General economic situation in Azerbaijan (January-October 2012)

In January-October 2012 GDP of Azerbaijan increased by one percent compared to the same period of 2011 and hit 44.2 billion manat at current prices.

Nominal GDP growth was 2.3 percent in January-October compared to the same period last year. The GDP per capita amounted to 4.823.7 manat ($6.138.6).

Value-added production in the non-oil sector grew compared to the same period last year by 10.4 per cent and hit 50.8 per cent of the GDP, while in oil and gas sector it decreased by 7.4 percent. As of Nov.1, 2012, volume of non-oil GDP of Azerbaijan amounted to 22.447.9 billion manat.

During the first ten months added value in the amount of 2.6 billion manat was observed in agriculture, fisheries and forestry, which is 5.9 percent of GDP, in the construction sector - 4.4 billion manat (9.9 percent), trade and repair of vehicles - 3.1 million manat (6.9 percent), transport and warehousing - 2.1 million manat (4.8 percent), telecommunications and information - 780.6 million manat (1.8 percent ), tourist accommodation and catering - 597.5 million manat (1.4 percent), social support and other services - 5.4 billion manat (12.1 percent).

The total volume of production in all sectors of the economy fell by 1.5 percent compared to the same period in 2011 and amounted to 29.5 billion manat, where the major part - 50.9 percent of GDP (22.5 billion manat) accounted for industry. In services, the production of value added, compared to the same period in 2011 increased by 6 per cent, amounting to 11.9 billion manat.

Value added

in mln manats

Special weight, in %

Growth compared to reporting period of last year, %

GDP in total

44218,0

100,0

101,0

production of goods

29482,0

66,7

98,5

including

- industry

22505,6

50,9

93,7

- agriculture

2589,4

5,9

105,9

- construction

4387,0

9,9

127,3

Production of services

11936,7

26,9

106,0

including:

- transport

2117,5

4,7

102,0

- communications

780,6

1,8

117,2

- tourism and public food facilities

597,5

1,4

116,2

- trade and repair

3070,7

6,9

109,4

- social and other services

5370,4

12,1

103,2

Net taxes on products

2799,3

6,3

107,5

Defliator

101,3

Source: State Statistics Committee

In January-October 2012, growth hit 6.8 percent in non-oil industry in Azerbaijan, while a 5-percent decrease was observed in oil sector.

In January-October 2012, industrial production output [produced goods and rendered services of industrial nature] in Azerbaijan amounted to 28.5 billion manat, which is 3.9 percent less than in the same period of 2011.

The share of private sector amounted to 81.6 percent of total industrial production. At the same time 92.3 per cent accounts for the production of industrial goods, 7.7 percent - industrial services.

The volume of production in the mining industry decreased by 6.2 percent, amounting to 21.7 billion manat with weight of 76.1 percent of all industrial production during the reporting period. Oil production for the period amounted to 36 million tones and natural gas - 14.4 billion cubic meters, gold - 1.3 tons of silver - 503.6 kilograms.

Production volume in processing industry amounted to 5.3 billion manat in January-October, increasing by 7.6 percent compared to the same period in 2011.

During the reporting period there was a decline in the production of motor vehicles, trailers and semi-trailers (drop by 73.1 percent), wood processing and manufacturing of wood products (31.6 percent), chemical products (15.8 percent). A 8.4 -fold increase in the production of computers and other electronic equipment were observed during the reporting period, rubber and plastic products - by 2.6, electrical equipment - twice, production of furniture increased by 2.8 times.

As of Jan.-Oct., the Azerbaijani metallurgical industry produced products and rendered services worth 384.2 million manat. Amount of production in metallurgical industry increased by 13.2 percent, finished metal products during this period increased by 68.4 times.

