up as compared to 2007 when it was 9.6%. The major reason for increase is explained through the beginning of large-scale construction projects with regards to transport, demand for construction of the production facilities, where AZN 1.7bln or 82.3% of all investments was spent.

Thus, growth rate of consumer demand continues drop. The retail good turnover rose by 14.7%, while the community services grew 29.6%. The growth rate of the consumer goods and tariffs for services in April 2008 made up 3.1% as compared to March 2008.

According to the State Statistics Committee, in this period the price on food products increased by 17.8% as compared to the same period of 2008.

The State Committee fixed in January to April 2008 that prices of bakery rose 9.5%, tea and coffee - 1.2%, beer - 4.5%, alcohol drinks - 1.8%, oil and fats - 2.0%, dairy, cheese, and eggs 1.8%, fish - 0.6% and vegetable - 0.5%, meat products - 9.4%, tobacco - 4.2%, fruits 2.0%.

As a result of January to April 2008, the nominal incomes of the population rose 67.9%, and comprised AZN 5762.0mln. For the same period, the nominal incomes per capita totaled AZN 675.9, an increase of 32.4% from the figures of the last year.

Major tendency at the fiscal market was the consolidation of manat rates with respect to dollar. A tendency on increase of rates, observed over the past period, reflects the real state and is linked with increase of oil revenues in the country. The National Bank of Azerbaijan (NBA) holds the policy of floating rate as a factor retaining inflation.

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