General economic situation in Azerbaijan (January-October 2014)

The total volume of Azerbaijan's GDP amounted to 49.2 billion AZN as of January-October 2014 or by 2.8 percent more than in the same period of 2013.

According to the Azerbaijani State Statistics Committee, the GDP per capita amounted to 5233,2 AZN ($6672,5) in January-September, increasing by 1.5 percent.

During this period, 61.1 percent (30.1 billion AZN) of Azerbaijan's GDP was formed in the production.

Value added in the industry hit 43.6 percent (21.5 billion AZN), the construction sector - 12.3 percent (6 billion AZN), agriculture, forestry and fish farms - 5.2 percent (2.6 billion AZN). Around 31.7 percent (15.6 billion AZN) of gross output was created in the sector of services.

Thus, 7.8 percent (3.8 billion AZN) of GDP created in the sector of services accounted for the trade and repair of vehicles, 4.8 percent (2.4 billion AZN) - transport and warehousing, 2 percent (1 billion AZN) - tourist accommodation and catering sector, 1.7 percent (857.3 million AZN) - information and communication services, 15.4 percent (7.6 billion AZN) - social and other services.

Azerbaijan's non-oil sector increased by 6.4 percent in January-October 2014 compared to the same period of 2013, the report says.

Its share in GDP increased to 58.6 percent. The volume of production of value added in the oil and gas extraction and processing reduced by 1.8 percent and amounted to 41.4 percent of the GDP total share.

Gross production in agriculture, forestry and fish farms decreased by 3 percent, while by 0.8 percent in the industry.

The volume of value added in the construction sector increased by 8.3 percent, tourist accommodation and catering - 16.4 percent, trade and repair of vehicles - 9.6 percent, information and communication services - 13.3 percent, transport and warehousing - 5.3 percent, social and other services - 4.6 percent in January-October 2014 compared to the same period of last year.

Net taxes on products and imports increased by 4.2 percent and amounted to 3.541 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

49225,2

100,0

102,8

production of goods

30072,4

61,1

100,7

including

- industry

21468,1

43,6

99,2

- agriculture

2572,5

5,2

97,0

- construction

6031,8

12,3

108,3

Production of services

15611,8

31,7

107,1

including:

- transport

2354,7

4,8

105,3

- communications

857,3

1,7

113,3

- tourism and public food facilities

1001,5

2,0

116,4

- trade and repair

3840,4

7,8

109,6

- social and other services

7557,9

15,3

104,6

Net taxes on products

3541,0

7,2

104,2

Defliator

100,2

The total industrial production volume (the volume of produced goods and rendered industrial services ) amounted to 27.8 billion AZN in Azerbaijan in January-October 2014, which is 0.4 percent less than in the same period of last year.

Azerbaijan's non-oil sector during this period showed a 6.3 percent growth, oil sector - fell by 1.7 percent compared to the same period of 2013.

During the reporting period, the volume of production in the mining industry exceeded 19.8 billion AZN with a weight of 71.2 percent of the entire industrial production, which is 1.3 percent less than in the same period of last year.

Oil production volume amounted to 35.6 million tons, while natural gas production - 15.5 billion cubic meters in January-October 2014. Oil production declined by 1.4 percent, while gas production increased by 5.9 percent compared to the same period of 2013.

The volume of production in the manufacturing industry amounted to 6.3 billion AZN (23 percent of total industrial output) for the first ten months of this year or by 2.1 percent more than in the same period of last year. The growth in the processing industry was observed in the production of vehicles - by 3.4 times, tobacco products - by twofold, jewelry, music, sports and medical equipment - by 88.5 percent, the repair and installation of machinery and equipment - 66 percent, the production of motor vehicles and trailers - 58 percent, clothing - by 53.2 percent, etc.

Production, distribution and supply of electricity, gas and steam hit 4.5 percent of a total volume of industrial production, while water supply, treatment and recycling of waste - 5.4 percent.

The Azerbaijani metallurgical industry produced products and rendered services worth 338.3 million AZN in January-October 2014. The production volume in the metallurgical industry decreased by 2 percent, whilst finished metal products increased by 11.4 percent during this period.

According to the State Statistics Committee, around 1,750 kilograms of precious metals were produced in January-October or by 10.2 percent less than their production during the same period in 2013. Around 1525.3 kg of gold and 224.7 kg of silver were produced in January-October.

According to the State Statistics Committee, the Azerbaijani trading networks sold consumer goods to the population at 17.471 billion AZN in January-October 2014, which is 9.6 percent more than in the same period of 2013. Legal entities ensured 11.6 percent of trade turnover, individual entrepreneurs - 51.6 percent, fairs and markets - 36.6 percent.

According to the State Statistics Committee, in October 2014, the prices on consumer goods and tariffs on services increased by 0.3 percent compared to the previous month and by 1.6 percent in January-October compared to the ten months of 2013.

Thus, inflation in Azerbaijan, which is one of the indices of macroeconomic stability, hit only 1.6 percent.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 30.377 billion AZN in January-October 2014, which is 5.4 percent more compared to January-October 2013.

Thus, during this period, the nominal income of the population per capita increased by 4.1 percent and hit 3229,5 AZN.

As of Nov. 1, 2014, some 28,900 people were officially registered as unemployed in Azerbaijan, including 39.7 percent women.

Thus, the number of unemployed has decreased by 20.2 percent since early 2014. As of January 1, 2014, some 36,206 people were registered as unemployed.

The foreign trade turnover with 146 world countries amounted to $26.56 billion in January-October 2014, or 7.78 percent less than in January-October 2013. The volume of exports decreased by 3.65 percent and amounted to $19.19 billion compared to January-October 2013. The volume of import decreased by 17.06 percent and amounted to $7.36 billion. Azerbaijan exported 2,007 goods and imported 5,861 different goods.

According to the Azerbaijani State Statistics Committee, around 13.219 billion AZN was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-October 2014, which is by 0.6 percent more than in the same period of last year. It indicates sustainable investment activity in the country.

In particular, around 1.351 billion AZN were invested in the Azerbaijani economy in October 2014, which is by 12.6 percent more than investments in fixed assets in October 2013.

The exchange rate of AZN remained stable. In October 2014, the average rate of AZN to the U.S. dollar was 0.78 AZN per dollar, to euro - 1.00 AZN per euro, to Russian rouble - 1.93 AZN per 100 rouble.

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