General economic situation in Azerbaijan (January-May 2015)

A total volume of Azerbaijan's GDP amounted to 21.34 billion manat in January-May 2015 or by 5.3 percent more than in the same period of 2014. The highest economic growth rates have hit 5.5 percent in January-April since early 2015.

The country's GDP increased by 5.3 percent in the first quarter, 4.2 percent in January-February, 4.4 percent - in January.

The non-oil sector of the economy increased by 7.6 percent compared to the same period of 2014. Its share in the country's GDP hit 66.12 percent. The volume of value added production in the oil and gas extraction and processing hit 33.88 percent of GDP, increasing by 2.4 percent compared to 2014.

Some 53.4 percent was formed in the field of production during this period. The value added share generated in industry makes up 36.4 percent (7.76 billion manat), construction was 13.7 percent (2.9 billion manat), agriculture, forestry and fishery was 3.3 percent (712.5 million manat).

Net taxes on products and imports amounted to 9.1 percent of Azerbaijan's GDP.

Some 37.5 percent of the gross output was created in the sector of services.

Around 10.8 percent of GDP (2.3 billion manat) in the sector of services accounted for the trade and repair of vehicles, 6.1 percent (1.3 billion manat) - transport and warehousing, 2.9 percent (623.3 million manat) - tourist accommodation and catering sphere, 2.01 percent (430.5 million manat) - the information and communication services, 15.7 percent (3.35 billion manat) - social and other services.

The volume of value added production in Azerbaijan`s construction sector increased by 11.8 percent, tourist accommodation and catering - 13.9 percent, information and communication services - 10.6 percent, trade and repair of vehicles - 9.7 percent, transport and warehousing - 9.7 percent, social and other services - 3.1 percent, agriculture, forestry and fishery - 4.1 percent in January-May 2015 compared to the same period of 2014.

Value added

in mln manat

Special weight,

%

Growth compared to reporting period of last year, %

GDP in total

21344,3

100,0

105,3

production of goods

11400,5

53,4

104,4

including

- industry

7762,4

36,4

102,6

- agriculture

712,5

3,3

104,1

- construction

2925,6

13,7

111,8

Production of services

8013,7

37,5

105,7

including:

- transport

1307,3

6,1

100,7

- communications

430,5

2,0

110,6

- tourism and public food facilities

623,3

2,9

113,9

- trade and repair

2301,7

10,8

109,7

- social and other services

3350,9

15,7

103,1

Net taxes on products

1930,1

9,0

109,9

Defliator

86,5

The tourism and catering sector has become the most dynamic sector of Azerbaijan in January-May 2015. This sector of the economy surpassed even the telecommunication sector as of June 1, showing a 13.9 percent growth.

Azerbaijan's non-oil sector increased by 12.4 percent, oil sector - by 1.4 percent in January-May 2015 compared to the same period of January-May 2014.

The total industrial production (a volume of production and rendered industrial services) in Azerbaijan for the period amounted to 10.84 billion manat, which is 3.7 percent more than in the same period of 2014.

During the reporting period, the volume of production in the mining industry hit 6.9 billion manat with a weight of 63.5 percent of the entire industrial production, which is 2.5 percent more than in January-May 2014.

Some 17.6 million metric tons were produced in Azerbaijan in January-May 2015, while 12.2 million cubic meters of gas were produced.

Oil production decreased by 0.8 percent, while gas production - by 4.7 percent compared to January-May 2014.

The production volume in the processing industry amounted to 3.03 billion manat (28 percent of total industrial output) in January-May 2015 or by 17 percent more than in January-May 2014.

The highest growth was observed in the production of jewelry, music, sports and medical equipment - by 2.5 times, leather and leather goods - by 2.6 times, repair and installation of equipment - by 2.2 times, and the chemical industry - by 2 times.

Production, distribution and supply of electricity, gas and steam increased by 7.7 percent compared to January-May 2014, but water supply, treatment and recycling of waste - by 0.8 percent in January-May 2015.

The Azerbaijani metallurgy industry and enterprises produced goods and rendered services in the amount of 139.1 million AZN in January-May 2015. The production volume of the metallurgy industry increased by 14.4 percent, while the production of finished products by 1.9 percent.

The gold production increased by 34.4 percent in January-May 2015, but silver production reduced by 79.8 percent. Some 937.8 kilograms of precious metals (including 214.6 kg in May) were produced in January-May 2015, which is 11 percent more compared to January-May 2014. The production totaled 902.9 kg of gold (including 205 kg in May) and 34.9 kg of silver (9.6 kg) in January-May.

According to the State Statistics Committee, the Azerbaijani trading networks sold consumer goods to the population at 9.532 billion manat in January-May 2015, which is 9.7 percent more than in the same period of 2014. Legal entities ensured 11.3 percent of trade turnover, individual entrepreneurs - 52.5 percent, fairs and markets - 36.0 percent.

According to the State Statistics Committee, in May 2015, the prices on consumer goods and tariffs on services decreased by 0.6 percent compared to the previous month. The inflation hit 3.4 percent in January-May 2015 compared to January-May 2014.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 16.163 billion manat in January-May 2015, which is 5.8 percent more compared to January-May 2014. Thus, during this period, the nominal income of the population per capita increased by 4.5 percent and hit 1702.4 manat.

As of June 1, 2015, some 29,300 people were officially registered as unemployed in Azerbaijan, including 39.0 percent women.

The foreign trade turnover with 133 world countries amounted to $9.35 billion in January-May 2015, or 28.01 percent less than in January-May 2014. The volume of exports decreased by 44.28 percent and amounted to $5.28 billion compared to January-May 2014. The volume of import increased by 15.91 percent and amounted to $4.07 billion.

Azerbaijan exported 1,424 goods and imported 5,285 different goods.

As of January-May 2015, the nominal index of export exceeded import. This formed the foreign trade surplus to the amount of $1.2 billion compared to over $5.9 billion in the same period of 2014.

The exports amounted to $1.01 billion, while imports - $665.1 million in May 2015.

The country's foreign trade surplus hit $346.88 million last month.

The volume of agricultural production in Azerbaijan in actual prices amounted to 1.29 billion manat in January-May 2015 or by 4.1 percent more compared to the same period of last year. According to the Azerbaijani State Statistics Committee's report as of five months, during this period the livestock production increased by 3.3 percent, crop production - by 12.2 percent.

According to the Azerbaijani State Statistics Committee, around 6.416 billion manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-May 2015 or by 3.7 percent more than in the same period of 2014.

Around 1.548 billion manat was invested in Azerbaijani economy in May 2015 or by 3.6 percent more investments in fixed capital than in May 2014.

In May 2015, the average rate of manat to the U.S. dollar was 1.05 manat per dollar, to euro - 1.17 manat per euro, to Russian rouble - 2.07 manat per 100 rouble.

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