In January-October 2012, gold production decreased by 15.8 percent and silver production - by 52.6 percent. In January-October, the country produced 1,587 kilograms of precious metals, which was 31.1 percent less than their production in January-October 2011. Stocks of precious metals as of November 1, 2012 amounted to 64.7 kg (+19.8 kg in October). In January-October production was 1,257 kg of gold and 503.6 kg of silver. Stock resources of gold amounted to 44.7 kg (+18.8 kg in October) and 20 kg of silver (+1 kg).

Increase in the production of food products amounted to 7.6 percent. Sausage production increased by 2.5 percent to 1,700 tons, vegetable oil - by 64.9 per cent (53,400 tons), butter - 1.8 percent (19,400 tons), margarine - 23,3 percent (18,200 tons).

As of Nov.1, agricultural products increased by 5.9 percent compared to the same period of 2011 and amounted to 4.363.8 million manat. In particular, the volume of crop production increased by 6.5 per cent, livestock - by 5.1 percent compared to the same period of 2011.

The Azerbaijani consumer market is developing rapidly (9-10 percent of the annual growth). The retail trade facilities, catering trade points form the basis of this growth. They are developing in the country both qualitatively and quantitatively. According to the State Statistics Committee, in Jan.-Oct. 2012, the Azerbaijani trading networks sold consumer goods to the population at 13.997.3 billion manat, which is 9.4 percent more than in Jan.-Oct.2011. Paid services were rendered in the amount of 4.568.9 billion manat, which is 7.7 percent more compared the Jan.-Oct. 2011.

The price of consumer goods and tariffs for services increased by 0.7 percent in Azerbaijan in October 2012, and in January-October 2012 increased by 1.3 percent compared to the same period of last year, the State Statistics Committee said. Compared to January-October 2011, food prices increased by 1.2 percent, non-food products - by 1.2 percent, prices for services - by 1.3 percent. Food prices rose by 1.5 percent in October 2012 compared to September 2012, non-food prices and tariffs and services remained unchanged.

According to State Statistics Committee of Azerbaijan, in January-October 2012 nominal income of the population of Azerbaijan totaled 27.128.5 billion manat, which is 13.7 percent more compared to the same period in 2011. During the same period, nominal income per capita income grew by 12.2 percent to 2.959.4 manat. The average monthly income per capita was 295.9 manat. The growth rate of per capita income exceeded consumer price growth by 10.9 percentage points. According to the State Statistics Committee of Azerbaijan, as of November 1, employed population totaled 4.665 million persons, 37,214 people were officially registered as unemployed, 42.2 percent of whom are women. Two official unemployed claimed for one vacancy in Azerbaijan.

In January-October 2012, the country's foreign trade turnover with 150 countries amounted to $27.4 billion, or 7.96 percent less than the same period of last year. Compared to January-October 2011, the volume of exports decreased by 10.84 percent and amounted to $19.738 billion. Imports rose by 0.41 percent to $7.66 billion. Azerbaijan exported 2,111 items of goods and imported 6,186 items of different products. In January-October 2012, despite the decline in exports, the nominal rate of exports surpassed imports, which led to the surplus of $12.076 billion in the foreign trade turnover.

Around 11.135.8 billion manat was invested from all financing sources into the development of the economic and social sectors in Azerbaijan in January-October 2012, or 26.8 per cent more than in the same period of last year, the State Statistics Committee report said. However, in October 2012, 1.285.2 million manat was invested in the Azerbaijani economy, which is 12.4 percent less than investments, which was observed in September 2011 (1.467.3 million manat - best index this year).

Actual revenue in the revenue part of Azerbaijan's state budget amounted to 14.225 billion manat in January-October 2012 (32.2 percent of GDP) increasing by 34.9 percent compared to the same period of 2011, the country's government told Trend.

State budget expenditures amounted to 12.209 billion manat increasing by 23.4 percent (27.6 percent of GDP). The budget surplus for January - October amounted to 2.016 billion manat, which made up 4.6 percent of GDP.

Manat rate remained stable. In October 2012, average rate of manat to the U.S. dollar was 0.79 manat per dollar, manat to euro - 1.02 manat per euro, Russian rouble - 2.52 manat per 100 rouble.

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