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General economic situation in Azerbaijan (January-August 2014)

Analysis Materials 14 October 2014 16:27 (UTC +04:00)

The total volume of Azerbaijan's GDP as of January-August 2014 amounted to 39.2 billion AZN, which exceeds the same period of 2013 by 2.4 percent. Nominal GDP growth was 3.7 percent.

GDP per capita increased by 1.1 percent in January-August and amounted to 4 170,3 AZN ($5 317,3) in January-August.

During the reporting period, some 61.9 percent of Azerbaijan's GDP was formed in production sphere where the volumes remained unchanged.

A share of value added in the industry is 45 percent in industry, 11.8 percent in construction, 5.1 percent in agriculture, forestry and fishing. About 31 percent of the gross product was created in the service sector.

Some 7.8 percent of GDP in the service sector fell to the trade and repair of vehicles, 4.9 percent to transport and warehousing, 2.1 percent to tourist accommodation and catering, 1.7 percent to information and communication services, 14.5 percent to social and other service spheres.

The non-oil sector increased by 6.3 percent compared to the same period of 2013 and its share in the country's GDP amounted to 57.3 percent. The volume of production of value added in the sphere of oil and gas production and processing reduced by 2.6 percent.

The volume of production of value added in agriculture, forestry and fishery reduced by 3.7 percent, while by 1.6 percent in industry.

The volume of production of value added in the sphere of construction in Azerbaijan increased by 8.6 percent in January-August 2014 compared to the same period of 2013, tourist accommodation and catering - 15.7 percent, trade and repair of vehicles - 9.3 percent, information and communication services - 10.5 percent, transport and warehousing - 5.5 percent, social and other services - 4.8 percent.

Net taxes on production and imports amounted to 2.789 billion AZN or 7.1 percent of Azerbaijan's GDP.

Value added

in mln AZN

Special weight,

%

Growth compared to reporting period of last year, %

GDP in total

39171,6

100,0

102,4

production of goods

24257,9

61,7

100,0

including

- industry

17609,9

45,9

98,4

- agriculture

2009,0

4,8

96,3

- construction

4639,0

11,4

108,6

Production of services

12124,3

31,1

107,0

including:

- transport

1918,4

5,0

105,5

- communications

647,4

1,6

110,5

- tourism and public food facilities

823,1

2,2

115,7

- trade and repair

3041,0

7,6

109,3

- social and other services

5694,4

14,6

104,78

Net taxes on products

2789,4

7,1

103,6

Defliator

101,3

The total industrial production volume (a volume of produced goods and rendered industrial services) in Azerbaijan totaled 22.6 billion AZN in January-August 2014, which is 1.2 percent less than in the same period of last year.

Azerbaijan's non-oil sector in this period showed an increase of 5.4 percent, oil sector - reduced by 2.4 percent compared to the same period of 2013.

During the reporting period, the volume of production in the mining industry exceeded 16.3 billion AZN with a weight of 72.1 percent of all industrial production, which is 2 percent less than in the same period of last year.

Oil production volume amounted to 28.6 million tons, and natural gas - 12.3 billion cubic meters in January-August 2014. Oil production declined by 2 percent, while gas production increased by 5.2 percent compared to the same period of 2013.

The production volume in manufacturing industry amounted to 5 billion AZN (22 percent of a total volume of industrial production), which is 0.4 percent less than in the same period of last year.

Significant growth in the processing industry was observed in vehicle production - by 3.5 times, the production of motor vehicles and trailers - by 92.1 percent, jewelry, music, sports and medical equipment - by 78.9 percent, tobacco products - 75 percent etc.

Production, distribution and supply of electricity, gas and steam hit 5.3 percent of the total volume of industrial production, while water supply, treatment and recycling of waste - 0.6 percent.

The Azerbaijani metallurgical industry produced products and rendered services worth 262.4 million AZN in January-August 2014. The production volume in the metallurgical industry decreased by 9.2 percent, whilst finished metal products increased by 12.5 percent.

According to the Azerbaijani State Statistics Committee, Azerbaijan produced 1,771 cars in January-August 2014, which is 5.4 times more than in the same period of 2013. During this period, the country produced 180 trucks, which is 22.4 percent more than in the same period of last year. The country produced 874 tractors in January-August, which is 2 times more than in the same period of 2013. There are two motor vehicle production plants - Nakhchivan Automobile Plant and Ganja Automobile Plant in Azerbaijan.

Azerbaijan, which has started commercial production of gold since July 2009, and announced about accompanying silver production volume since 2010, increased gold production by 19.4 percent, reduced silver production - by 54.5 percent in January-August 2014. Around 1372,3 kilograms of precious metals (156,2 kg in August) were produced in January-August which was by 4.5 percent less than in the same period of 2013. Some 1161,8 kilograms of gold (152,7 kg in August) and 210,5 kilograms of silver (4.3 kg) were produced in January-August.

According to the report of the Azerbaijani State Statistics Committee, the agricultural production volume amounted to 3.622 billion AZN in Azerbaijan at current prices in January-August 2014 or by 3.7 percent less compared to the same period of last year. According to the report, the livestock production increased by 2.8 percent, crop production reduced by 9.2 percent during this period.

According to the State Statistics Committee, the Azerbaijani trading networks sold consumer goods to the population at 13.599 billion AZN in January-August 2014, which is 9.3 percent more than in the same period of 2013. Legal entities ensured 11.6 percent of trade turnover, individual entrepreneurs - 51.4 percent, fairs and markets - 36.8 percent.

According to the State Statistics Committee, in August 2014, the prices on consumer goods and tariffs on services remained unchanged compared to the previous month and increased by 1.4 percent in January-August compared to the eight months of 2013. Thus, inflation in Azerbaijan, which is one of the indices of macroeconomic stability, hit only 1.4 percent.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 24.045 billion AZN in January-August 2014, which is 5.1 percent more compared to January-August 2013. Thus, during this period, the nominal income of the population per capita increased by 3.8 percent and hit 2.560 AZN.

As of August 1, 2014, around 30,600 people were officially registered as unemployed in Azerbaijan, including 40.1 percent of women. The number of unemployed decreased by 6,094 people in August and by 5,641 people in 2014.

The foreign trade turnover with 139 world countries amounted to $20.964 billion in January-August 2014, or 9.19 percent less than in January-August 2013. The volume of exports decreased by 3.78 percent and amounted to $15.35 billion compared to January-August 2013. The volume of import decreased by 21.29 percent and amounted to $5.613 billion. Azerbaijan exported 1,792 goods and imported 5,579 different goods. As of January-August 2014, the nominal index of export exceeded import. This formed the foreign trade surplus to the amount of $9.737 billion.

According to the Azerbaijani State Statistics Committee, around 10.445 billion AZN was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-August 2014, which is by 0.5 percent more than in the same period of last year. It indicates sustainable investment activity in the country. In particular, around 1.370 billion AZN were invested in the Azerbaijani economy in August 2014, which is by 14.4 percent less than investments in fixed assets in August 2013.

The exchange rate of AZN remained stable. In August 2014, the average rate of AZN to the U.S. dollar was 0.78 AZN per dollar, to euro - 1.04 AZN per euro, to Russian rouble - 2.17 AZN per 100 rouble.

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