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General economic situation in Azerbaijan (Jan.-July 2012)

Analysis Materials 12 September 2012 10:28

According to the Azerbaijani State Statistics Agency, Azerbaijan's GDP increased by 1.6 percent or 476.5 million manat in Jan.-July 2012. The current price of GDP indicator reached 30.8 billion manat.

Azerbaijan's non-oil sector preserved the status of "engine" of the economy. Thus, GDP in the non-oil sector increased by 10.5 percent, but reduced by 6 percent in the oil sector.

GDP per capita was 3.364.7 manat ($4.280.9) increasing by 0.2 percent.

The main share or 67.4 percent of GDP was created in the areas of production, including 52.3 percent - in industry, 9.6 percent - in the construction sector, 5.5 per cent - in agriculture.
The share of services in GDP was 26.5 percent, including services in the field of transport - 4.9 percent, services in the field of trade and paid services - 8.4 percent, communications - 1.7 percent, the share of social and other services - 11.5 percent.

Around 6.1 percent of GDP fell to net taxes on production and imports.

Value added price

in mln manats

Special weight,

%

Rise in % compared to the period of last year

GDP in total

30783,1

100,0

101,6

production of goods

20757,9

67,4

99,4

including

- industry

16102,9

52,3

95,0

- agriculture

1705,3

5,5

106,8

- construction

2949,7

9,6

127,0

Production of services

8141,7

26,4

106,2

including:

- transport

1489,2

4,8

102,3

- communications

523,0

1,7

118,5

- tourism and public food facilities

429,7

1,4

119,1

- trade and repair

2154,2

7,0

109,3

- social and other services

3545,6

11,5

103,0

Net taxes on products

1883,5

6,1

109,5

Defliator

101,5

Source: the Azerbaijani State Statistics Committee

In Jan.-July 2012, the amount of industrial production in Azerbaijan hit 20.3 billion manat, which is 2.8 percent less than the same period of 2011. Around 92.5 percent fell to industrial production, while 7.5 percent - industrial services.

The growth of non-state sector hit 7.3 percent. The oil sector decreased by 4.7 percent.

The share of non-state sector in industrial production amounted to 81.9 percent of total industrial production.

During the reported period, the volume of production in the extractive industry decreased by 4.8 percent, reaching 15.59 billion manat with a weight of 76.87 percent of all industrial production. The volume of oil extracted during the period hit 25.8 million tons, natural gas production - 7.7 billion cubic meters, gold - 816.6 kilograms, silver - 412.5 kilograms.

The production volume in the manufacturing industry in January - July was 3.6 billion manat, increasing by 10.3 percent compared to the same period of 2011. For example, the production of electrical equipment increased by 2.5 times, the steel industry - 12.4 percent, production of computer and other electronic equipment increased by 10.6 times.

"Holcim-Azerbaycan" new cement plant was opened in Garadagh district of Baku in July. The plant, producing the goods by a dry method, will be the starting point of a new stage in the cement industry in the South Caucasus region. Dry cement production minimizes fuel consumption at the plant. Therefore, it is a wide-spread technology in Europe.

The production of food products grew by 4.1 percent. Sausage production increased by 1.1 percent to 1,100 tons, oil - by 63.1 percent (43,000 tons), butter - 1.4 percent (12,700 tons), margarine - by 32.5 percent (14,800 tons)

There was a decline in the production of motor vehicles, trailers and semi-trailers (78 percent) and the chemical industry (decreased by 15.9 percent).

According to the State Statistics Committee, agricultural products worth 2.874.1 billion manat were produced in Azerbaijan in Jan.-July, or 6.8 percent more than in January - July 2011. Thus, the production of plant products increased by 7.7 percent, animal products - by 5.7 percent. The prices on agricultural products decreased by 0.2 percent in Azerbaijan in July compared to the previous month.

In Jan.-July 2011 foreign trade turnover with 140 world countries amounted to $19.38 billion, or 5.94 percent less than last year. The volume of exports decreased by 9.05 percent and hit $ 14.08 billion compared to Jan.-July 2011. The volume of imports decreased by 3.47 percent and amounted to $5.299 billion. Azerbaijan exported 1,796 kinds of goods and imported 5,694 kinds of various goods. As of Jan.-July 2012, the exports exceeded the imports. This formed black ink in the foreign trade worth $8.78 billion.

In Jan.-July 2012, about 7.126.0 billion manat were invested from all financial sources to develop the economic and social spheres in Azerbaijan, or 27.2 percent more than in the same period of 2011. In particular, about 1.201.1 billion manat was invested in the Azerbaijani economy in July 2012, or 18.3 percent more than investments in main capital in July 2011.

The Azerbaijani consumer market is developing rapidly (9-10 percent annual growth). The basis for this growth falls to retail trade enterprises, catering and consumer services. They are growing in the country both qualitatively and quantitatively. According to the State Statistics Committee, in January-July 2012, the Azerbaijani trading networks sold consumer goods worth 9.597.2 billion manat to the population, or 9.3 percent more than in January-July 2011. Legal entities and individual entrepreneurs ensured 59 percent of trade turnover, fairs and markets - 41 percent.

There was deflation in Azerbaijan in July. In January-July 2012, the prices on consumer goods and services decreased by 0.7 percent compared to the previous month, while the prices increased by 2.0 percent in January-July 2012,in accordance with the January-July of 2011.

According to the Azerbaijani State Statistics Committee, in Jan.-July 2012 nominal income of the Azerbaijani population totaled 18.231.8 billion manat, or 13.9 percent more than in 2011. During this same period, nominal income per capita increased by 12.7 percent and amounted to 1.992.8 manat. The average monthly income per capita amounted to 284.7 manat. The rate of income growth per capita exceeded the growth of consumer prices by 10.3 percent.

As of January-July 2012, the actual income in the income part of the Azerbaijani state budget totaled 9.681.2 billion (31.4 percent of GDP), increasing by 41 percent compared to the same period of last year. The state budget expenditures increased by 38.8 percent and hit 8.605.7 billion (28 percent of GDP). The budget surplus for January - July totaled 1.075.5 billion manat or 3.5 percent of GDP.

The rate of manat maintained stable. In Jan.-July the average exchange rate of manat to the U.S. dollar was 0.79 manat per dollar, compared to the euro - 0.97 manat per euro, compared to the Russian ruble - 2.42 manat to 100 rubles.

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