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




production of goods





- industry




- agriculture




- construction




Production of services





- transport




- communications




- tourism and public food facilities




- trade and repair




- social and other services




Net taxes on products






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.

Azerbaijan's digital infrastructure project to generate Digital Silk Road between Europe, C.Asia
Azerbaijan's digital infrastructure project to generate Digital Silk Road between Europe, C.Asia
IAM Construction LLC to reconstruct facility in Azerbaijan’s Seaside Park
IAM Construction LLC to reconstruct facility in Azerbaijan’s Seaside Park
Iran to construct new seaport making it largest in country
Iran to construct new seaport making it largest in country
Loading Bars
Exports to Iraq via Mehran crossing top $460m
Turkey passes 10 million mark in COVID-19 vaccinations
Georgian parliamentary committees to hear report on HPP construction
Official representative of Presidential Administration of Azerbaijan thanks Israel for medical assistance - Israel HaYom
UN chief urges countries to adopt special measures, quotas to advance women's equal participation
UK records another 4,712 coronavirus cases
Supreme Court rejects final Trump election challenge
India may start full operations at Chabahar port by May end
Iran profits from gas transmission development
Georgia 1st among best destinations for vaccinated travellers in 2021
Erdogan, Johnson discuss bilateral developments over phone
Electricity consumption in February amounted to 1.6 bln kWh in Kyrgyzstan
U.S. COVID-19 cases surpass 29 mln
Yellen says Biden COVID bill to fuel 'very strong' U.S. recovery
Iran's budget deficit decreases
Iran's Energy Exchange announces products to be on sale on March 9
Africa's confirmed COVID-19 cases pass 3.96 mln: Africa CDC
Syria's President Bashar al-Assad tests positive for Covid-19
Employment in Iran's industrial sector increases
Bulk of Jan.2021 loans to electric energy sector in Azerbaijan issued in foreign currency
Azerbaijan confirms 71 more COVID-19 recoveries
Loading-unloading of cargo in ports of Iran's Gilan Province expands
Iran's power consumption reduced by Omid plan
Iran to inaugurate more projects in free economic zones
Iran has developed steel supply chain - Iranian President
Iran's Securities and Exchanges Organization talks number of investors in capital market
Iran’s Bahar Azadi gold coin price rising
Volume of dry-farming land in Iran increases
Iran's NISOC begins excavations on its territory
Iran’s South Pars Gas Company reveals production data of its refinery
Iran waits for Europeans to comply with the JCPOA - MFA
Iran to make decision whether to open schools after Nowruz holiday
Production of LPG-fueled cars in Iran's interests - Chamber of Commerce
Armenia's war crimes exposed at UN Congress
Azerbaijan sees growth in Jan.2021 transactions via clearing system for small payments
Iran boosts car manufacturing
Spanish La Vanguardia: Return to Azerbaijan's Karabakh after war
Azerbaijan’s export of ferrous metal products down
Turkmenbashi Oil Refineries opens tender for purchase of gasoline
Britain's M&S expands online business to over 100 markets
Dustbin of history - place for former Armenian president Kocharian, 'Karabakh clan' - historian
Khazar Consortium opens tender to purchase cementing unit
Turkey’s food retail chain Migros to bolster gender-equal workforce and greener stores
Iran Mercantile Exchange working to expand sale of goods
Iran reveals COVID-19 data for March 8
Modi to inaugurate Maitri Setu between India and Bangladesh on Tuesday
India's Covid Vaccine Rollout "Rescued The World": Top US Scientist
India pre-eminent partner of US in Indo-Pacific region: Blinken tells Jaishankar
Bachendri Pal to lead all women team aged above 50 in a 5 month long Himalayan expedition
Satellite set for Mar 28 launch will provide near real time images of borders, quick monitoring of natural disasters
Sikh Fighter Pilot Memorial In UK To Honour Indians Who Fought In World Wars
IMF, Georgia review agenda of bilateral cooperation
Iranian President and Irish FM discuss JCPOA
Iran reserves strategic basic goods
Iran’s Rouhani asks for release of frozen assets in Iraqi banks
Iranian parliament approves increase of salaries to aid low incomes
Iran not to allocate Nowruz gasoline quota due to COVID-19
Uzbekneftegaz establishing production of import-substituting products for industrial enterprises
Iran to obtain its funds frozen in Iraq
Georgia opens new enterprise with support of Rural Development Agency
Interest in entrepreneurship growing among women in Azerbaijan
Export of cotton from Azerbaijan greatly increases in Jan. 2021
Mubarek oil&gas production dep’t owned by Uzbekneftegaz to increase natural gas production
Uzbekistan reveals its COVID-19 data for March 8
Iran unveils number of mining facilities put into operation
Japanese businessmen visit Azerbaijan’s Guba genocide memorial complex (PHOTO)
Development of Iran's Siyahmakan oil field launched
Nearly half of non-oil sector taxes in Azerbaijan falls on mobile operator in 2020
Azerbaijan's Azercell reveals number of processed requests in 2020
Azerbaijan's Jan. 2021 imports from EU show increase
Accumulative life insurance market in Azerbaijan grows
Iran capable of building long water transfer pipelines - Iranian VP
Deliveroo launches London IPO after business surges in 2020
Iran to publish final report of the downed Ukrainian jet soon
No direct or indirect relations between Iran and US - Iranian Foreign Ministry
Approval of FATF related bills would increase Iran's export revenue - Iranian Union
Iranian medicine importers awaiting approval of FATF related conventions
Turkey records slight decrease in car exports abroad
Cement exports from Turkey to global markets grow
Azerbaijan shows footage from Zangilan's Garagoz village (VIDEO)
Turkey's revenues from export of grains, legumes to global markets up
Moscow hosts opening ceremony of another 'Gifts of Azerbaijan' stand
Turkmenistan sells diesel fuel, gasoline to number of countries
Baku celebrating International Women's Day (PHOTO)
Kazakhstan's exports to Portugal plummet amid COVID-19
Kazakhstan boosts trade turnover with Lithuania
Oil supply to exceed demand in 2022, says JP Morgan
Georgia sees decrease in COVID-19 cases
Uzbekistan's gold deposit ranks in list of world's biggest gold mines by production
Azerbaijan's digital infrastructure project to generate Digital Silk Road between Europe, C.Asia
U.S. says all options on table for a decision on Afghanistan
Growth rate of agricultural production in Turkmenistan increases
Uzbekneftegaz reveals volume of oil products manufactured in 2M2021
Azerbaijan's First VP congratulates Azerbaijani women on International Women's Day
JP Morgan reveals 2021 oil demand & supply forecasts
Boom in Iran's housing sector create new jobs for local force
JP Morgan says OPEC to boost supply in 2021
OPEC crude output to exceed 30 mbpd in 2022 – JP Morgan
Uzbekistan, India talk mutual phytosanitary permits for agricultural products
Turkmenistan exceeds plan for transport, communication sector
All news