General economic situation in Azerbaijan (January-March 2014)

The total volume of Azerbaijan's GDP as of January-March 2014 amounted to 13.150.7 billion manat.

According to the Azerbaijani State Statistics Committee, the GDP per capita, GDP per capita amounted to 1403.4 manat in January-March, increasing by 499.9 manat in March. The GDP deflator index was 0.9 percent in January-March compared to 2.7 percent a year earlier.

Value added in the industry hit 6.369.3 billion manat or 48.4 percent of GDP in January-March. Value added in agriculture amounted to 310 million manat, the construction sector - 1.261.6 billion manat, transport - 802.8 million manat, the communication sector - 238.5 million manat, wholesale and retail trade - 1.202.2 billion manat, the social services sector - 1.764.8 billion manat.

The manufacturing sector share in GDP was 60.4 percent (7.940.9 billion manat) with zero growth of value added, services - 32.7 percent (4.307.5 billion manat) with added value growth of 6.8 percent and net production and import taxes - 6.9 percent (902.3 million manat) with an increase of 5.1 percent.

Azerbaijan's non-oil sector exceeded the entire economic growth of 3.52 times in January-March 2014 compared to 72.4 percent in 2013. As of April 1, 2014, the volume of non-oil GDP in Azerbaijan amounted to 7.204.3 billion manat, which is 8.8 percent more than in January-March 2013. The non-oil GDP was equal to 54.8 percent of GDP in January-March.

The total industrial production volume (the volume of produced goods and rendered industrial services ) amounted to 8.2 billion manat in Azerbaijan in the first quarter of 2014, which is 2.4 percent less than in the same period of last year.

Azerbaijan's non-oil sector during this period showed an increase of 6.8 percent, oil sector - fell by 3.6 percent compared to the same period of 2013.

There was a great increase in the production of food, clothing, building materials, furniture and other spheres in the non-oil sector of Azerbaijan in January-March.

During the reporting period, the volume of production in the mining industry amounted to 5.9 billion manat with a weight of 71.8 percent of entire industrial production, which is 3.4 percent less than in the first quarter of last year.

Oil production volume amounted to 10.43 million tons, while natural gas production - 4.54 billion cubic meters in January-March 2014. Oil production declined by 3.2 percent, while gas production increased by 4.2 percent compared to the same period of 2013.

The production volume in manufacturing industry amounted to 1.7 billion manat with a weight of 21 percent in the first quarter or by 10.2 percent more than in January-March last year. Production, distribution and supply of electricity, gas and steam increased by 1.6 percent, while water supply, treatment and recycling of waste increased by 17 percent compared to the first quarter of 2013.

The Azerbaijani metallurgical industry produced products and rendered services worth 94.7 million manat in January-March 2014. The production volume in the metallurgical industry increased by 17.5 percent, whilst finished metal products by 3.6 percent during this period compared to the same period of 2013.

Azerbaijan, which has started commercial production of gold since July 2009, and announced about accompanying silver production volume since 2010, increased gold production by 31.9 percent, reduced silver production - by 41.5 percent in January-March 2014. Around 472.7 kilograms of precious metals (210.1 kg in March) were produced in January-March which was by 0.2 percent less than in the same period of 2013. Some 351.8 kilograms of gold (147.4 kg in March) and 120.9 kilograms of silver (62.7 kg) were produced in January-March.

The agricultural production in Azerbaijan increased by 3.4 percent in the first quarter of 2014, compared to the same period of 2013 and amounted to 551.8 million manat, according to the Azerbaijani State Statistics Committee.

The output of products in crop sector increased by 5.5 percent, while by 3.3 percent in the livestock sector compared to the first quarter of 2013.

According to the State Statistics Committee, in January-March 2014, the Azerbaijani trading networks sold consumer goods to the population at 5.083.7 billion manat, which is 9.2 percent more than in January-March 2013. Legal entities ensured 11.6 percent of trade turnover, individual entrepreneurs - 51.6 percent, fairs and markets - 36.7 percent.

According to the State Statistics Committee, in March 2014, the prices on consumer goods and tariffs on services increased by 0.3 percent compared to the previous month and by 2 percent in January-March compared to the same month of 2013.Thus, inflation in Azerbaijan, which is one of the indices of macroeconomic stability, hit 2 percent in March 2014.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 9.081.8 billion manat in January-March 2014, which is 4.5 percent more compared to January-March 2013. Thus, during this period, the nominal income of the population per capita increased by 3.2 percent and hit 969.2 manat.

As of April 1, 2014, around 36,825 people were officially registered as unemployed in Azerbaijan. Thus, the number of unemployed increased by 206 people in March and by 616 people for the current year. As of early April 2014, an unemployment benefit was 246 manat.

The foreign trade turnover with 116 world countries amounted to $7.14 billion in January-March 2014, or 16.54 percent less than in January-March 2013. The volume of exports decreased by 15.26 percent and amounted to $5.38 billion compared to January-March 2013. The volume of import decreased by 20.23 percent and amounted to $1.76 billion. Azerbaijan exported 1,093 goods and imported 4,372 different goods. As of January-March 2014, the nominal index of export exceeded import. This formed the foreign trade surplus to the amount of $1.02 billion.

According to the Azerbaijani State Statistics Committee, around 3.125.9 billion manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-March 2014, which is by 7 percent more than in the same period of last year. It indicates sustainable investment activity in the country. In particular, around 1.301.3 billion manat were invested in the Azerbaijani economy in March 2014, which is by 6.5 percent more than investments in fixed assets in March 2013.

The exchange rate of manat remained stable. In March 2014, the average rate of manat to the U.S. dollar was 0.78 manat per dollar, to euro - 1.09 manat per euro, to Russian rouble - 2.17 manat per 100 rouble.