General economic situation in Azerbaijan (January-July 2011)

Azerbaijan 's GDP increased by 1.1 percent or 267.9 million manat in January-July 2011 compared to the same period of 2010, the Azerbaijani State Statistics Committee reported. The current price GDP indicator reached 26.5 billion manat. GDP per capital hit 2.936.5 manat ($3.708.2).

The non-oil sector increased by 8.5 percent to 13.1 billion manat, but the oil and gas sector decreased by 5.9 percent.

The total production volume declined by 1.9 percent in all sectors of the economy and amounted to 17.67 billion manat, from which 53.4 percent of GDP (14.2 billion manat) is allocated to industrial production. In services with manufacturing value added, an increase of 6.9 percent was seen compared to the same period of 2010, reaching 7.26 billion manat.

Value added worth 1.6 billion manat was generated in agriculture, hunting, and forestry sectors - 6 percent of GDP, the construction sector - 1.9 billion manat (7.3 percent), transport and storage economy - 1.6 billion manat (6.2 percent), telecommunications and postal services - 451.2 million manat (1.7 percent), social and other services - 2.9 billion manat (11.1 percent).

Value added price

in mln manats

Special weight, in %

Real rise, in %

GDP in total

26502,3

100,0

101,1

production of goods

17673,6

66,7

98,1

including

- industry

14153,5

53,4

95,3

- agriculture

1581,5

5,9

110,2

- construction

1938,6

7,3

110,0

Production of services

7262,3

27,4

106,9

including:

- transport

1635,3

6,2

108,0

- communications

451,2

1,7

112,6

- housing and communal service

349,7

1,3

119,5

- trade and repair

1880,7

7,1

109,6

- social and different services

2945,4

11,1

102,8

Net taxes on products

1566,4

5,9

107,8

Defliator

111,3

Source: State Statistics Committee

In January-July 2011, the amount of industrial production in Azerbaijan composed AZN 18 billion, which is 2.3% less than the same period of 2010.

In January-July 2011, industrial production in the private sector amounted to 79.4%, decreasing by 5.8 percent as compared to the same period of the last year. About 91.9 percent accounted for manufacture of industrial products and 8.1 percent for industrial services. Production in non-oil sector increased 11.6 percent.

During the reported period, the volume of production in the extractive industry decreased by 5.2 percent, reaching 13.7 billion manat with weight of 76 percent of all industrial production. The volume of oil produced during the period totaled 27.7 million tons and natural gas production - 15.1 billion cubic meters.

In January-July 2011, Azerbaijan reduced gold production by 3.2 percent and increased silver production by 45.3 percent, respectively. According to State Statistics Committee, over seven months of 2011, the country produced 1,862 kilograms of precious metals (including 202 kg in July), which is 13.8 percent higher than their production during the same period of 2010. The storage reserves of precious metals totaled 49 kg (-66 kg in July). In January-July, gold production totaled 1,028 kg and silver production - 834 kg.

The amount of production in processing industry totaled 3.3 billion manat, increasing by 9.7 percent. In January-July, a significant increase was recorded in the production of motor vehicles, trailers and semi-trailers (16.5 percent), the production of electrical equipment (27 percent), metallurgy (77.4 percent), chemical industry (53.8 percent).

Also 6.4 percent increase was recorded in food production. Production of sausage products in the country grew by 5.5 percent, amounting to 1,100 tons, meat - by 4.6 percent (149,800 tons), milk - 5.4 percent (411,700 tons), butter - 0.8 percent (12,300 tons), cheese and cottage cheese - by 2.2 percent (25,700 tons), sugar - by 14.6 percent (190,000 tons).

Thus, according to the State Statistics Committee, over the first seven months of 2011, agricultural production in Azerbaijan grew by 10.2 percent, including crop production by 15.1 percent, livestock by 4.8 percent as compared to the same period of the last year.

The amount of export increased by 28.95% as compared to last year and comprised $15.484bln, while import increased 46.59%, totaling $5.142ln. Azerbaijan exported 1,667 types of goods and imported 5,501. During the reported period, the indicator of export exceeded the indicator of import and thus, the black ink of import-export operations amounted to $10.343bln.

Nearly 5.491.5bln manat was invested in the economy of Azerbaijan in January-July 2011, an increase of 19.1% from the figures of the same period of the last year. Especially, in July 2011, 1.014.9 billion manat was invested in Azerbaijan's economy, which is 26.8 percent more than investments in July 2010.

In January-July 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 11.6bln. In particular, 74.6 percent accounted for retail sales, 21.1 percent - paid services.

According to the data provided by the State Statistics Committee of Azerbaijan, in January-July 2011, the nominal income of the population totaled AZN 16.337.5 billion which is 17.3 percent more as compared to January-July 2010. Thus, during this period, the nominal income of the population per capita increased by 15.8 percent to 1.810.2 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-July 2010, the nominal income rose by 9.3 percent, while per capita income by 8.0 percent.

In January-July 2011, the average rate of manat to the U.S. dollar was 0.79 manat per dollar, the euro, - 1.13 manat per euro, the Russian ruble - 2.82 manat per 100 ruble.

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