General economic situation ( january - july 2009 )

In January to July 2009, the socio-economic development of Azerbaijan took place against the background of the negative influence of global financial and economic crisis, in particular, the sharp decline in world trade, reduction in crediting economy by banks and non-bank organizations.

Thus, January to July 2009, the Gross Domestic Product (GDP) of Azerbaijan increased 2.7% and made up AZN 17.3bln. The amount of the GDP per capita composed AZN 1968.7 ($2448.7), an increase of 1.3% compared to the same period of 2008. The rate of economic growth was 14% lower as compared to the same period of the last year (116.7%). 

The drop in the rates of economic growth can be explained not only through the reduction of growth rates in the industry, but also in cargo transportations, paid services to population, agriculture. The reduction is observed almost in all macroeconomic indices, including in the industry - 14%, transportation - 12.5%, communication services - 21.6%, retail trade turnover - 6.1%, paid services to population - 19.9% and incomes of the population - 21.4%.

The amount of the production in all spheres of the economy made up 63.2% of the GDP where 48.2% (AZN 8357.5mln) fell on industry. The specific weight of the service sector in the GDP made up 29.4%. Net taxes from the production and import made up 7.2% in the GDP.   

In January to July 2009 3.6 percent growth of production was observed in the non-oil sector, which increased its share in GDP to 48 percent.

Value Added Price 

In mln manats

Special weight, in %

Real rise, in %

GDP in total

17336,5

100,0

102,7

production of goods 

10968,6

63,2

102,0

including

- industry

8357,5

48,2

102,0

- agriculture 

1084,3

6,2

106,6

- construction

1526,8

8,8

100,0

Production of services

5113,2

29,4

105,4

Including:

- transport

1159,8

6,6

101,6

- communications

396,3

2,2

112,7

- trade and repair

1342,0

7,7

108,4

- hotels and restaurants

197,2

1,1

115,8

- social and different services

2017,9

11,6

103,6

Net taxes on products

1254,7

7,2

102,0

Defliator

65,5

Source: State Statistics Committee

In January to July 2009 the amount of industrial production in Azerbaijan composed AZN 11313.0mln, which is 0.1% more than January - July 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 (9.5%), shoes (30.4%), metallurgical industry (61.8%), oil products (10.3%), chemical production (52.9%). In general, 8% drop was recorded in January to July 2009 in the processing industry.

The amount of production in the extractive industry reached AZN 8205.5mln (72.5% of the gross industrial production), in the processing industry (21.2%) - AZN 2397.3mln, and in power engineering, gas and water sectors (4.9%) - AZN 710.2mln.

The growth in the oil production was 1.6% and in gas production - 1.6%.

The specific weight of the industrial production and services in the private sector made up 78.3% (AZN 8.9bln). Reduction in public sector was 6.2%, but 3% growth was recorded in the private sector.   

Growth in the agrarian production because of State care for the farmers was 8.6% in January to July 2009. During this period, the volume of agricultural production increased 6.6%, including plant growing - 9.2%, livestock - 2.1%.

Reduction was observed in import and export operations. Azerbaijani export decreased 79.40% to $7141.6mln and import - $3237.9mln (a decrease of 17.16%), and the black ink reached $3903.7mln. Nearly 92.2% of the export operations fell on oil and oil products.

Nearly AZN 4082.5mln was invested in the economy of Azerbaijan in January to July 2009, a decrease of 9.7% from the figures of the last year. In particular, in July 2009 AZN 707.6mln 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-July 2009 the growth in the volumes of retail commodity turnover and commercial services to the population continued and totaled 9.5% in the annual calculation.

In July 2009 the prices of the consumer goods and tariffs on the services increased 0.8% compared with June 2009, but rose 3.1% in January to July 2009 compared to the same period of the last year. Over the reported period, the prices for foodstuffs increased 1.1%, non-foodstuffs - 5.2% and the services - 5.9%.

