General economic situation in Azerbaijan (for 2010)

In 2010, the Gross Domestic Product (GDP) of Azerbaijan increased 5.0% or 1.8bln manat as compared to the same period of 2009 and made up 41.6bln manat. The amount of the GDP per capita composed AZN 4653.3 ($5797.8), an increase of 3.7% compared to the same period of 2009.

Production of GDP in non-oil sector in 2010 increased by 7.9 percent, making up 44.4 percent of GDP, 48.5 percent accounted for oil and gas sector, 7.1 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 3.8%, amounting to 65.5% of GDP where 52.6% of GDP (21.9 billion manat) falls on the industry. In services, production of added value price increased by 7.2% to 27.4% of GDP compared to the same period of last year. 

Source: State Statistics Committee

In 2010, the amount of industrial production in Azerbaijan composed AZN 27.4 billion, which is 2.6 % more than January-November 2009.

The share of private sector increased by 1.7 percent, reaching 81.4 percent of total industrial production.

The amount of production in the extractive industry reached AZN 20.78bln (75.8% of the gross industrial production), increasing by 1.1% as compared to the same period of the last year. The specific weight of processing industry was 19.1 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 0.9 percent, reaching 50.8 million tons, while production of natural gas - 16.7 billion cubic meters with growth of 2.1 percent.

The total amount of agricultural production in 2010 was 5.3 billion manat increasing by 9 percent.

In the foreign trade turnover of the country, the amount of export increased by 45.05% as compared to last year and comprised $21.3bln, while import increased 7.78%, totaling $6.6bln. Azerbaijan exported 2,186 types of goods and imported 6,057. During the reported period, the indicator of export exceeded the indicator of import and thus, the black ink of import-export operations amounted to $14.7bln. 

Nearly 9715.2mln manat was invested in the economy of Azerbaijan in 2010, an increase of 21.2% from the figures of the previous year. Especially, in December 2010.7mln manat was invested in Azerbaijan's economy, which is 3.1 times more than investments in November 2010 (646.7 million manat) and 2 times more than December 2009.  

In 2010, a rise of the retail goods turnover got restored amid continuing rise of the community services and was 9.4%. The amount of retail goods turnover comprised 18.4bln. In particular, 70.7% accounted for retail trade, 29.3% - paid services.

In December 2010, the prices for consumer goods and tariffs for services rose 1.4 percent compared with the previous month, and compared to 2009 grew by 5.7 percent in 2010 (data from State Statistics Committee). The prices for food products in December rose 2.0 percent compared to November, non-food products rose 0.9 percent, and tariffs for service rose 0.2%. 

According to the data provided by the State Statistics Committee of Azerbaijan, in 2010, the nominal income of the population totaled AZN 25.6 billion which is 13.3% more as compared to 2009. The growth rate of population's incomes exceeded the last year's rate. Thus, in 2009 the nominal income of the population compared to the same period of 2008 grew by 8.0 percent and per capita income - by 6.7 percent.

In 2010, the nominal exchange rate of the national currency of Azerbaijan in relation to the U.S. dollar rose by 0.6 percent. The Central Bank kept the nominal exchange rate of manat on a stable level. As of the beginning of 2010 the rate of USD compared to manat was 0.8029, and as of Dec. 31, 2009 - 0.7979 AZN/USD.

In December, 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 - 2.59 manat per 100 rubles.