The Gross Domestic Product (GDP) of Azerbaijan increased 4.1% and made up AZN 6.7bln in January to March 2009. The amount of the GDP per capita composed AZN 782.0 ($971.5), an increase of 2.9 times compared to the same period of 2008. The rate of economic growth was 9.7% as compared to the same period of the last year (113.8%).
The drop in the economic growth compared with January - March 2008 can be explained not only through the reduction of growth rates in the industry, but also in cargo transportations, paid services to population. The reduction is observed almost in all macroeconomic indices, including in the industry - 15.1%, transportation - 11.7%, communication services - 40.6%, retail trade turnover - 4.8%, paid services to population - 9% and incomes of the population - 12.2%.
The amount of the production in all spheres of the economy made up 58.7% of the GDP where 42.6% (AZN 2871.9mln) fell on industry. The specific weight of the service sector in the GDP made up 32.4%. Net taxes from the production and import made up 8.8% in the GDP.
In January to March 13.7% growth of production was recorded in the non-oil sector, which increased its share in the GDP to 52.6% while the share of oil and gas sector reduced to 38.5%.
|
Value Added Price In mln manats |
Special weight, in % |
Real rise, in % |
|
|
GDP in total |
6741,8 |
100,0 |
104,1 |
|
production of goods |
3959,5 |
58,7 |
103,0 |
|
including - industry |
2871,9 |
42,6 |
98,1 |
|
- agriculture |
167,6 |
2,5 |
104,3 |
|
- construction |
920,0 |
13,6 |
148,0 |
|
Production of services |
2183,6 |
32,4 |
105,3 |
|
Including: - transport |
617,8 |
9,2 |
102,2 |
|
- communications |
132,5 |
1,9 |
105,8 |
|
- trade and repair |
575,8 |
8,5 |
109,8 |
|
- hotels and restaurants |
104,4 |
1,5 |
115,7 |
|
- social and different services |
753,1 |
11,2 |
103,5 |
|
Net taxes on products |
598,7 |
8,9 |
110,9 |
|
Defliator |
71,5 |
Source: State Statistics Committee
In January - March 2009 the amount of industrial production in Azerbaijan composed AZN 4177.4mln, which is 2.2% lower than January - March 2008. The reduction in the indices in the industry is explained firstly through the 2.2% reduction of production in extractive industry, secondly through the reduction in the production of sewn and knitted wares (26%), shoes (49.6%), production of chemical industry (79.7%), metallurgical industry (42.5%). In general, 7.1% growth was recorded in January to March 2009 in the processing industry.
The amount of production in the extractive industry reached AZN 2747.0mln (65.8% of the gross industrial production), in the processing industry (25.4%) - AZN 1061.6mln, and in power engineering, gas and water sectors (8.8) - AZN 368.8mln.
The drop in the oil production was 3.1%, but 14.4% decrease was observed in gas production and 20.0% in oil refining.
The specific weight of the industrial production and services in the private sector made up 74.3% (AZN 3107.2mln). Reduction in private sector was 1.8%, but 3.6% growth was recorded in the public sector.
Growth in the agrarian production because of State care for the farmers was 4.3% in January to March. During this period, the volume of agricultural production increased 4.3%, including plant growing - 8.9%, livestock - 4.2%.
In addition, growth was observed in import and export operations. Azerbaijani export increased 60.77% to $2482.3mln and import - $1322.1mln (a decrease of 2.25%), and the black ink reached $1160.2mln. Nearly 82.70% of the export operations fell on oil and oil products.
Nearly AZN 1638.9mln was invested in the economy of Azerbaijan in January to March 2009, an increase of 15.2% from the figures of the last year. In particular, in March 2009 AZN 534.4 million was invested in the economy of Azerbaijan, which allowed to talk about the continued growth after 24.4 percent drop of investments in January.
In January - March 2009 the growth in the volumes of retail commodity turnover and commercial services to the population continued and totaled 12.2% in the annual calculation. In January - March 2009 the retail networks of Azerbaijan sold consumer goods in amount of AZN 2806.2mln, which is 10.0% more compared with the same period of last year.
In January to March 2009, the inflation growth rate made up 8.3% compared to the same period of 2008. In January to March 2009 the prices of the consumer goods and tariffs on the services reduced 0.7% compared with February 2009. Over the reported period, the prices for foodstuffs reduced 1% and non-foodstuffs - 0.1%, and prices of the services remained unchanged.
In January to March 2009, the nominal income of the population totaled AZN 4964.0mln, which is 21.0% more compared to 2008. During this period, the nominal income per head made up AZN 575.8, which exceeds the figure in 2008 by 19.6%. The rise in salaries in various spheres of economy and rise in social benefits also contributed to the growth in population income.
Population spent 70.5 percent of their income on goods and services, 10.3 percent - payment of taxes, duties, and social and insurance fees, 19.2 percent - accumulation of capital.
As a result of March, the exchange rate of the national currency with respect to the USD increased 24 points. The rate of the USD in Azerbaijan during the month decreased from 0.8052 AZN/USD to 0.8028 AZN/USD.
The rate of EUR rose in Azerbaijan. During the reported period, the rate of Euro in Azerbaijan increased 386 points (from 1.0256 AZN/EUR to 1.0642 AZN/EUR).
In March the rate of manat in relevant to the USD composed 0.80 manat, Euro - 1.05 manat, Russian ruble - 2.31 manat for 100 rubles.