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

Azerbaijan's GDP increased by 1.3 percent in January-August 2012 compared to the same period of 2011, the Azerbaijani State Statistics Committee reported. The current price of GDP indicator reached 35.1 billion manat.

Nominal GDP growth was 2.4 percent in January-August compared to the same period last year.

The volume of GDP per capita amounted to 3.838.4 manat ($4.883.4).

The non-oil sector increased by 10.7 percent and amounted to 49.8 percent of GDP.

During the first eight months added value in the amount of 2.1 billion manat was observed in agriculture, fisheries and forestry, which is 5.8 percent of GDP, in the construction sector - 3.4 billion manat (9.6 percent), trade and repair of vehicles - 2.4 million manat (6.9 percent), transport and warehousing - 1.7 million manat (4.8 percent), telecommunications and information - 602.8 million manat (1.7 percent ), tourist accommodation and catering - 464.5 million manat (1.3 percent), social support and other services - 4.1 billion manat (11.8 percent).

The total volume of production in all sectors of the economy in January-August 2012 fell by 0.3 percent compared to the same period in 2011 and amounted to 23.66 billion manat, where the major part - 51.9 percent of GDP (18.2 billion manat) accounted for industry. In services, the production of value added, compared to the same period in 2011 increased by 6.9 per cent, amounting to 9.3 billion manat.

Net taxes on products and imports increased by 14.4 percent and amounted to 2.178.1 billion manat or 6 percent of GDP.

Value added

in mln manats

Special weight, in %

Growth compared to reporting period of last year, %

GDP in total

35136,4

100,0

101,3

production of goods

23658,1

67,3

99,0

including

- industry

18229,6

51,8

94,2

- agriculture

2054,5

5,4

106,7

- construction

3374,0

9,6

128,3

Production of services

9300,2

26,4

106,1

including:

- transport

1682,2

4,8

102,3

- communications

602,8

1,7

118,7

- tourism and public food facilities

464,5

1,3

117,1

- trade and repair

2409,8

6,9

109,2

- social and other services

4140,9

11,8

103,2

Net taxes on products

2178,1

6,2

108,1

Defliator

101,1

Source: State Statistics Committee

In January-August 2012 industrial production output [produced goods and rendered services of industrial nature] in Azerbaijan amounted to 23.034 billion manat, which is 3.3 percent less than in the same period of 2011. Share of private sector compared to the same period of last year dropped by 4.2 percent, amounting to 81.7 percent of total industrial production.

At the same time, 92.3 per cent falls to the production of industrial goods, 7.7 percent - industrial services. Production in non-oil industrial sector grew by 7.9 percent, and oil sector decreased by 5.4 percent.

During the reporting period, the volume of production in the mining industry decreased by 5.5 percent to 17.63 billion manat with share of 76.5 per cent in the total industrial production. Oil production hit 29.4 million tons decreasing by 6.9 percent and natural gas production - 11.4 billion cubic meters decreasing by 5.7 percent.

In January-August 2012 Azerbaijan decreased gold production by 15.7 percent and silver mining - by 51.1 percent. In January-August, the country produced 1,230 kilograms of precious metals, which was 31.4 percent less than their production in January-August 2011. In January-August production was 973.1 kg of gold and 449.8 kg of silver.

The production volume in the manufacturing sector was 4.2 billion manat, increasing by 8.9 per cent. There was an increase in the production of computers and other electronic equipment by 9.8 times, furniture (by 3.2 times), rubber and plastic three-fold, electrical equipment (by 2.4 times), weaving industry (by 2.15 times), the printing industry (by 88.8 per cent) and production of finished metal products by 76.2 per cent in January-August.

There was an increase of 3.3 per cent in food production. The production of sausage products in the country grew by one per cent to 1.3 million tons, oil by 62.8 per cent (44,800 tons), butter - 1.2 per cent (14,500 tons) and margarine - 28.7 per cent (15,600 tons).

As of Jan.-Aug., the Azerbaijani metallurgical industry produced products and rendered services worth 302.8 million manat. Amount of production in metallurgical industry increased by 13.8 percent, finished metal products during this period increased by 76.2 times.

As of Sept.1, 2012, Azerbaijan produced agricultural products worth 3.460 billion manat, or 6.06 percent more compared to the same period in 2011. Volume of agricultural products increased by 6.7 percent in stable prices, crop sector - 7.6 percent and livestock sector - 5.6 percent.

The total volume of the country's trade turnover in January-August 2012 with 146 countries amounted to $21.84 billion, which is 7.6 less than the figure for the same period of last year. During January-August 2012, export operations amounted to $15.83 billion or 11.07 per cent less than the same period of 2011. In January-August 2012, imports amounted to $6.02 billion, or. 2.96 per cent more than the same period in 2011. In January-August Azerbaijan exported 1881 types of commodities and imported 5854 into the country. In January-August 2012 exports exceeded imports, which led to the formation in the foreign trade of surplus at $9.81 billion.

Some 8.383.9 billion manat from all financial sources was invested in the development of economic and social areas in Azerbaijan in January-August, which is 28.4 per cent more than the same period of last year. In particular, 1.257.9 billion manat was invested in Azerbaijan's economy, which is 38.7 percent more than investments in fixed capital in August 2011.

In January-August 2012, consumer goods sold to population increased by 9.2 percent compared to January-August 2011 and amounted to 10.972.4 billion manat. During this period paid services rendered to population amounted to 3.491.4 billion manat, which is 7.5 percent more than in January-August 2011.

Deflation was observed in Azerbaijan in August. In August, prices for consumer goods and tariffs for services in Azerbaijan declined compared with the previous month by 0.5 percent. During January-August 2012 increased by 1.7 percent compared to January-August 2011. During the month, there was a decline in prices for buckwheat, chicken, fish, butter, sunflower oil and corn oil, sugar, sugar sand, bananas, apples, pears, peaches, tomatoes, cucumbers, bell peppers, eggplant, onions, and potatoes. Price increase was observed in such foods as flour, semolina, bread, beef and veal, chestnuts, cabbage, greens, beets, carrots, beans, garlic, watermelon and cantaloupe.

According to State Statistics Committee of Azerbaijan, in January-August 2012 nominal income of the population of Azerbaijan totaled 21.365.0 billion manat, which is 13.4 percent more compared to the same period in 2011. During this same period, nominal income per capita income grew by 11.8 percent to 2,334.0 manat. The average monthly income per capita was 291.7 manat. The average monthly salary in Azerbaijan of employees in January-July 2012 amounted to 386.0 manat, which is 8.4 percent more than the same period of 2011. As of Sept.1, 2012, employed population totaled 4.637.7 million people and real unemployment rate is estimated at 5.4 percent.

Actual proceeds to the revenue of Azerbaijan's state budget amounted to 10.990.8 billion manat in January-August 2012 (31.3 percent of GDP), increasing by 42 percent compared to the same period in 2011. State budget expenditures increased by 29 percent and amounted to 9.724.2 billion manat (27.7 percent of GDP). Budget surplus in January-August 2012 stood at 1.266.6 billion manat, which accounted for 3.6 percent of GDP.

Exchange rate of manat remained stable. In January-August 2012 average exchange rate of manat compared to the U.S. dollar was 0.79 manat per dollar, compared to the euro - 0.97 manat per euro, to the Russian ruble - 2.46 manat for 100 rubles.

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