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General economic situation in Azerbaijan (January-May 2011)

Analysis Materials 18 July 2011 16:22

In January-May 2011, the Gross Domestic Product (GDP) of Azerbaijan increased 0.8% as compared to the same period of 2010 and made up 17 .6 bln manat. The amount of the GDP per capita composed AZN 1.952.4 ($2.459.9).

Production of GDP in non-oil sector in January-May 2011 increased by 6.6 percent, making up 47.7 percent of GDP (8.4 billion manat).

Total production in all sectors of the economy decreased 2.3%, amounting to 65% of GDP where 55.1% of GDP (9.7 billion manat) falls on the industry. In services, production of added value price increased by 7.0% to 28.7% 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

17596,6

100,0

100,8

production of goods

11438,9

65,0

97,7

including

- industry

9697,4

55,1

96,6

- agriculture

549,9

3,11

105,3

- construction

1191,6

6,8

103,1

Production of services

5043,9

28,7

107,0

including:

- transport

1161,8

6,6

107,8

- communications

320,8

1,8

118,7

- housing and communal service

243,8

1,4

117,7

- trade and repair

1384,3

7,9

109,3

- social and different services

1933,2

10,9

102,4

Net taxes on products

1113,8

6,3

106,4

Defliator

109,3

Source: State Statistics Committee

In January-May 2011, the amount of industrial production in Azerbaijan composed AZN 12.4 billion, which is 1.1% less than the same period of 2010.

In January-May 2011, industrial production in the private sector amounted to 78.5%, decreasing by 4.2 percent as compared to the same period of the last year. About 91.5 percent accounted for manufacture of industrial products and 8.5 percent for industrial services. Production in non-oil sector increased 10.6 percent.

During the reported period, the volume of production in the extractive industry decreased by 3.6 percent, reaching 9.3 billion manat with weight of 75.2 percent of all industrial production. The volume of oil produced during the period totaled 20 million tons and natural gas production - 10.7 billion cubic meters.

The amount of production in processing industry totaled 2.3 billion manat, increasing by 7.3 percent. In January-May, a significant increase was recorded in the production of motor vehicles, trailers and semi-trailers (56.7 percent), the production of electrical equipment (63.9 percent), metallurgy (66.7 percent), chemical industry (27.5 percent).

Also 8.4 percent increase was recorded in food production. Production of sausage products in the country grew by 4.6 percent, amounting to 792.7 tons, meat - by 4.6 percent (106,700 tons), milk - 5.4 percent (293,300 tons), butter - 0.8 percent (8,700 tons), cheese and cottage cheese - by 2.2 percent (18,300 tons), sugar - by 27.2 percent (143,000 tons).

According to State Statistics Committee, in January-May 2011, agricultural production in Azerbaijan increased by 5.3 percent, including crop production - by 5.7 percent, livestock production - 5.3 percent compared to the same period of last yea r. In January-May, the total amount of agricultural products was 940.9 million manat.

The amount of export increased by 29.43% as compared to last year and comprised $10.583bln, while import increased 45.06%, totaling $3.49bln. Azerbaijan exported 1,345 types of goods and imported 5,053. During the reported period, the indicator of export exceeded the indicator of import and thus, the black ink of import-export operations amounted to $7.093bln.

Nearly 3.415.7bln manat was invested in the economy of Azerbaijan in January-May 2011, an increase of 12.1% from the figures of the same period of the last year. Especially, in May 2011, 826.5 million manat was invested in Azerbaijan's economy, which is 13.2 percent more than investments in May 2010.

In January-May 2011, 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 8.1bln. In particular, 73.5 percent accounted for retail sales, 22.5 percent - paid services. In May 2011 , the prices for consumer goods and tariffs for services decreased 0.4 percent compared with the previous month, and compared to January-May 2010 grew by 8.9 percent in 2010 (data from State Statistics Committee).

According to the data provided by the State Statistics Committee of Azerbaijan, in January-May 2011, the nominal income of the population totaled AZN 11.192.5 billion which is 16.5% more as compared to January-May 2010. Thus, during this period, the nominal income of the population per capita increased by 15.0 percent to 1.241.8 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-May 2010, the nominal income rose by 9.5 percent, while per capita income by 8.3 percent.

In January-May 2011, the average rate of manat to the U.S. dollar was 0.79 manat per dollar, the euro, - 1.14 manat per euro, the Russian ruble - 2.83 manat per 100 ruble.

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