General economic situation in Azerbaijan (January-June 2012)

In the first half of 2012 positive trends intensified in Azerbaijan's economy. According to the Azerbaijani State Statistics Committee, Azerbaijan's GDP increased by 1.5 percent in January-June 2012 compared to the same period last year and reached 25.9 billion manat in current prices. The reason for the economic growth by only 1.5 per cent is that there is some reduction in oil production. Given that the oil sector accounts for a large part of the country's economy, this reduction affects the overall performance.

Nominal GDP growth for the first half of this year was 3.5 percent compared to the same period last year. The volume of GDP per capita amounted to 2,828 manat ($3,597.5).

The non-oil sector increased by 11.3 percent and amounted to 52.2 percent of GDP. Thus, the non-oil sector of Azerbaijan retained the status of "engine" of the economy: its growth exceeded overall economic growth by 7.5 times.

In January-June added value in the amount of 1.17 billion manat was produced in agriculture, fisheries and forestry, which is 4.5 percent of GDP, in the construction sector - 2.39 billion manat (9.2 percent), trade and repair of vehicles - 1.8 billion manat (7 percent), transport and warehousing - 1.27 billion manat (4.9 percent), telecommunications and information - 431.8 million manat (1.7 percent ), the field of tourist accommodation and catering - 350 million manat (1.4 percent), social support and other services - 2.93 billion manat (11.3 percent).

The total volume of production in all sectors of the economy fell by 0.8 percent over the same period in 2011 and amounted to 17.5 billion manat, where the bulk - 53.9 percent of GDP (13.9 billion manat) accounted for Industry. In services, the production of value added, compared to the same period in 2011 increased by 6.3 per cent, amounting to 6.79 billion manat.

Net taxes on products and imports increased by 9.8 percent and amounted to 1.558.4 billion manat or 6 percent of GDP.

Value added price

in mln manats

Special weight, in %

Growth compared to reporting period of last year, %

GDP in total

25861,3

100,0

101,5

production of goods

17514,3

67,7

99,2

including

- industry

13960,0

54,0

94,6

- agriculture

1165,7

4,5

110,4

- construction

2388,6

9,2

129,5

Production of services

6788,6

26,3

106,3

including:

- transport

1272,5

4,9

102,2

- communications

431,8

1,7

117,9

- tourism and public food facilities

350,0

1,4

119,4

- trade and repair

1805,8

7,0

109,2

- social and other services

2928,5

11,3

103,5

Net taxes on products

1558,4

6,0

109,8

Defliator

102,0

Source: State Statistics Committee

In January-June 2012 industrial production output [produced goods and rendered services of industrial nature] in Azerbaijan amounted to 17.5 billion manat, which is 3 percent less than in the same period of 2011.

Share of private sector compared to the same period of last year dropped by 3.8 percent, amounting to 81.9 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 8.7 percent which is a result of the implementation in recent years of the program of industrialization. In various regions of our country, in Baku new large and small businesses are commissioned, new jobs are created, which will further strengthen the non-oil sector.

During the reporting period, the volume of production in the mining industry decreased by 5.4 percent to 13.52 billion manat with share of 77 per cent in the total industrial production. Oil production hit 22.2 million tons (a decrease of 6.8 percent) and natural gas production - 8.8 billion cubic meters (an increase of 8.2 percent).

The amount of production in processing industry totaled 3.09 billion manat, increasing by 13.6 percent in January-June. In January-June, there was a decline in the production of motor vehicles, trailers and semi-trailers (75.9 percent), in the wood processing and manufacturing of wood production (46.2 percent), paper and cardboard (36.9 percent), and tobacco products (21 percent) and so on.

An increase by 12.9 times was observed in manufacturing of computer and other electronic equipment, rubber and plastic materials - 3.4 times, printing industry - 2.1 times, furniture - 3.5 times, textile industry - 1.98 times and so on.

Azerbaijan reduced gold production by 24.4 percent and silver production by 50.8 percent. According to the Azerbaijan Statistics Committee, in January-June the country produced 1,052 kg of precious metals, which is 36.6 percent less than production in January-June 2011. The storage reserves of precious metals hit 95.6 kg (+16.6 kg in June). In January-June the production hit 673.6 kg of gold and 378.4 kg of silver. The gold stocks hit 66 kg (+19.3 in June) and 29.6 kg of silver (-2.7 kg).

According to the country's State Statistics Committee, Azerbaijan produced agricultural products worth 1.970.6 billion manat in January-June 2012, which is 10.4 percent more than in January-June 2011. Thus, the production of vegetable products increased by 17.5 percent, livestock products - by 5.5 percent, fish were caught in the amount of 68,800 manat.

The foreign trade turnover with 135 world countries amounted to $17.17 billion in Jan.-June 2012, or 1.4 percent less than last year. The volume of exports decreased by 2.9 percent to $12.71 billion compared to Jan.-June 2011. The volume of import increased by 3.14 percent and hit $4.46 billion. Azerbaijan exported 1,714 products, and imported 5,548 different goods. The index of export exceeded import as of Jan.-June 2012. This formed the foreign trade surplus to the amount of $8.25 billion.

Some 5.924.9 million manat was invested from all financing sources in the development of economic and social spheres in Azerbaijan in January-June 2012, an increase of 29.6 percent compared to the same period of the last year. Especially, in June 2012, 1.451.5 billion manat was invested in Azerbaijan's economy, which is 36.8 percent more than investments in June 2011.

According to the State Statistics Committee, in Jan.-June 2012, the Azerbaijani trading networks sold consumer goods to the population at 8.196.5 billion manat, which is 9.2 percent more than in Jan.-June 2011. Legal entities and individual entrepreneurs ensured 59 percent of trade turnover, fairs and markets - 41 percent.

Deflation was recorded in Azerbaijan in June. In Jan.-June 2012, the prices on consumer goods and tariffs for services decreased by 1.3 percent compared to the previous month, and increased by 2.2 percent compared to Jan.-June 2011 (data from the State Statistics Committee).

According to the Azerbaijani State Statistics Committee, in January-June 2012, the nominal income of the population totaled 15.099.8 billion manat which is 14.2 percent more as compared to the same period of 2011. Thus, during this period, the nominal income of the population per capita increased by 12.7 percent and hit 1.651.2 billion manat. The average monthly income per capita was 275.2 manat. The growth rate of income per capita exceeded the growth in consumer prices by 10.5 percent.

Actual revenue in the revenue part of Azerbaijan's state budget amounted to 8.134.3 billion manat (31.5 percent of GDP) in January-June 2012, increasing by 45 percent compared to the same period last year.

State budget expenditures increased by 45.6 percent and amounted to 7.109.5 billion manat (27.5 per cent of GDP). The budget surplus for January - June amounted to 1.024.8 billion manat, or 4 percent of GDP.

Exchange rate of manat remained stable. In January-June 2012 average exchange rate of manat compared to the U.S. dollar was 0.79 manat per dollar, compared to the euro - 0.99 manat per euro, to the Russian ruble - 2.39 manat for 100 rubles.

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