General economic situation

The Gross Domestic Product (GDP) of Azerbaijan increased 4.4% and made up AZN 11.3bln in January to May 2009. The amount of the GDP per capita composed AZN 1317.1 ($1638.2), an increase of 3.3% compared to the same period of 2008. The rate of economic growth was 10.2% as compared to the same period of the last year (114.6%). 

The drop in the economic growth compared with January - May 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 - 12.3%, transportation - 13.0%, communication services - 20.3%, retail trade turnover - 6.5%, paid services to population - 16.6% and incomes of the population - 16.1%.

The amount of the production in all spheres of the economy made up 60.0% of the GDP where 46.9% (AZN 5331.7mln) fell on industry. The specific weight of the service sector in the GDP made up 30.6%. Net taxes from the production and import made up 9.3% in the GDP.   

Value Added Price 

In mln manats

Special weight, in %

Real rise, in %

GDP in total

11366,1

100,0

104,4

production of goods 

6820,1

60,0

103,9

including

- industry

5331,7

46,9

103,1

- agriculture 

338,4

2,9

103,0

- construction

1150,0

10,1

114,0

Production of services

3485,7

30,6

105,9

Including:

- transport

818,2

7,1

102,6

- communications

251,9

2,2

115,6

- trade and repair

952,9

8,4

108,0

- hotels and restaurants

142,9

1,2

115,3

- social and different services

1319,8

11,6

104,0

Net taxes on products

1060,3

9,3

105,1

Defliator

63,9

Source: State Statistics Committee

In January to May 6.6% growth of production was recorded in the non-oil sector.

In January - May 2009 the amount of industrial production in Azerbaijan composed AZN 7412.5mln, which is 1.3% lower than January - May 2008. The reduction in the indices in the industry is explained firstly through the reduction of production in extractive industry, secondly through the reduction in the production of sewn and knitted wares (11.6%), shoes (48.1%), production of chemical industry (78.4%), metallurgical industry (78.8%). In general, 7.5% drop was recorded in January to May 2009 in the processing industry.

The amount of production in the extractive industry reached AZN 5206.0mln (70.3% of the gross industrial production), in the processing industry (22.3%) - AZN 1653.9mln, and in power engineering, gas and water sectors (7.5) - AZN 552.6mln.

The drop in the oil production was 11.2%, but 2.3% increase was observed in gas production and 2.4% in oil refining.

The specific weight of the industrial production and services in the private sector made up 76.0% (AZN 5633.0mln). Reduction in public sector was 4.0%, but 3.1% growth was recorded in the private sector.   

Growth in the agrarian production because of State care for the farmers was 3.0% in January to May. During this period, the volume of agricultural production increased 11.3%, including plant growing - 9.8%, livestock - 4.3%.

In addition, growth was observed in import and export operations. Azerbaijani export decreased 69.12% to $4591.3mln and import - $2262.1mln (a decrease of 8.16%), and the black ink reached $2329.2mln. Nearly 91.78% of the export operations fell on oil and oil products.

Nearly AZN 2698.6mln was invested in the economy of Azerbaijan in January to May 2009, an increase of 0.4% from the figures of the last year. In particular, in May 2009 AZN 539.5mln 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 - May 2009 the growth in the volumes of retail commodity turnover and commercial services to the population continued and totaled 9.2% in the annual calculation. In January - May 2009 the retail networks of Azerbaijan sold consumer goods in amount of AZN 4614.4mln, which is 8.2% more compared with the same period of last year.

In January to May 2009, the inflation growth rate made up 4.9% compared to the same period of 2008. In January to May 2009 the prices of the consumer goods and tariffs on the services reduced 0.2% compared with April 2009. Over the reported period, the prices for foodstuffs reduced 0.4% and non-foodstuffs - 0.2%, and prices of the services remained unchanged.

In January to May 2009, the nominal income of the population totaled AZN 8584.2mln, which is 18.5% more compared to 2008. During this period, the nominal income per head made up AZN 994.8, which exceeds the figure in 2008 by 17.1%. The rise in salaries in various spheres of economy and rise in social benefits also contributed to the growth in population income. Population spent 67.2 percent of their income on goods and services, 10.5 percent - payment of taxes, duties, and social and insurance fees, 22.3 percent - accumulation of capital.

As a result of May, the exchange rate of the national currency with respect to the USD decreased 1 point. The rate of the USD in Azerbaijan during the month increased from 0.8035 AZN/USD to 0.8036 AZN/USD. The rate of EUR rose in Azerbaijan. During the reported period, the rate of Euro in Azerbaijan increased 585 points (from 1.0651 AZN/EUR to 1.1236 AZN/EUR).

In May the rate of manat in relevant to the USD composed 0.80 manat, Euro - 1.09 manat, Russian ruble - 2.51 manat for 100 rubles.

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