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General economic situation in Azerbaijan (January-November 2010)

Analysis Materials 8 January 2011 11:01

In January-November 2010, the Gross Domestic Product (GDP) of Azerbaijan increased 4.5% or 1369.4mln manat as compared to the same period of 2009 and made up 36.6bln manat. The amount of the GDP per capita composed AZN 4096.4 ($5101.4), an increase of 3.2% compared to the same period of 2009.

Production of GDP in non-oil sector in January-November 2010 increased by 5.9 percent, making up 42.4 percent of GDP, 50.7 percent accounted for oil and gas sector (an increase of 2.6 percent), 6.9 percent of value added price created at the expense of the net taxes on production and imports.

Total production in all sectors of the economy increased 3.4%, amounting to 66.1% of GDP where 53.9% of GDP (19.7 billion manat) falls on the industry. In services, production of added value price increased by 6.2% to 3.4% of GDP compared to the same period of last year. 

Value added price 

in mln manats

Special weight, in %

Real rise, in %

GDP in total

36575,4

100,0

104,5

production of goods 

24175,4

66,0

103,4

including

- industry

19698,8

53,9

103,0

- agriculture 

1786,8

4,9

97,3

- construction

2689,8

7,4

110,2

Production of services

9859,9

26,9

106,2

including:

- transport

2196,2

6,3

104,3

- communications

699,5

1,9

130,8

-housing and communal service

416,1

1,1

115,5

- trade and repair

2544,7

6,9

105,0

- social and different services

4003,4

10,9

103,0

Net taxes on products

2540,1

6,9

106,9

Defliator

113,8

Source: State Statistics Committee

In January-November 2010 the amount of industrial production in Azerbaijan composed AZN 25.3 billion, which is 3.1 % more than January-November 2009.

The amount of production in the extractive industry reached AZN 19.226bln (76.1% of the gross industrial production), increasing by 1.9% as compared to the same period of the last year. The specific weight of processing industry was 18.8 percent, electricity and gas sectors accounted for 4.5 percent and water - 0.6 percent.

The volume of oil produced by Azerbaijan International Operating Company (AIOC) for the reported period increased by 1.6 percent, reaching 47.1 million tons, while production of natural gas - 15.5 billion cubic meters with growth of 4.5 percent.

The total amount of agricultural production over the ten months of 2010 was 3.429 billion manat, which is 2.7 percent less than the same period of the last year. In particular, livestock production has grown 7.1 percent, while crop production fell by 9 percent. The reason was torrential rains observed in 40 districts of the country, as a result of which 50,000 ha planted areas remained under water.

The amount of export increased by 47.36% as compared to last year and comprised $19.403bln, while import increased 4.80%, totaling $5.711bln. Azerbaijan exported 2,063 types of goods and imported 5,922. During the reported period, the indicator of export exceeded the indicator of import and thus, the black ink of import-export operations amounted to $13.692bln. 

Nearly 7704.5mln manat was invested in the economy of Azerbaijan in January-November 2010, an increase of 15.2% from the figures of the previous year. Especially, in November 646.7mln manat was invested in Azerbaijan's economy, which is 23.9% more than investments in the main capital in November 2009.  

In January-November 2010, a rise of the retail goods turnover got restored amid continuing rise of the community services and was 8.9%. The amount of retail goods turnover comprised 16.2bln. In particular, 74.3% accounted for retail trade, 25.7% - paid services.

In January-November, the prices for consumer goods and tariffs for services rose 1.8 percent compared with the previous month, and compared to January-November 2009 grew by 5.5 percent (data from State Statistics Committee). The prices for food products in November rose 2.5 percent compared to October, non-food products rose 0.4 percent, and tariffs for service rose 0.9%. 

According to the data provided by the State Statistics Committee of Azerbaijan, in January-November 2010, the nominal income of the population totaled AZN 22.7 billion which is 12.0% more as compared to January-November 2009. During this period, the nominal per capita income made up AZN 2539.9, which exceeds the figure in 2009 by 10.7%. The rise in salaries in various spheres of economy and rise in social benefits also contributed to the growth in population income. The growth rate of population's incomes exceeded the last year's rate. Thus, in January-November 2009 the nominal income of the population compared to the same period of 2008 grew by 7.6 percent and per capita income - by 6.2 percent.

In November, the average rate of the manat to the U.S. dollar was 0.80 manat per dollar, 1.06 manat per euro, the Russian ruble - 2.58 manat per 100 rubles.

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