General economic situation in Azerbaijan (January-April 2012)

Azerbaijan's GDP increased by 0.3 percent in January-April 2012, the Azerbaijani State Statistics Committee reported. The current price of GDP indicator reached 16.63 billion manat.

Nominal GDP growth in January - April of 2012 hit 7 percent compared to the same period of last year. The volume of GDP per capita was 1820 manat $2314.6).

The non-oil sector increased by 9.5 percent compared to the same period of 2011 and amounted to 42.5 percent of GDP.

Production and processing of oil and gas industry amounted to 57.5 percent of GDP, with an annual decline of production in this sector by 6.4 percent.

In the first four months of this year in agriculture, fisheries and forestry was produced added value in the amount of 422.8 million manat, which represents 2.5 percent of GDP in the construction sector - 1.11 billion manat (6.7 percent), trade and repair of vehicles - 1.16 million manat (7 percent), transport and warehousing - 810.7 million manat (4.9 percent), telecommunications and information - 284.3 million manat (1.7 percent ), the field of tourist accommodation and catering - 234.8 million manat (1.4 percent), social support and other services - 1710.6 million manat (10.3 percent).

The total volume of production in all sectors of the economy fell by 2.3 percent over the same period in 2011 and amounted to 11.4 billion manat, where the bulk - 59.3 percent of GDP (9.9 billion manat) accounted for Industry. In services, the production of value added, compared to the same period in 2011 increased by 5.6 per cent, amounting to 4.2 billion manat.

Net taxes on products and imports increased by 7.7 percent and amounted to 1030.4 million manat or 6.2 percent of GDP.

Value added price

in mln manats

Special weight, in %

Growth compared to reporting period of last year, %

GDP in total

16625,0

100,0

100,3

production of goods

11390,8

68,5

97,7

including

- industry

9853,7

59,3

95,1

- agriculture

422,8

2,5

104,5

- construction

1114,3

6,7

122,0

Production of services

4203,8

25,3

105,6

including:

- transport

810,7

4,9

100,1

- communications

284,3

1,7

113,2

- tourism and public food facilities

234,8

1,4

117,3

- trade and repair

1163,4

6,9

109,1

- social and other services

1710,6

10,3

103,6

Net taxes on products

1030,4

6,2

107,7

Defliator

106,7

Source: State Statistics Committee

In January-April 2012 industrial production output [produced goods and rendered services of industrial nature] in Azerbaijan amounted to 12.3 billion manat, which is 2.6 percent less than in the same period of 2011.

In the private sector industrial output compared to the same period last year dropped by 3.9 percent, to 82.1 percent of total industrial production. At the same time, 92.6 per cent falls to the production of industrial goods, 7.4 percent - industrial services. Production in non-oil industrial sector grew by 11.2 percent.

During the reporting period, the volume of production in the mining industry decreased by 5.3 percent to 9.59 billion manat with share of 78.3 per cent in the total industrial production. Oil production fell by 6.9 percent to 14.8 million tons and natural gas production rose by 9.9 per cent - up to six billion cubic meters.

Output in the manufacturing industry amounted to 1.99 billion manat, having increased during the year by 15.5 percent. In January-April, there was an increase in the production of electrical equipment by 3.9 times, furniture (3.8 times), products from rubber and plastic (3.1 times), finished metal products (87.4 percent), in the textile industry (94.5 per cent) and manufacture of machinery and equipment (57.9 percent).

Also, there was an increase of 2.1 percent in food production. The production of sausage products in the country grew by 1.6 percent, reaching 994.3 tons, vegetable oil - 19.8 percent (18,300 tons), butter - 0.9 percent (7,200 tons), margarine - 62.6 percent (9,700 tons).

In January-April, metallurgical industries and enterprises for production of finished steel products produced products and rendered services worth 138.7 million manat in Azerbaijan. The volume of production in the metallurgical industry increased by one percent, and production of finished metal products - by 87.4 percent.

Azerbaijan decreased gold production by 34 percent decreasing total production of precious metals by 39 percent. According to the State Statistics Committee, in January-April, the country produced 691.4 kilograms of precious metals (262 kg in January, 135.8 kg in February, 149.7 kg in March and 13.9 kg in April), which was lower than their production in January-April 2011 by 39.4 percent. Stock of precious metals as of May 1, 2012 amounted to 101.2 kg (-41.3 kg in April). In January-April, production amounted to 399.6 kg of gold and 291.8 kg of silver. At the same time gold stocks were 25 kg (-41.5 kg in April) and silver - 34.9 kg (+0.2 kg).

In January-April, in Azerbaijan volume of agricultural production at current prices amounted to 712 million manat, or 4.5 percent more compared to the same period in 2011. The growth of crop production was 9.5 percent, livestock production - 4.3 percent.

The total volume of the country's trade turnover with 129 countries amounted to $11.335 billion, which exceeds the figure for the same period of last year by 5.72 per cent. During the first four months of 2012, export operations reached $8.433 billion or 5.36 per cent more than the same period of 2011. In the first four months of 2012, imports amounted to $2.902 million, or 6.79 per cent more than the same period in 2011. In January-April Azerbaijan exported 1177 types of commodities and imported 5089 into the country.

Some 3.274.9 billion from all financial sources manat was invested in the development of economic and social areas in Azerbaijan in January-April, which is 26.5 per cent more than the same period of last year. In particular, 1.117.5 billion manat, which is 44.5 percent more than investments in fixed capital in April 2011, have been invested in Azerbaijan's economy in April 2012.

In January-April 2012, consumer goods sold to population increased by 9.1 percent compared to January-April 2011 and amounted to 5.343.8 billion manat. Legal entities and individual entrepreneurs ensured 46.0 percent of trade turnover, fairs and markets - 41.5 percent.

In April, consumer prices in Azerbaijan dropped by 0.4 percent compared to the previous month, during January-April 2012 increased by 2.7 percent compared to January-April 2011.

According to State Statistics Committee of Azerbaijan, in January-April 2012 nominal income of the population of Azerbaijan totaled 9.761.1 billion manat, which is 14.1 percent more compared to the same period in 2011. During this same period, nominal income per capita income grew by 12.6 percent to 1,068.6 manat. The growth rate of per capita income exceeded the growth in consumer prices by 9.9 percent.

Actual proceeds to the revenue of Azerbaijan's state budget amounted to 5.386.5 billion manat in January-April 2012 (32.4 percent of GDP), increasing by 33.1 percent compared to the same period in 2011. State budget expenditures increased by 37.9 percent and amounted to 3.894.5 billion manat (23.4 percent of GDP). Budget surplus in January-April 2012 stood at 1.492 billion manat, which accounted for nine percent of GDP.

Exchange rate of manat remained stable. In January-April 2012 average exchange rate of manat compared to the U.S. dollar was 0.79 manat per dollar, compared to the euro - 1.03 manat per euro, to the Russian ruble - 2.67 manat for 100 rubles.

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