General economic situation (January 2010)

In January 2010, the Gross Domestic Product (GDP) of Azerbaijan increased 9.2% as compared to the same period of 2008 and made up AZN 3.2bln. The amount of the GDP per capita composed AZN 361.7 ($450.3), an increase of 67.5% compared to the same period of 2009. The rate of economic growth was 11.8% higher as compared to the same period of the last year. 

The increase in the rates of economic growth can be explained not only through the growth of rates in the attracted investments, but also in cargo transportations, communications and paid services to population. The growth rate was observed in the investments in the main capital - 30%, transportation - 7.3%, communication services - 10.1%, paid services to the population - 9.5%.

The amount of the production in all spheres of the economy increased 12.4% and made up 67.2% of the GDP where 62.4% (AZN 2004.5mln) fell on industry. The specific weight of the service sector in the GDP made up 26.6%. Net taxes from the production and import made up 6.1% in the GDP.   

Source: State Statistics Committee

In January 2010 the amount of industrial production in Azerbaijan composed AZN 2543.0mln, which is 13.5% more than January 2009. The amount of production in the extractive industry reached AZN 1.9bln (76% of the gross industrial production), increasing by 16.7% as compared to the same period of the last year. The specific weight of processing industry was 18.1 percent, electricity, gas and water sectors accounted for 6.0 percent. In the oil production sector the growth was 17.6 percent and gas production - 16.8 percent.

The production in processing industry amounted to 452.6 million manat. During the reported period, significant growth was observed in food production.

Growth in the agrarian production because of State care for the farmers was 2.0% in January 2010.

The growth was observed in export operations, but reduction in import operations. Azerbaijani export increased by 105.63% to $1428.1mln, but import declined by 29.43% to $363.8mln, and the black ink reached $1064.2mln. Nearly 94.51% of the export operations fell on oil and oil products.

Nearly AZN 401.3mln was invested in the economy of Azerbaijan in January 2010, an increase of 5.6% from the figures of the last year. In particular, in January 2010 AZN 401.3mln was invested in the economy of Azerbaijan, which is 44.7% higher than last year.

In January 2010, the growth in the amount of retail commodity turnover and commercial services to the population was 9.3% and totaled AZN 1390.9 million in the annual calculation. In particular, 73.1% accounted for retail trade and 26.9% - paid services.

In January 2010, the prices of the consumer goods and tariffs on the services increased 0.5% compared with February 2010, but rose 1.8% in January 2010 compared to the same period of the last year. Over the reported period, the prices for foodstuffs increased 0.6%, non-foodstuffs - 0.6% and the services - 0.1%.

In January 2010, the nominal income of the population totaled AZN 1526.9mln, which is 6.4% more compared to 2009. During this period, the nominal income per capita made up AZN 171.9, which exceeds the figure in 2009 by 5.1%. The rise in salaries in various spheres of economy and rise in social benefits also contributed to growth in population income.

In 2010, the national currency of Azerbaijan, manat, maintained its stability, unlike the national currencies in several neighboring countries. Reduction was recorded in the rate of USD and Euro in 2010.

In January the rate of manat in relevant to the USD composed 0.80 manat, Euro - 1.15 manat, Russian ruble - 2.69 manat for 100 rubles.