General economic situation in Azerbaijan (January-August 2011)

Azerbaijan's GDP increased by 1.1 percent or 292.5 million manat in January-August 2011 compared to the same period of 2010, the Azerbaijani State Statistics Committee reported. The current price of GDP indicator reached 30.9 billion manat. GDP per capital hit 3.418.4 manat ($4.320.6).

The non-oil sector increased by 8.5 percent to 15.188.1 billion manat, but the oil and gas sector totaled 49.2 percent of country's GDP.

The total production volume declined by 1.9 percent in all sectors of the economy and amounted to 20.6 billion manat, from which 53.3 percent of GDP (16.5 billion manat) is allocated to industrial production. In services with manufacturing value added, an increase of 6.5 percent was seen compared to the same period of 2010, reaching 8.4 billion manat.

Value added worth 1.9 billion manat was generated in agriculture, hunting, and forestry sectors - 6.2 percent of GDP, the construction sector - 2.2 billion manat (7.3 percent), transport and storage economy - 1.9 billion manat (6 percent), telecommunications and postal services - 519.4 million manat (1.7 percent), social and other services - 3.5 billion manat (11.3 percent).

Source: State Statistics Committee

In January-August 2011, the amount of industrial production in Azerbaijan composed AZN 20.9 billion, which is 2.6% less than the same period of 2010.

In January-August 2011, industrial production in the private sector amounted to 80.2%, decreasing by 6.0 percent as compared to the same period of the last year. About 92.1 percent accounted for manufacture of industrial products and 7.9 percent for industrial services. Production in non-oil sector increased 10.4 percent.

During the reported period, the volume of production in the extractive industry decreased by 5.5 percent, reaching 15.9 billion manat with weight of 76.3 percent of all industrial production. The volume of oil produced during the period totaled 31.7 million tons and natural gas production - 17.2 billion cubic meters.

The amount of production in processing industry totaled 3.8 billion manat, increasing by 9.8 percent. Also increase was recorded in food production. Production of sausage products in the country grew by 6.7 percent, amounting to 1,300 tons, meat - by 4.6 percent (171,700 tons), milk - 5.4 percent (471,700 tons), butter - 0.8 percent (14,000 tons), sugar - by 16 percent (227,200 tons).

Significant growth in production volumes during the year was recorded in the metal industry (79.8 percent), clothing (60.3 percent), chemicals (53.2 percent), in the installation and repair of machinery and equipment (53.4 percent), and in their production, growth rate was 25.4 percent. Paper and cardboard over the same period of the last year grew by 33.4 percent, alcohol - 30 percent of computers and other electronic equipment - 20.6 percent, etc.

In January-August 2011, Azerbaijan reduced gold production by 9.1 percent and increased silver production by 34.9 percent, respectively. According to State Statistics Committee, over eight months of 2011, the country produced 2,073 kilograms of precious metals (including 211 kg in August), which is 6.3 percent higher than their production during the same period of 2010.

In January-August, production amounted to 1,154 kg of gold and 919 kg of silver. 126 kg of gold and 85 kg of silver was produced in August. At the same time, gold reserves totaled 68 kg (43 kg in August) and 57 kg of silver (33 kg).

According to State Statistics Committee, over the first eight months of 2011, the agricultural production in Azerbaijan has grown by 9.4 percent, including crop production - by 13.7 percent, livestock - 4.2 percent compared to the same period of the last year.

In January-August 2011, Azerbaijan's foreign trade turnover with 146 countries comprised $23.661 billion or an increase of 31.66 percent compared to January-August 2010. The amount of export increased by 27.59% as compared to last year and comprised $17.798bln, while import increased 45.76%, totaling $5.863bln. Azerbaijan exported 1,751 types of goods and imported 5,657 types of goods. During the reported period, the indicator of export exceeded the indicator of import and thus, the black ink of import-export operations amounted to $11.935bln.

Nearly 6.398.4bln manat was invested in the economy of Azerbaijan in January-August 2011, an increase of 21.4% from the figures of the same period of the last year. Especially, in August 2011, 906.9 million manat was invested in Azerbaijan's economy, which is 39.4 percent more than investments in August 2010.

In January-August 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 13.3bln. In particular, 75.1 percent accounted for retail sales, 20.4 percent - paid services.

In August 2011, the prices for consumer goods and tariffs for services increased 0.6 percent compared with the previous month, and compared to January-August 2010 grew by 8.5 percent in 2010 (data from State Statistics Committee).

According to the data provided by the State Statistics Committee of Azerbaijan, in January-August 2011, the nominal income of the population totaled AZN 19.030.2 billion which is 17.0 percent more as compared to January-August 2010. 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-August 2010, the nominal income rose by 11.0 percent, while per capita income by 9.8 percent.

In January-August 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 - 2.73 manat per 100 ruble.