General economic situation in Azerbaijan (January 2015)

A total volume of Azerbaijan's GDP amounted to 3.6 billion AZN in January 2015 or by 4.4 percent more than in the same period of 2014, the Azerbaijani State Statistics Committee's report said. The nominal GDP growth dropped by 0.8 percent. GDP per capita made up 383.2 AZN ($488.5) or by 17.7 percent less than in 2014, the report said.

Some 48 percent was formed in the field of production during this period. The value added share generated in industry makes up 34 percent, construction was 10.6 percent, agriculture, forestry and fishery was 3.4 percent.

Net taxes on products and imports amounted to 10 percent of Azerbaijan's GDP.

Around 42 percent of GDP accounted for the sector of services, 10.3 percent - trade and repair of vehicles, 6.6 percent - transport and warehousing, 2.9 percent - tourist accommodation and catering sphere, 2.4 percent - the information and communication services, 19.8 percent - social and other services.

The non-oil sector of the economy increased by 5.5 percent compared to the same period of 2014. Its share in the country's GDP hit 70.5 percent. The volume of value added production in the oil and gas extraction and processing hit 29.5 percent of GDP.

The growth in this sector was 3.1 percent compared to January 2014.

The volume of value added production in Azerbaijan`s construction sector increased by 11.9 percent, tourist accommodation and catering - 13.2 percent, information and communication services - 13.9 percent, trade and repair of vehicles - 9.4 percent, transport and warehousing - 5.3 percent, social and other services - 1 percent, agriculture, forestry and fishery - 3.5 percent in January 2015 compared to 2014.

Value added

in mln AZN

Special weight,

%

Growth compared to reporting period of last year, %

GDP in total

3631,7

100,0

104,4

production of goods

1742,2

47,9

104,0

including

- industry

1235,7

34,0

102,8

- agriculture

123,2

3,4

103,5

- construction

383,3

10,5

111,9

Production of services

1525,7

42,0

105,2

including:

- transport

239,1

6,5

105,3

- communications

88,0

2,4

113,9

- tourism and public food facilities

106,6

2,9

113,2

- trade and repair

374,9

10,3

109,4

- social and other services

717,1

19,7

101,0

Net taxes on products

363,8

10,0

104,6

Defliator

78,6

In January 2015 the total volume of industrial production (the volume of produced goods and rendered industrial services) in Azerbaijan amounted to 1.780 billion AZN, which is 1.4 percent more than in January 2014, the Azerbaijani State Statistics Committee's report said.

Azerbaijan's non-oil sector showed a 1.8 percent decrease, while the oil sector increased 2.6 percent compared to January 2014.

During the reporting period, the volume of production in the mining industry hit 1.034 billion AZN with a weight of 58.1 percent of the entire industrial production, which is 4.4 percent more than in January 2014.

Oil production volume amounted to 3.67 million metric tons, while natural gas production was 2.49 billion cubic meters.

Oil production increased by 0.9 percent, while gas production decreased by 6.6 percent compared to January 2014.

The volume of production in the processing industry amounted to 537.5 billion AZN (30.2 percent of total industrial output) in January 2015 or by 7.6 percent less than in January 2014.

The growth was observed in the production of vehicles and trailers - by 10.5 times, computer and other electronic equipment - 2.6 times, tobacco - by 48.9 percent, jewelry, music, sports and medical equipment - by 87.6 percent, the repair and installation of machinery and equipment - 41 percent, other vehicles - 74.3 percent, chemical industry - 33.7 percent, building material production - 54.8 percent, etc.

Production, distribution and supply of electricity, gas and steam hit 10.7 percent of the total production volume, but water supply, treatment and recycling of waste - 1 percent in January 2015.

The Azerbaijani metallurgy industry and enterprises produced goods and rendered services in the amount of 21.6 million AZN in January 2015. The production volume of the metallurgy industry decreased by 38.7 percent, while the production of finished products increased by 2.7 percent.

Azerbaijan has begun the industrial production of gold since July 2009. It has announced about accompanying silver production volumes since 2010.

It increased gold production by 70.8 percent and reduced the silver production by 75 percent in January 2015.

According to the State Statistics Committee, around 178.2 kilograms of precious metals were produced in January 2015. It was by 40.9 percent more than in January 2014. In January, the production amounted to 171.7 kg of gold and 6.5 kg of silver.

According to the State Statistics Committee, the Azerbaijani trading networks sold consumer goods to the population at 1.821 billion AZN in January 2015, which is 9.4 percent more than in the same period of 2014. Legal entities ensured 12.4 percent of trade turnover, individual entrepreneurs - 52.5 percent, fairs and markets - 34.9 percent. According to the State Statistics Committee, in January 2015, the prices on consumer goods and tariffs on services increased by 0.2 percent compared to the previous month and by 0.2 percent in January 2015 compared to January 2014. Thus, inflation in Azerbaijan, which is one of the indices of macroeconomic stability, hit only 0.2 percent.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 2.681 billion AZN in January 2015, which is 5.5 percent more compared to January 2014. Thus, during this period, the nominal income of the population per capita increased by 4.2 percent and hit 282.9 AZN. As of Feb. 1, 2015, some 28,900 people were officially registered as unemployed in Azerbaijan, including 39.4 percent women. The number of unemployed has decreased by 25.3 percent since early 2015 compared to early 2014.

The foreign trade turnover with 99 world countries amounted to $1.85 billion in January 2015, or 23 percent less than in January 2014. The volume of exports decreased by 31.56 percent and amounted to $1.28 billion compared to January 2014. The volume of import increased by 7.3 percent and amounted to $574.2 million. Azerbaijan exported 516 goods and imported 3,251 different goods. As of January 2015, the nominal index of export exceeded import. This formed the foreign trade surplus to the amount of over $703.59 million. The country's foreign trade surplus amounted to $1.34 billion in January 2014.

An agricultural production volume at current prices amounted to 222 million AZN in Azerbaijan in January 2015 or by 3.5 percent more compared to January 2014. According to the report of the Azerbaijani State Statistics Committee as of January 2015, crop production increased by 3.8 percent, livestock production - by 3.5 percent.

According to the Azerbaijani State Statistics Committee, around 682.7 million AZN was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January 2015, which is by 3.2 percent more than in January 2014.

The exchange rate of AZN remained stable. In January 2015, the average rate of AZN to the U.S. dollar was 0.78 AZN per dollar, to euro - 0.9 AZN per euro, to Russian rouble - 1.24 AZN per 100 rouble.

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