General economic situation in Azerbaijan (January-May 2013)

In January-May 2013, Azerbaijan's GDP grew by 4.5 percent compared to the same period of last year and amounted 22.12 billion manat at current prices. The growth of manufacturing value added amounted to 0.7 percent the previous year.

Nominal GDP growth stands at 2.7 percent. GDP per capita grew by 3.1 percent, and, on average, amounted to 2,389 manat ($ 3,044.4).

Manufacturing value added in the non-oil sector grew over the year by 11 percent to $11.62 billion manat, or 52.5 percent of GDP, and fell by 1.4 percent in the oil-and-gas sector. Value added in the services sector, compared to the same period of 2012, increased by 6.2 percent to 6.83 billion manat.

Total production in all sectors of the economy increased by 3.3 percent compared to January-May 2012, amounting to 13,858 billion manat, or 62.7 percent of GDP. At the same time, industrial production in the country decreased by 1.4 percent to 11.11 billion manat, which is 50.2 percent of GDP.

In January-May, value added to the sum of 608.7 million manat (5.2 percent growth) was generated in agriculture, fisheries and forestry, constituting 2.8 per cent of GDP, in the construction sector - 2.138 billion manat (9.7 percent of GDP, with growth of 38.7 percent), in trade and the repair of vehicles - 1.7 billion manat (7.7 percent of GDP, with growth of 8.8 percent), in transport and warehousing - 1.362.5 billion (6.2 percent of GDP with growth of 5.3 percent), in the field of tourist accommodation and catering services - 486.3 million manat (2.2 percent of GDP, with growth of 20.3 percent), in communications and information - 382.1 million manat (1.7 percent of GDP, with growth of 7.9 percent), in the provision of social and other services - 2.898 billion (13.1 percent of GDP, with growth of 2.9 percent).

Net taxes on products and imports increased by 9.3 percent and amounted to 1.431 billion manat or 6.4 percent of GDP.

Value added

in mln manat

Special weight, in %

Growth compared to reporting period of last year, %

GDP in total

22119,3

100,0

104,5

production of goods

13858,0

62,4

103,3

including

- industry

11110,9

52,3

98,6

- agriculture

608,7

2,3

105,2

- construction

2138,4

7,8

138,7

Production of services

6830,0

31,2

106,2

including:

- transport

1362,5

6,1

105,3

- communications

382,1

1,8

107,9

- tourism and public food facilities

486,3

2,1

102,3

- trade and repair

1700,5

8,3

108,8

- social and other services

2898,6

12,9

102,9

Net taxes on products

1431,3

6,4

109,3

Defliator

98,3

Source: State Statistics Committee

In January-May 2013, the total volume of industrial production in Azerbaijan, that is the volume of goods produced and industrial services rendered, amounted to 14.1 billion manat, which is 0.2 per cent less than in 2012.

The volume of production in the non-oil sector grew by 2.4 per cent, while in the oil sector fell by 0.8 per cent.

According to the report, an increase was observed in the non-oil sector in January-May this year in the production of leather products and footwear (51.5 per cent), motor vehicles and trailers (25.4 per cent), printing activities (72.4 per cent), manufacture of other transport equipment (98.2 per cent) and pharmaceuticals (51.3 per cent).

During the reporting period, the volume of production in the mining industry totalled 10.5 billion manat with a weight of 74.3 per cent over the entire industrial production which is 1.6 per cent less than the same period last year. Oil production in January-May of this year stood at 18.1 million tons, while production of marketable natural gas was 7.4 billion cubic meters, a decrease relative to the same period in 2012 by 2.2 and 0.2 per cent respectively.

The volume of production in the manufacturing industry in January-May totalled 2.76 billion manat with a weight of 19.5 per cent, higher than in the same period last year by 8.8 per cent. Manufacturing, electricity, gas and steam supply increased by 0.2 per cent, while water supply, treatment and recycling of waste increased by 4.2 per cent.

In January-May, agricultural output in Azerbaijan at current prices amounted to 1.087.7 billion manat, an increase by 5.2 percent compared to the same period of 2012. The crop production increased by 9.6 percent, livestock production - by 4.7 percent.

According to the State Statistics Committee, in January-May 2013, the Azerbaijani trading networks sold consumer goods to the population at 7.486.6 billion manat, which is 8.8 percent more than in January-May 2012. Legal entities ensured 12.2 percent of trade turnover, individual entrepreneurs - 55.6 percent, fairs and markets - 44.4 percent.

According to the State Statistics Committee, in May 2013, the prices on consumer goods and tariffs on services decreased by 0.4 percent compared to the previous month and increased by 1.7 percent in January-May 2013 in accordance with January-May 2012.

According to the Azerbaijani State Statistics Committee, in January-May 2013, the nominal income of the population totaled 12.992.5 billion manat, which is 6.8 percent more compared to January-May 2012.

Thus, during this period, the nominal income of the population per capita increased by 5.4 percent and hit 1.403.2 manat.

As of June 1, 2013, around 37,400 people were officially registered as unemployed in Azerbaijan, including 41.8 percent of women. The number of unemployed in the country increased by 1.6 percent since early 2013 (36,791 people as of early 2013).

The foreign trade turnover with 135 world countries amounted to $14.73 billion in January-May 2013, or 2.19 percent more than in January-May 2012. The volume of exports decreased by 3.44 percent to $10.37 billion compared to the same period of 2012. The volume of import increased by 18.64 percent and hit $4.36 billion. Azerbaijan exported 1,380 products, and imported 5,164 different goods. As of Jan.-May 2013, the nominal index of export exceeded import. This formed the foreign trade surplus to the amount of $6 billion.

According to the Azerbaijani State Statistics Committee, around 5.762.6 billion manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-May 2013, which is by 27.4 per cent more than during the corresponding period of last year. It indicates sustainable investment activity in the country.

In particular, around 1.509.9 billion manat were invested in the Azerbaijani economy in May 2013, which is by 25.9 percent more than investments in fixed assets in May 2012.

The actual revenue in the revenue part of Azerbaijan's state budget amounted to 8.249.4 billion manat in January-May 2013 (37.3 percent of GDP) increasing by 22.8 percent compared to the same period of 2012. The state budget expenditures increased by 31.6 percent to 7.434.4 billion manat (33.6 percent of GDP). The budget surplus for five months amounted to 815 million manat, which made up 3.7 percent of GDP.

Manat exchange rate remained stable. In May 2013, average rate of manat to the U.S. dollar was 0.78 manat per dollar, to euro - 1.02 manat per euro, to Russian rouble - 2.55 manat per 100 rouble.

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