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General economic situation in Azerbaijan (January-March 2011)

Analysis Materials 13 May 2011 11:00

In January-March 2011, the Gross Domestic Product (GDP) of Azerbaijan increased 1.6% or 149.5 million manat as compared to the same period of 2010 and made up 10 .4 bln manat. The amount of the GDP per capita composed AZN 1 157.4 ($ 1 455.1 ).

Production of GDP in non-oil sector in January-March 2011 increased by 5.6 percent, making up 47.1 percent of GDP (4.9 billion manat), 52.5 percent (5.5 billion manat) accounted for oil and gas sector, decreasing by 1.9 percent.

Total production in all sectors of the economy decreased 1.9%, amounting to 63.8% of GDP where 55.7% of GDP (5.81 billion manat) falls on the industry. In services, production of added value price increased by 8.7% to 29.8% 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

10421 , 1

100,0

101,6

production of goods

6640,6

63,7

98,1

including

- industry

5807,9

55,7

98,9

- agriculture

277,4

2,7

105,3

- construction

555,3

5,3

88,7

Production of services

3116,3

29,9

108,7

including:

- transport

770,6

7,4

113,7

- communications

194,1

1,8

123,5

- housing and communal service

141,5

1,3

114,8

- trade and repair

816,7

7,8

109,0

- social and different services

1193,4

11,5

102,8

Net taxes on products

508,1

4,8

102,8

Defliator

111,0

Source: State Statistics Committee

In January-March 2011, the amount of industrial production in Azerbaijan composed AZN 7.5 billion, which is 0.3% less than the same period of 2010.

In January-March 2011, industrial production in the private sector amounted to 79.5% with an increase of 0.1 percent on an annualized basis. About 91.9 percent accounted for manufacture of industrial products and 8.1 percent for industrial services. Production in non-oil sector increased 9.8 percent.

During the reported period, the volume of production in the extractive industry decreased by 1.3 percent, reaching 5.5 billion manat with weight of 74 percent of all industrial production. The volume of oil during the period totaled 12 million tons and natural gas production - 6.3 billion cubic meters.

The amount of production in processing industry amounted to 1.4 billion manat, increasing by 3.4 percent. In January-March, a significant increase was recorded in the production of motor vehicles, trailers and semi-trailers (2.45 times), the production of electrical equipment (2.35 times), metallurgy (213.4 percent), chemical industry (154.2 percent).

Also significant growth was recorded in the production of food products.

The production in the construction industry in Azerbaijan totaled 51.2 billion manat in the first quarter of 2011.

Accordingto StateStatistics Committee of thecountry , in the firstquarter of 2011agriculturalproductioninAzerbaijanincreased by 5.3percent , includingcrop production-by 6.6percent , livestock production-by 5.3percent compared to the same period of the last year .

The amount of export increased by 23.97% as compared to last year and comprised $5.445mln, while import increased 63.1%, totaling $1.892 mln. Azerbaijan exported 1,106 types of goods and imported 4,337. During the reported period, the indicator of export exceeded the indicator of import and thus, the black ink of import-export operations amounted to $3.553mln.

Nearly 1 775.8mln manat was invested in the economy of Azerbaijan in January-March 2011, an increase of 2.5% from the figures of the same period of the last year. Especially, in March 2011, 655.5 million manat was invested in Azerbaijan's economy, which is 17 percent more than investments in March 2010.

In January-March 2011, a rise of the retail goods turnover got restored amid continuing rise of the community services and was 9.5%. The amount of retail goods turnover comprised 4.9bln. In particular, 70 percent accounted for retail sales, 26.9 percent - paid services.

In March 2011 , the prices for consumer goods and tariffs for services rose 1.1 percent compared with the previous month, and compared to January-March 2010 grew by 9.1 percent in 2010.

According to the data provided by the State Statistics Committee of Azerbaijan, in January-March 2011, the nominal income of the population totaled AZN 6 496.5m illion which is 16.8% more as compared to January-March 2010. Thus, during this period, the nominal income of the population per capita increased by 15.3 percent to 721.5 manat. Thanks to the socially oriented programs and government decrees, the rate of income growth surpassed last year's growth rate for this indicator. So, in January-March 2010, the nominal income rose by 6.5 percent, while per capita income by 5.2 percent.

In January-March 2011, the average rate of manat to the U.S. dollar was 0.79 manat per dollar, the euro, - 1.11 manat per euro, the Russian ruble - 2.79 manat per 100 ruble.

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