General economic situation (28.09- 03.10.2009)

In January to August 2009, the Gross Domestic Product (GDP) of Azerbaijan increased 5.0% and made up AZN 20.6bln. The amount of the GDP per capita composed AZN 2341.3 ($2912.1), an increase of 3.7% compared to the same period of 2008. The rate of economic growth was 8.2% lower as compared to the same period of the last year (113.2%). 

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 - 5.7%, transportation - 8.5%, communication services - 20.1%, agriculture - 4.7%, retail trade turnover - 6.9%, paid services to population - 17% and incomes of the population - 17%.

The amount of the production in all spheres of the economy made up 63.4% of the GDP where 49.3% (AZN 10162.3mln) fell on industry. The specific weight of the service sector in the GDP made up 28.7%. Net taxes from the production and import made up 7.9% in the GDP.   

In January to August 2009 1.5 percent growth of production was observed in the non-oil sector, which increased its share in GDP to 46 percent.

Value Added Price 

In mln manats

Special weight, in %

Real rise, in %

GDP in total

20628,0

100,0

105,0

production of goods 

13075,0

63,4

105,3

including

- industry

10162,3

49,3

106,8

- agriculture 

1292,5

6,3

103,8

- construction

1620,2

7,8

90,0

Production of services

5913,5

28,7

105,7

Including:

- transport

1349,6

6,5

105,4

- communications

442,0

2,2

111,6

- trade and repair

1485,7

7,2

108,2

- hotels and restaurants

242,9

1,2

115,8

- social and different services

2393,3

11,6

102,5

Net taxes on products

1639,5

7,9

100,4

Defliator

68,2

Source: State Statistics Committee

In January to August 2009 the amount of industrial production in Azerbaijan composed AZN 13576.7mln, which is 3.9% more than January - August 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 (7.2%), shoes (18.8%), metallurgical industry (58.9%), oil products (9.5%), chemical production (48.1%). In general, 6.8% drop was recorded in January to August 2009 in the processing industry.

The amount of production in the extractive industry reached AZN 10021.2mln (73.8% of the gross industrial production), in the processing industry (20.4%) - AZN 2775.0mln, and in power engineering, gas and water sectors (5.7%) - AZN 780.5mln.

The growth in the oil production was 0.6% and in gas production - 6.3%.

The specific weight of the industrial production and services in the private sector made up 79.2% (AZN 10.7bln). Reduction in public sector was 7.3%, but 7.3% growth was recorded in the private sector.   

Growth in the agrarian production because of State care for the farmers was 5.0% in January to August 2009. During this period, the volume of agricultural production increased 3.8%, including plant growing - 4.7%, livestock - 2.1%.

Reduction was observed in import and export operations. Azerbaijani export decreased 77.23% to $8584.5mln and import - $3823.2mln (a decrease of 15.18%), and the black ink reached $4761.3mln. Nearly 92.5% of the export operations fell on oil and oil products.

Nearly AZN 4562.5mln was invested in the economy of Azerbaijan in January to August 2009, a decrease of 15.3% from the figures of the last year. In particular, in August 2009 AZN 479.6mln 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-August 2009 the growth in the volumes of retail commodity turnover and commercial services to the population increased by 9.5% and totaled AZN 9893.2 in the annual calculation.

In August 2009 the prices of the consumer goods and tariffs on the services increased 0.1% compared with July 2009, but rose 2.6% in January to August 2009 compared to the same period of the last year. Over the reported period, the prices for foodstuffs increased 0.3%, non-foodstuffs - 4.7% and the services - 6.2%.

In January to August 2009, the nominal income of the population totaled AZN 14583.5mln, which is 12.6% more compared to 2008. During this period, the nominal income per head made up AZN 1655.3, which exceeds the figure in 2008 by 11.2%. The rise in salaries in various spheres of economy and rise in social benefits also contributed to growth in population income.

During January-August 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 August, the exchange rate of the national currency with respect to the USD increased 4 points. The rate of the USD in Azerbaijan during the month decreased from 0.8043 AZN/USD to 0.8039 AZN/USD. The rate of EUR increased in Azerbaijan in August. During the reported period, the rate of Euro in Azerbaijan increased 123 points (from 1.1362 AZN/EUR to 1.1485 AZN/EUR).

In August the rate of manat in relevant to the USD composed 0.80 manat, Euro - 1.15 manat, Russian ruble - 2.54 manat for 100 rubles.

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