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




production of goods 





- industry




- agriculture 




- construction




Production of services





- transport




- communications




- trade and repair




- hotels and restaurants




- social and different services




Net taxes on products






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.

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