General economic situation in Azerbaijan (January-May 2010)

In January-May 2010, the Gross Domestic Product (GDP) of Azerbaijan increased 4.3% as compared to the same period of 2009 and made up 16.5bln manat. The amount of the GDP per capita composed AZN 1858.1 ($2312.8), an increase of 3.1% compared to the same period of 2009. The rate of economic growth was 0.1% higher as compared to the same period of the last year. 

The value added price in the oil and gas sector increased 3.5% and in non-oil - 4.9%.

6% of value added price was created by the net taxes on production and imports.

Industry accounted for 58.7 percent of total GDP, agriculture, hunting and forestry sector, 2.1 percent, construction sector - 7.2 percent, transportation and warehousing - 6.1 percent, telecommunications sector and postal services - 1.7 percent, wholesale and retail trade, repair services of cars, household goods and personal goods - 6.6 percent, hotel and residential sector - 1.1 per cent, civil and other services - 10.5 percent.

Value Added Price 

In mln manats

Special weight, in %

Real rise, in %

GDP in total

16533,9

100,0

104,3

production of goods 

11237,4

67,9

103,7

including

- industry

9710,6

58,7

103,5

- agriculture 

341,6

2,1

100,4

- construction

1185,2

7,2

106,0

Production of services

4294,1

25,9

105,2

Including:

- transport

1005,6

6,1

103,1

- communications

283,7

1,7

125,1

- trade and repair

860,3

5,2

104,7

- social and different services

1729,7

10,5

103,1

Net taxes on products

1002,4

6,1

105,0

Defliator

129,7

Source: State Statistics Committee

In January-May 2010 the amount of industrial production in Azerbaijan composed AZN 12.2 billion, which is 4.3% more than January-May 2009.

The amount of production in the extractive industry reached AZN 9.5bln (77.8% of the gross industrial production), increasing by 3.3% as compared to the same period of the last year. The specific weight of processing industry was 16.3 percent, electricity, gas and water sectors accounted for 4.8 percent.

Growth in the agrarian production because of State care for the farmers was 0.4% in January-May 2010.

The growth was observed in export operations, but reduction in import operations. Azerbaijani export increased by 78.02% to $8176.9mln, but import declined by 4.43% to $2402.1mln, and the black ink reached $5774.9mln.

Nearly 3021.3mln manat was invested in the economy of Azerbaijan in January-May 2010, an increase of 11.3% from the figures of the previous year. Especially, in May 730mln manat was invested in Azerbaijan's economy, which is 25.8% more than investments in the main capital in May 2009.  

In January-May 2010, the growth in the amount of retail commodity turnover and commercial services to the population was 8.7% and totaled AZN 6815.1 million in the annual calculation. In particular, 72.3% accounted for retail trade and 27.7% - paid services.

In January-May 2010, the prices of the consumer goods and tariffs on the services remained decreased by 0.2% compared with the previous month, but rose 4.7% in January-May 2010 compared to the same period of the last year. In May, the prices for foodstuffs decreased 0.3%, non-foodstuffs increased 0.2% and the services decreased by 0.1%.

In January-May 2010, the nominal income of the population totaled AZN 9403.1mln, which is 9.5% more compared to 2009. During this period, the nominal income per capita made up AZN 1056.7, which exceeds the figure in 2009 by 8.3%. The rise in salaries in various spheres of economy and rise in social benefits also contributed to growth in population income.

In 2010 the Central Bank of Azerbaijan continues the policy of maintaining the stable exchange rate of manat, which during the crisis made the main anchor of economic stability, unlike national currencies of other countries. In the post-crisis period, to accelerate economic development and eliminate the consequences of the crisis, the country will also need stable manat. In January-May 2010, the rate of manat in relevant to the USD reduced by 0.087 percent, and to euro increased 14.49%. 

In May, the rate of manat in relevant to the USD composed 0.80 manat, Euro - 1.01 manat, Russian ruble - 2.64 manat for 100 rubles.

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