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General economic situation in Azerbaijan (Jan-Sept. 2014)

Analysis Materials 11 November 2014 15:46 (UTC +04:00)

The total volume of Azerbaijan's GDP amounted to 44.1 billion AZN as of January-September 2014 or by 2.5 percent more than in the same period of 2013. The nominal growth of Azerbaijan's GDP hit 3.2 percent during this period.

According to the Azerbaijani State Statistics Committee, the GDP per capita amounted to 4696,3 AZN ($5987,9) in January-September, increasing by 1.2 percent.

During this period, 61.1 percent of Azerbaijan's GDP was formed in the production.

Value added in the industry hit 44.3 percent, the construction sector - 11.9 percent, agriculture, forestry and fish farms - 5.4 percent. Around 31.2 percent of gross output was created in the sector of services.

Thus, 25 percent of GDP created in the sector of services accounted for the trade and repair of vehicles, 15.2 percent - transport and warehousing, 6.4 percent - tourist accommodation and catering sector, 5.4 percent - information and communication services, 48 percent - social and other services.

Azerbaijan's non-oil sector increased by 6 percent in January-September 2014 compared to the same period of 2013, the report says.

Its share in GDP increased from 56.3 to 57.9 percent. The volume of production of value added in the oil and gas extraction and processing reduced by two percent and amounted to 42.1 percent of the GDP total share.

Gross production in agriculture, forestry and fish farms decreased by 3.7 percent, while by 1.1 percent in the industry.

The volume of value added in the construction sector increased by seven percent, tourist accommodation and catering - 16 percent, trade and repair of vehicles - 9.4 percent, information and communication services - 12.6 percent, transport and warehousing - 5.7 percent, social and other services - 4.8 percent in January-September 2014 compared to the same period of last year.

Net taxes on products and imports amounted to 3.170 billion AZN or 7.2 percent of GDP in Azerbaijan.

Value added

in mln AZN

Special weight,

%

Growth compared to reporting period of last year, %

GDP in total

44145,4

100,0

102,5

production of goods

27204,0

61,6

100,2

including

- industry

19577,3

44,3

98,9

- agriculture

2389,9

5,4

96,3

- construction

5236,8

11,8

107,0

Production of services

13771,1

31,2

107,1

including:

- transport

2095,6

4,47

105,7

- communications

746,6

1,7

112,6

- tourism and public food facilities

879,5

2,0

116,0

- trade and repair

3435,6

7,8

109,4

- social and other services

6613,8

14,9

104,8

Net taxes on products

3170,3

7,18

103,9

Defliator

100,7

The total industrial production volume (the volume of produced goods and rendered industrial services ) amounted to 25.2 billion AZN in Azerbaijan in January-September 2014, which is 0.6 percent less than in the same period of last year.

Azerbaijan's non-oil sector during this period showed a 6 percent growth, oil sector - fell by 2 percent compared to the same period of 2013.

During the reporting period, the volume of production in the mining industry exceeded 18.1 billion AZN with a weight of 71.8 percent of the entire industrial production, which is 1.6 percent less than in the same period of last year.

Oil production volume amounted to 32.15 million tons, while natural gas production - 22.6 billion cubic meters in January-September 2014. Oil production declined by 2 percent, while gas production increased by 5.3 percent compared to the same period of 2013.

The volume of production in the manufacturing industry amounted to 5.6 billion AZN (22 percent of total industrial output) for the first nine months of this year or by 1.5 percent more than in the same period of last year. The growth in the processing industry was observed in the production of vehicles - by 3.5 times, tobacco products - by 85.3 percent, jewelry, music, sports and medical equipment - by 79.2 percent, the repair and installation of machinery and equipment - 77.9 percent, the production of motor vehicles and trailers - 57 percent, clothing - by 50.7 percent, etc.

Production, distribution and supply of electricity, gas and steam hit 5.3 percent of a 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 296 million AZN in January-September 2014. The production volume in the metallurgical industry decreased by 4 percent, whilst finished metal products increased by 8.8 percent during this period.

For the third quarter, gold production in the country amounted to 16,232 ounces compared to 15,736 ounces in the previous quarter and 11,318 ounces in the first quarter. In other words, around 43,232 ounces were produced for the first nine months of 2014 compared to 52,068 ounces for the entire 2013. Around 27,419 ounces of silver and 580 tons of copper have been produced this year. As of 2014, it is planned to produce 62,000 ounces of gold.

According to the Azerbaijani State Statistics Committee, agricultural output at current prices amounted to 4.308 billion AZN in Azerbaijan in January-September, decreasing by 3.7 percent compared to the same period of 2013.

According to the report, livestock production increased by three percent, crop production decreased by 9 percent for the period.

According to the State Statistics Committee, the Azerbaijani trading networks sold consumer goods to the population at 15.471 billion AZN in January-September 2014, which is 9.4 percent more than in the same period of 2013. Legal entities ensured 11.8 percent of trade turnover, individual entrepreneurs - 58.5 percent, fairs and markets - 41.5 percent.

According to the State Statistics Committee, in September 2014, the prices on consumer goods and tariffs on services increased by 1.1 percent compared to the previous month and by 1.5 percent in January-September compared to the nine months of 2013.

Thus, inflation in Azerbaijan, which is one of the indices of macroeconomic stability, hit only 1.5 percent.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 27.168 billion AZN in January-September 2014, which is 5.4 percent more compared to January-September 2013.

Thus, during this period, the nominal income of the population per capita increased by 4 percent and hit 2890.3 AZN.

As of Oct. 1, 2014, some 29,100 people were officially registered as unemployed in Azerbaijan, including 39.9 percent women.

Thus, the number of unemployed has decreased by 19.6 percent since early 2014. As of January 1, 2014, some 36,206 people were registered as unemployed.

The foreign trade turnover with 141 world countries amounted to $23.88 billion in January-September 2014, or 8.6 percent less than in January-September 2013. The volume of exports decreased by 3.88 percent and amounted to $17.35 billion compared to January-September 2013. The volume of import decreased by 19.16 percent and amounted to $6.52 billion. Azerbaijan exported 1,914 goods and imported 5,724 different goods.

According to the Azerbaijani State Statistics Committee, around 11.868 billion AZN was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-September 2014, which is by 0.2 percent more than in the same period of last year. It indicates sustainable investment activity in the country. In particular, around 1.423 billion AZN were invested in the Azerbaijani economy in September 2014, which is by 1.65 percent more than investments in fixed assets in September 2013.

The exchange rate of AZN remained stable. In September 2014, the average rate of AZN to the U.S. dollar was 0.78 AZN per dollar, to euro - 1.01 AZN per euro, to Russian rouble - 2.07 AZN per 100 rouble.

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