General economic situation (26.10- 31.10.2009)

In January to September 2009, the Gross Domestic Product (GDP) of Azerbaijan increased 6.1% and made up AZN 23.4bln. The amount of the GDP per capita composed AZN 2657.7 ($3305.6), a decrease of 25.2% compared to the same period of 2008. The rate of economic growth was 8.7% lower as compared to the same period of the last year (115.0%). 

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, attraction of investments and agriculture. The reduction is observed almost in all macroeconomic indices, including in the industry - 7%, transportation - 9%, communication services - 19.8%, in retail trade - 7%, paid services to the population - 17.2%, investment in main capital - 55.1%, in agriculture - 5.4% and in the monetary income of the population - 26.2%.

The amount of the production in all spheres of the economy made up 64.0% of the GDP where 49.9% (AZN 11692.0mln) fell on industry. The specific weight of the service sector in the GDP made up 28.6%. Net taxes from the production and import made up 7.3% in the GDP.   

In January to September 2009, 5.0 percent growth of production was observed in the non-oil sector, which increased its share in GDP to 66.7 percent.

Value Added Price 

In mln manats

Special weight, in %

Real rise, in %

GDP in total

23427,1

100,0

106,1

production of goods 

15000,2

64,0

106,7

including

- industry

11692,0

49,9

108,7

- agriculture 

1518,0

6,5

102,9

- construction

1790,2

7,6

88,8

Production of services

6697,8

28,6

106,1

Including:

- transport

1473,4

6,3

106,4

- communications

502,0

2,1

110,4

- trade and repair

1659,5

7,1

108,3

- hotels and restaurants

266,1

1,1

115,9

- social and different services

2796,8

11,9

103,0

Net taxes on products

1729,1

7,3

99,7

Defliator

68,7

Source: State Statistics Committee

In January to September 2009 the amount of industrial production in Azerbaijan composed AZN 15624.9mln, which is 5.0% more than January - September 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 (13.4%), shoes (13.6%), metallurgical industry (56.8%), oil products (9.1%), chemical production (43.3%). In general, 7.0% drop was recorded in January to September 2009 in the processing industry.

The amount of production in the extractive industry reached AZN 11651.1mln (74.6% of the gross industrial production), in the processing industry (19.9%) - AZN 3117.9mln, and in power engineering, gas and water sectors (5.5%) - AZN 855.9mln.

The growth in the oil production was 8.5% and in gas production - 0.6%.

The specific weight of the industrial production and services in the private sector made up 79.2% (AZN 12.4bln). Reduction in public sector was 7.9%, but 8.9% growth was recorded in the private sector.   

Growth in the agrarian production because of State care for the farmers was 4.0% in January to September 2009. During this period, the volume of agricultural production increased 2.9%, including plant growing - 3.3%, livestock - 2.2%.

Reduction was observed in import and export operations. Azerbaijani export decreased 74.37% to $9986.7mln and import - $4369.2mln (a decrease of 16.49%), and the black ink reached $5617.5mln. Nearly 91.6% of the export operations fell on oil and oil products.

Nearly AZN 5199.4mln was invested in the economy of Azerbaijan in January to September 2009, a decrease of 17.1% from the figures of the last year. In particular, in September 2009 AZN 636.9mln 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-September 2009, the growth in the volumes of retail commodity turnover and commercial services to the population increased by 9.6% and totaled AZN 11270.3 million in the annual calculation. In particular, 69.1% accounted for retail trade and 30.9% - paid services.

In September 2009, the prices of the consumer goods and tariffs on the services increased 0.4% compared with August 2009, but rose 2.1% in January to September 2009 compared to the same period of the last year. Over the reported period, the prices for foodstuffs increased 0.4%, non-foodstuffs - 0.1% and the services - 0.4%.

In January to September 2009, the nominal income of the population totaled AZN 16082.6mln, which is 9.8% more compared to 2008. During this period, the nominal income per capita made up AZN 1824.5, which exceeds the figure in 2008 by 8.4%. The rise in salaries in various spheres of economy and rise in social benefits also contributed to growth in population income.

During January-September 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 September, 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 0.8039 AZN/USD to 0.8035 AZN/USD. The rate of EUR increased in Azerbaijan in September. During the reported period, the rate of Euro in Azerbaijan increased 205 points (from 1.1540 AZN/EUR to 1.1745 AZN/EUR).

In September the rate of manat in relevant to the USD composed 0.80 manat, Euro - 1.17 manat, Russian ruble - 2.61 manat for 100 rubles.

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