General economic situation in Azerbaijan (january-july 2015)

A total volume of Azerbaijan's GDP amounted to 32.1 billion manat in January-July 2015 or by 5.6 percent more than in the same period of 2014.

The non-oil sector of the economy increased by 9 percent compared to the same period of 2014. Its share in the country's GDP hit 68 percent. The volume of value added production in the oil and gas extraction and processing hit 32 percent of GDP or by 1 percent more compared to the same period of 2014.

Some 54.6 percent was formed in the field of production during this period. The value added share generated in industry makes up 35 percent, construction was 13.6 percent, agriculture, forestry and fishery was 6 percent.

Net taxes on products and imports amounted to 8.1 percent of Azerbaijan's GDP.
Some 37.3 percent (8 billion manat) of the gross output was created in the sector of services.

The tourism and catering sector has become the most dynamic sector of Azerbaijan in January-July 2015. This sector of the economy surpassed even the telecommunication sector as of August 1, showing a 17.8 percent growth.

Azerbaijan's non-oil sector increased by 14.7 percent, oil sector decreased by 0.1 percent in January-July 2015 compared to the same period of January-July 2014.

The total industrial production (a volume of production and rendered industrial services) in Azerbaijan for the period amounted to 15.8 billion manat, which is 3.5 percent more than in the same period of 2014.

During the reporting period, the volume of production in the mining industry hit 10.1 billion manat with a weight of 63.9 percent of the entire industrial production, which is 2 percent more than in January-July 2014.

Oil production volume amounted to 24.52 million metric tons, while natural gas production was 17.23 billion cubic meters.

Oil production decreased by 2.1 percent, while gas production - by 3.1 percent compared to January-July 2014.

The production volume in the processing industry amounted to 4.5 billion manat (28.5 percent of total industrial output) in January-July 2015 or by 16.8 percent more than in January-July 2014.

The highest growth was observed in the production of jewelry, music, sports and medical equipment - by 3.2 times, leather and leather goods - by 2.1 times, repair and installation of equipment - by 3.1 times, and the chemical industry - by 2.2 times.

Production, distribution and supply of electricity, gas and steam increased by 3.8 percent compared to January-July 2014, but water supply, treatment and recycling of waste - by 5.4 percent.

The Azerbaijani metallurgy industry and enterprises produced goods and rendered services in the amount of 197.8 million manat in January-July 2015.

The production volume of the metallurgy industry increased by 7.8 percent, while the production of finished products by 40.7 percent.

Gold production increased by 31.2 percent in January-July 2015, while silver production decreased by 73.9 percent. So, some 1379,1 kilograms of precious metals (including 215,2 kg in July) were produced in January-July 2015, which is 13.4 percent more than in January-July 2014. In particular, the production amounted to 1325,3 kilograms of gold (207,4 kg in July) and 53,8 kilograms of silver (7.3 kg).

According to the State Statistics Committee, as of August 1, 2015, the Azerbaijani consumer market amounted to 18.355 billion manat, which is 11.4 percent more than its turnover for the same period of last year. The monthly consumer expenses are estimated at 275.9 manat per capita in January-July 2015 or by 34.8 manat more compared to January-July 2014.

According to the State Statistics Committee, the prices on consumer goods and tariffs on services decreased by 0.7 percent in July 2015 compared to the previous month. The inflation hit 3.7 percent in January-July 2015 compared to the same period of 2014.

The foreign trade turnover with 142 world countries amounted to $12.8 billion in January-July 2015, or 29.54 percent less than in January-July 2014. The volume of exports decreased by 43.6 percent and amounted to $7.47 billion compared to January-July 2014. The volume of import increased by 8.61 percent and amounted to $5.3 billion.

Azerbaijan exported 1,912 goods and imported 5,666 different goods.

As of January-July 2015, the nominal index of export exceeded import. This formed the foreign trade surplus to the amount of $2.17 billion.

The country's foreign trade surplus exceeded $8.4 billion in January-July 2014.

The agricultural production volume in actual prices amounted to 3.5 billion manat in Azerbaijan in January-July 2015 or by 8.9 percent more compared to the same period of last year.

According to the Azerbaijani State Statistics Committee's report as of seven months, during this period the livestock production increased by 2.4 percent, crop production - by 15.8 percent.

According to the Azerbaijani State Statistics Committee, around 9.368 billion manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-July 2015 or by 3.5 percent more than in the same period of 2014.

Around 1.443 billion manat was invested in Azerbaijani economy in July 2015 or by 0.5 percent less investments in fixed capital than in July 2014.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 23.606 billion manat in January-July 2015, which is 6.4 percent more compared to January-July 2014.

Thus, during this period, the nominal income of the population per capita increased by 5.2 percent and hit 2254,5 manat.

As of August 1, 2015, some 29,000 people were officially registered as unemployed in Azerbaijan, including 38.8 percent women.

In July 2015, the average rate of manat to the U.S. dollar was 1.05 manat per dollar, to euro - 1.16 manat per euro, to Russian rouble - 1.84 AZN per 100 rouble.