In January to July 2009, the nominal income of the population totaled AZN 12530.5mln, which is 13.6% more compared to 2008. During this period, the nominal income per head made up AZN 1423.0, which exceeds the figure in 2008 by 12.1%. The rise in salaries in various spheres of economy and rise in social benefits also contributed to growth in population income.

During January-July 2009 the national currency of Azerbaijan, manat, maintained its stability against the background of the devaluation of national currencies in several neighboring countries. As a result of July, the exchange rate of the national currency with respect to the USD decreased 6 points. The rate of the USD in Azerbaijan during the month increased from 0.8035 AZN/USD to 0.8041 AZN/USD. The rate of EUR reduced in Azerbaijan in June. During the reported period, the rate of Euro in Azerbaijan decreased 26 points (from 1.137 AZN/EUR to 1.1344 AZN/EUR).

In July the rate of manat in relevant to the USD composed 0.80 manat, Euro - 1.13 manat, Russian ruble - 2.55 manat for 100 rubles.

Iran's annual exports of dried fruit, nuts grows %42
Iran's annual exports of dried fruit, nuts grows %42
Iran’s Bahar Azadi gold coin price again falling
Iran’s Bahar Azadi gold coin price again falling
Iran’s CBI allocates funds for import of essential products
Iran’s CBI allocates funds for import of essential products
Loading Bars
Latest
Azercell’s high-speed mobile internet continues to cover on and under the ground
High provision of reserves positively affects Azerbaijan's sovereign rating - Gazprombank
Azerbaijan establishes Commercialization & Technology Transfer Center
Azerbaijan's MoD shows footage from Zangilan's Najaflar village (VIDEO)
Azerbaijan maintaining stable credit position despite pandemic - Renaissance Capital
Azerbaijani currency rates for Apr. 23
Georgia, Bulgaria aiming for improvement of maritime shipping
Growing share of renewables to cause electricity price volatility
Azerbaijan enters era of fourth industrial revolution based on artificial intelligence - Ministry
India's posts world record daily COVID cases for second straight day
Situation in Azerbaijan’s Ganja city following Armenia's attack – war crime, French lawyer says
Georgia shares data on revenues from excise taxes in 1Q2021
EBRD aims to finance main economic spheres in Georgia
13 patients killed in hospital fire in western India
Azerbaijan applies world experience in construction of digital cities
Russia and Azerbaijan interested in Georgian mussels and oysters
Lending to legal entities, individuals in Azerbaijan's Nakhchivan drops
Georgia reveals volume of taxes, paid by its citizens
Azerbaijan discloses data on 1Q2021 oil export to Israel
EU leaders seek to lead climate action in carbon trading
NASA's Ingenuity helicopter logs another successful flight on Mars
More than 874,000 COVID-19 infections detected worldwide over past 24 hours
Iran cuts number of centrifuges enriching uranium to 60% purity, IAEA report says
3 rockets land near Baghdad airport in Iraq
Israel reports 189 new COVID-19 cases, 837,668 in total
Eight missing in Shanghai factory fire
Georgian FM meets Turkish counterpart in Bucharest
UN Environment, WHO support Georgia in deciding on regulation on lead paint
Uzbekistan’s business activity index sharply increases
55 new cases of "double mutation" variant found in UK in latest week
Azerbaijani athlete reaches final of European Artistic Gymnastics Championships
Azerbaijan's banking sector wraps up 1Q2021 with profit
Internet data transmission speed slightly down in Azerbaijan
National Bank of Georgia sells funds at foreign exchange auction
Georgia sees increase in vegetables export
State Customs Committee discloses export of natural gas from Azerbaijan to Georgia
Turkmen Ministry of Agriculture extends tender for purchase of necessary goods
Flydubai to resume flights at Georgian Batumi International Airport
Polymetal International boosts gold output in Kazakhstan, Russia
Brazil reports 3,472 more deaths
