General economic situation in Azerbaijan (January-May 2014)

The total volume of the Azerbaijani GDP amounted to 23.4 billion AZN in January-May 2014, which is 2.8 percent more than in the same period of 2013. The nominal GDP growth made up 4.8 percent.

The GDP per capita stood at over 2,499 AZN (more than $3,187) in Jan.-May, the report said. Some 61.2 percent of GDP in Azerbaijan was formed in the fields of production during this period, which showed an increase of 0.9 percent.

The value added share generated in industry made up 47 percent, construction - 11.5 percent. Some 31.7 percent of gross output was generated in the service sector.

Net taxes on products and imports amounted to over 1.656 billion AZN or 7.1 percent of the Azerbaijani GDP.

At the same time, 14.2 percent of GDP originating in the services sector accounted for social and private services, eight percent - trade and services, 5.6 percent - transportation and warehousing, 2.7 percent - agriculture, forestry and fish farms.

The non-oil sector grew by 8.3 percent compared to the same period of 2013 and its share in GDP was 55.4 percent. The volume of value added production in the extraction and processing of oil and gas decreased by 2.8 percent

The volume of value added in Azerbaijan's construction sector increased by 17.3 percent in January-May 2014, tourist accommodation and catering - 15.2 percent, information and communication services - 12 percent, trade and repair of vehicles - 8.8 percent, transport and warehousing - six percent, social and other services - 3.3 percent, agriculture, forestry and fish farming - 2.7 percent compared to the same period of 2013.

Value added

in mln AZN

Special weight,

%

Growth compared to reporting period of last year, %

GDP in total

23444,8

100,0

102,8

production of goods

14347,9

61,1

100,9

including

- industry

11017,2

46,9

97,4

- agriculture

629,1

2,6

102,7

- construction

2701,6

11,5

117,3

Production of services

7440,8

31,7

106,4

including:

- transport

1324,5

5,6

106,0

- communications

389,2

1,6

112,0

- tourism and public food facilities

522,2

2,2

115,2

- trade and repair

1875,7

8,0

108,8

- social and other services

3329,2

14,2

103,3

Net taxes on products

1656,1

7,0

102,6

Defliator

101,9

The total industrial production volume (a volume of produced goods and rendered industrial services) in Azerbaijan totaled 14.1 billion AZN in Jan.-May 2014, which is 2.1 percent less than in the same period of 2013.

Azerbaijan's non-oil sector in this period showed an increase of 3.4 percent, oil sector - reduced by three percent compared to the same period of 2013.

A high increase in the production of food, clothing, construction materials, furniture and other spheres was observed in Azerbaijan's non-oil sector in January-May.

During the reporting period, the volume of production in the mining industry was 10.3 billion AZN with a share of 73.3 percent of entire industrial production, which is 2.2 percent less than in the same period of 2013.

Oil production amounted to 17.8 million tonnes, and natural gas - 7.6 billion cubic meters in January-May 2014. Oil production declined by 2.1 percent, while gas production increased by 3.4 percent compared to the same period of 2013.

The production volume in manufacturing industry amounted to 2.9 billion AZN with a weight of 20.5 percent, which is 6.7 percent less than in the same period of 2013.

Production, distribution and supply of electricity, gas and steam accounted for 5.6 percent of the total volume of industrial production, while water supply, treatment and recycling of waste - 0.6 percent.

The Azerbaijani metallurgical industry and enterprises for production of finished metal products, produced products and rendered services worth 162.6 million AZN in January-May 2014.

The production volume in the metallurgical industry decreased by 10.1 percent, whilst finished metal products increased by 18.2 percent.

Cast iron production in the country amounted to 255,000 tonnes in January-May, which is 69.6 percent lower than in the same period of 2013. Around 15.400 tonnes of steel pipes were produced during the reporting period, which is 59.4 percent less than in January-May 2013.

The volume of production of reinforcement amounted to 86.700 tonnes in the country during the reporting period, which is 19.9 percent less than in the same period of 2013.

In January-April 2014, the volume of export of ferrous metal pipes made up 13,129 tonnes (approximately in the amount of $12.6 million) which is 51.3 percent less (in monetary terms - 51.7 percent) compared to 2013.

The agricultural production in Azerbaijan increased by 2.7 percent in January-May 2014, compared to the same period of 2013 and amounted to 1.128 billion AZN, according to Azerbaijani State Statistical Committee. The output of products in crop sector dropped by 0.6 percent, while the livestock sector saw a 3.1 percent increase in production.

The Azerbaijani trading networks sold consumer goods to the population at 8.333 billion AZN in January-May 2014, which is 8.8 percent more than in the same period of 2013, according to the committee. Legal entities ensured 11.5 percent of trade turnover, individual entrepreneurs - 51.5 percent, fairs and markets - 36.8 percent.

The prices on consumer goods and tariffs on services dropped by 0.8 percent in May, compared to the previous month and increased by 1.7 percent in January-May, compared to the first five months of 2013. Thus, inflation in Azerbaijan, which is one of the indices of macroeconomic stability, hit only 1.7 percent in May 2014.

The positive dynamics is observed in improving the population's welfare indices. The nominal income of the population totaled 15.042 billion AZN in January-May 2014, which is 4.4 percent more compared to January-May 2013, according to Azerbaijan's State Statistical Committee. Thus, during this period, the nominal income of the population per capita increased by 3.1 percent and hit 1,604 AZN.

As of June 1, 2014, around 36,900 people were officially registered as unemployed in Azerbaijan, including 40.8 percent of women.

Azerbaijan's foreign trade turnover with around 133 countries totaled $12.99 billion in January-May, 2014, which is by 11.78 percent less than in the same period of 2013. The volume of exports decreased by 8.55 percent and amounted to $9.48 billion compared to the same period of 2013. The volume of import decreased by 19.46 percent and amounted to $3.51 billion. Azerbaijan exported 1,438 goods and imported 5,037 different goods. As of January-May 2014, the nominal index of export exceeded import. This formed the foreign trade surplus to the amount of $5.97 billion.

Around 6.121 billion AZN was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-May 2014, which is by six percent more than in the same period of 2013, according to Azerbaijani State Statistical Committee. It indicates sustainable investment activity in the country. In particular, around 1.493 billion AZN were invested in the Azerbaijani economy in May 2014, which is by 1.1 percent less than investments in fixed assets in May 2013.

Some 845 kilograms of precious metals (including 195.5 kg in May) were produced in January-May or by 20.7 percent more than their production for the same period of 2013, according to the committee. Stocks of precious metals amounted to 88 kg (+30.7 kg in May) as of June 1, 2014. The production volume stood at 671.9 kg of gold (170.1 kg in May) and 173.1 kg of silver (25.4 kg) in Jan.-May. The stocks of gold amounted to 69.8 kg (+25.3 kg) as of June 1, 2014.

The exchange rate of manat remained stable. In May 2014, the average rate of manat to the U.S. dollar was 0.78 AZN per dollar, to euro - 1.08 AZN per euro, to Russian rouble - 2.24 AZN per 100 rouble.

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