General economic situation in Azerbaijan (January-October 2011)

Azerbaijan's GDP increased by 0.3 percent in January-October 2011 compared to the same period of 2010, the Azerbaijani State Statistics Committee reported. The current price of GDP indicator reached 40.7 billion manat. GDP per capital hit 4.499.7 manat ($5.693.7).

The non-oil sector increased by 8.6 percent but the oil and gas sector decreased by 7.8 percent.

The total production volume declined by 3.0 percent in all sectors of the economy and amounted to 27.8 billion manat, from which 54.9 percent of GDP (22.4 billion manat) is allocated to industrial production. In services with manufacturing value added, an increase of 6.4 percent was seen compared to the same period of 2010, reaching 10.5 billion manat.

Value added worth 2.4 billion manat was generated in agriculture, hunting, and forestry sectors - 6.0 percent of GDP, trade and repair of vehicles - 2.7 billion manat (1.7 percent), the construction sector - 3.0 billion manat (7.5 percent), transport and storage economy - 2.2 billion manat (5.2 percent), telecommunications and postal services - 676.8 million manat (1.7 percent), social and other services - 4.4 billion manat (10.8 percent).

Net taxes on products and imports increased by 7.5 percent and amounted to 2.4 billion manat, or 5.9 percent of GDP.

Value added price

in mln manats

Special weight, in %

Real rise, in %

GDP in total

40690,0

100,0

100,3

production of goods

27823,9

68,4

97,0

including

- industry

22352,3

54,9

93,2

- agriculture

2427,9

6,0

107,1

- construction

3043,7

7,5

115,5

Production of services

10464,1

25,7

106,4

including:

- transport

2152,7

5,2

103,3

- communications

676,8

1,7

111,7

- tourism and public food facilities

529,1

1,3

122,3

- trade and repair

2720,6

6,7

110,0

- social and other services

4384,9

10,8

103,7

Net taxes on products

2402,0

5,9

107,5

Defliator

117,7

Source: State Statistics Committee

In January-October 2011, the amount of industrial production in Azerbaijan composed AZN 27.98 billion, which is 4.0% less than the same period of 2010.

In January-October 2011, industrial production in the private sector amounted to 81.4%, decreasing by 7.9 percent as compared to the same period of the last year. About 92.6 percent accounted for manufacture of industrial products and 7.4 percent for industrial services.

Despite that there was a decline in oil sector, growth continued in many spheres of non-oil industry and overall growth totaled 9.8 percent.

During the reported period, the volume of production in the extractive industry decreased by 6.8 percent, reaching 21.7 billion manat with weight of 77.7 percent of all industrial production. The volume of oil produced during the period decreased by 8.9 percent and totaled 39 million tons and natural gas production - 21.6 billion cubic meters (with a decrease of 25 percent).

The amount of production in processing industry totaled 4.8 billion manat, increasing by 7.6 percent. Also increase was recorded in food production. Production of sausage products in the country grew by 11 percent, amounting to 1,600 tons, meat - by 4.6 percent (214,900 tons), milk - 5.4 percent (590,400 tons), butter - 0.8 percent (17,600 tons), sugar - by 17.2 percent (295,500 tons).

Significant growth in production volumes during the year was recorded in the metal industry (86.2 percent), clothing (57.4 percent), chemicals (36 percent), in the installation and repair of machinery and equipment (60.8 percent), computers and other electronic equipment - (30.7 percent).

In January-October 2011, Azerbaijan produced 1,494 kg of gold and 1,063 kg of silver.

The total of agricultural products at actual prices for the ten months of 2011 amounted to 4.145 billion manat, which is 7.1 percent more than the same period of the last year. In particular, livestock grew at actual prices by 3.5 percent, while crop production - by 9.9 percent.

The foreign trade turnover with 147 world countries amounted to $ 26.77 billion in January-October 2011, or 32.29 percent more than in January-October last year. The volume of exports increased by 27.49 percent to $ 22.14 billion compared to the same period of 2010. The volume of import increased by 48.5 percent and hit $ 7.63 billion. Azerbaijan exported 1,950 products, and imported 5,970 different goods. The index of export exceeded import In January-October this year. This formed the foreign trade surplus to the amount of $ 14.51 billion.

Nearly 8.649.3bln manat was invested in the economy of Azerbaijan in January-October 2011, an increase of 21.7% from the figures of the same period of the last year. Especially, in October 2011, 1.072.6 billion manat was invested in Azerbaijan's economy, which is 19.1 percent more than investments in October 2010.

In January-October 2011, a rise of the retail goods turnover and paid services offered to population increased by 9.6 percent compared to January-October 2010 and amounted to 17.2 billion manat. In particular, 75.2 percent accounted for retail sales, 19.6 percent - paid services.

In October 2011, the prices for consumer goods and tariffs for services remained unchanged compared to the previous month, and compared to January-October 2010 increased by 8.3 percent (data from the State Statistics Committee).

According to the data provided by the Azerbaijani State Statistics Committee, in January-October 2011, the nominal income of the population totaled 24.538.6 billion manat which is 19.0 percent more as compared to January-October 2010. Thus, during this period, the nominal income of the population per capita increased by 17.4 percent to 2.713.6 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-October 2010, the nominal income rose by 11.7 percent, while per capita income by 10.4 percent.

In January-October 2011, the average rate of manat to the U.S. dollar was 0.79 manat per dollar, the euro, - 1.08 manat per euro, the Russian ruble - 2.51 manat per 100 ruble.

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