Kazakh gas supply company opens tender for construction of operational base
Georgia unveils data on exports of fruits and nuts in 1Q2021
Azerbaijan plans to increase production of fish and fish products
Turkey’s export of furniture and timber to Turkmenistan down
Kyrgyzstan ranks second in world in terms of cheapest mobile internet
Iran's annual exports of dried fruit, nuts grows %42
Georgia opens 69-th online session of UN Economic Commission for Europe
World community must know about Armenian atrocities in Azerbaijan – French lawyer
PM Modi announces India-US partnership on climate, clean energy
Azerbaijan Airlines to start operating special flights to London
Building of Azerbaijan’s Mud Volcanoes Tourism Complex to look like crater from above
Strengthening confidence-building measures in Azerbaijan-Armenia relations most important - Russian MFA
Georgia publishes budget performance report of 1Q2021
French lawyers arrive in Azerbaijan’s Ganja city, shelled by Armenia during war (PHOTO)
EIB financing helped to launch 60 satellites into space in 2020
EIB likely to support dev’t of renewable energy sphere in Azerbaijan
Azerbaijan shares data on number of vaccinated citizens for Apr. 22
Azerbaijan confirms 2,047 more COVID-19 cases, 2,610 recoveries
Baku entitled to demand compensation from Armenia – Russian political analyst
IATA revises 2021 forecasts of world airlines losses
Azerbaijan to open tourism bureau in Israel
Belarus to supply components for Azerbaijan to assemble tractors in 2021
Several more Russian airlines allowed to operate flights to Baku
EIB exploring new project ideas to support digitalization across Eastern Partnership
SOCAR won't participate in sales of Antipinski Refinery’s property
NCOC talks Marine Access Channels Project plans at Kazakh Kashagan field
Azerbaijan's Aghdam in complete ruins - French lawyer
Uzbekistan’s Central Bank notes decrease of inflation rate
EAG working on assessing Turkmenistan's compliance with FATF recommendations
Uzbekistan GTL to buy pipes via tender
Kazakhstan’s KazTransOil to pay out dividends for 2020
Economy Ministry shares data on revenues from Azerbaijan's non-oil and gas sector
Turkmenistan elected member of Executive Board of UN Entity for Gender Equality, Empowerment of Women
Historical monuments in Azerbaijan's Aghdam vandalized - French criminal justice attorney
Kazakhstan’s KazTransOil decreases oil transshipment volumes in 1Q2021
Turkmenistan increases processing of agricultural products
Turkmen company exports tomatoes to Austria
Autoclave gas blocks plant construction launched in Kazakhstan's Turkestan
Azerbaijan's Nakhchivan launches new communication facilities in 1Q2021
Azerbaijan's Nakhchivan sees decrease in insurance portfolio for 1Q2021
Iran’s Bahar Azadi gold coin price again falling
Azerbaijan's Nakhchivan State Statistical Committee shares data on reconstruction of roads
Equinor to electrify over 35% of its total oil & gas output base by 2025
Russia leads among countries exporting goods to Azerbaijan
Iran’s CBI allocates funds for import of essential products
Output from Georgian Enguri HPP to increase after reconstruction - Director of Enguri HPP
Azerbaijan shares footage from Jabrayil's Shahverdili village (VIDEO)
Tesla opens Tel Aviv pop-up store
Russian airline receives permission to operate flights to Uzbekistan
Uzbekistan’s 3M2021 retail trade turnover of small business decreases
Number of bank accounts increases in Azerbaijan’s Nakhchivan
American Airlines loss narrows as travel demand picks up
Azerbaijan jointly with Russia sets up car manufacturing enterprise
Number of innovative companies worldwide grows
Kazakhstan boosts production of coal, some petroleum products
Swiss president heads for damage-control EU summit
Etihad Airways to stop operating Boeing 777-300ER jets this year
Installation of info boards on roads leading to Azerbaijan's liberated lands continues (VIDEO)
French human rights activists visiting Azerbaijan's Aghdam (PHOTO)
Georgia increases imports of tomatoes from Azerbaijan
All news