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General economic situation in Azerbaijan (January-October 2015)

Analysis Materials 9 December 2015 17:47

Total volume of Azerbaijan's GDP amounted to 45.9 billion manats in January-October 2015 or 3.3 percent more than in the same period of 2014.

The non-oil sector of the economy increased by 5.2 percent compared to the same period of 2014, and its share in the country's GDP hit 69.2 percent or 9.3 percentage points more than in the same period of 2014.

The volume of value added production in the oil and gas extraction and processing hit 30.8 percent of GDP or 0.5 percent more compared to the same period of 2014.

During the reporting period, 53.6 percent was formed in the field of production. The value added share generated in industry makes up 33.8 percent (15.5 billion manats), construction was 13.8 percent (6.3 billion manats), agriculture, forestry and fishery was 6.2 percent (2.8 billion manats).

Net taxes on products and imports amounted to 7.6 percent of Azerbaijan's GDP.

Some 38.6 percent of the gross output was created in the sector of services, according to the report issued by the State Statistical Committee of Azerbaijan.

Around 9.8 percent (4.5 billion manats) of GDP in the sector of services accounted for the trade and repair of vehicles, 5.3 percent (2.45 billion manats) - transport and warehousing, 2.6 percent (1.2 billion manats) - tourist accommodation and catering sphere, 2 percent (898.7 million manats) - the information and communication services, 18.9 percent (8.68 billion manats) - social and other services.

The volume of value added production in Azerbaijan`s construction sector increased by 2.6 percent, tourist accommodation and catering - 14.1 percent, information and communication services - 8.1 percent, trade and repair of vehicles - 11.2 percent, industry - 0.8 percent, agriculture, forestry and fishery - 6.7 percent, other services - 2.9 percent in January-October 2015 compared to the same period of 2014.

Value added in mln manats

Share, %

Growth compared to reporting period of last year, %

GDP in total

45934,8

100.0

103.3

Industry

15501,4

34.2

100.8

Agriculture

2827,2

6.5

106.7

Construction

6326,5

13.5

102.6

Transport

2454,4

5.6

98.8

Communications

898,7

1.9

108.1

Trade and repair

4520,1

10.1

111.2

Net taxes on products

3511,0

7.5

107.6

Accommodation of tourists and catering

1211,7

2.63

114.1

Deflator

89,4

Azerbaijan's non-oil industry grew by 9.6 percent in Jan.-Oct. 2015, while the oil industry dropped by 0.6 percent compared to the same period of 2014.

The total volume of industrial production (the volume of manufactured products and rendered industrial services) in Azerbaijan stood at 22 billion manats, or 2.2 percent more than in the same period of 2014.

During the reporting period, the volume of production in the mining industry hit 13.8 billion manats, which accounted for 62.9 percent of the entire industrial production, or 1.7 percent more than in Jan.-Oct. 2014.

Azerbaijan produced 35 million tons of oil in Jan.-Oct. 2015, while the natural gas production stood at 24.55 billion cubic meters. During the reporting period, oil production in Azerbaijan has dropped by 2 percent compared to Jan.-Oct. 2014, while the gas production has decreased by 2.7 percent.

The production volume in the processing industry amounted to 6.4 billion manats (29.2 percent of total industrial output) in Jan.-Oct. 2015 or 8.4 percent more than in the same period of 2014.

In this sector, the highest growth was observed in the production of jewelry, music, sports and medical equipment - 2.2 times, repair and installation of equipment - by 2.1 times, manufacture of computers, electronic and optical products - 98.6 percent and in chemical industry - 87 percent.

Azerbaijan manufactured 301 trucks in January-October 2015 or by 36.4 percent more than in the same period of 2014. During this period, Azerbaijan produced 725 cars, which is 60.6 percent less than in January-October 2014. The country produced 896 tractors in the first ten months of 2015, which is 17.3 percent less than in the same period of 2014.

Azerbaijan increased the gold production by 24 percent in January-October 2015, while the silver production was reduced by 69 percent. The gold production totaled 1890.7 kilograms (including 208.7 kg in October), while the silver production stood at 92.1 kg (17.4 kg in October).

Production, distribution and supply of electricity, gas and steam increased by 1.6 percent compared to January-October 2014, but water supply, treatment and recycling of waste - by 2.5 percent.

The agricultural production in Azerbaijan increased by 6.7 percent in Jan.-Oct. 2015, compared to the same period in 2014 and totaled 5.12 billion manats.

During the reporting period, the crop and livestock production stood at 2.740 billion manats and 2.382 billion manats, respectively.

According to the State Statistics Committee, as of Nov.1, 2015, the Azerbaijani consumer market amounted to 27.014 billion manats, which is 10 percent more than its turnover for the same period of 2014. The monthly consumer expenses are estimated at 283.8 manats per capita in January-October 2015 or by 32.9 manats more compared to January-October 2014.

The prices on consumer goods and tariffs on services increased by 0.1 percent in October 2015 compared to the previous month. Food prices rose by 0.3 percent in October, non-food products - by 0.1 percent, tariffs for services remained unchanged (compared to the previous month).

The inflation hit 3.7 percent in the country compared to the same period of 2014. Food prices rose by 5.9 percent in January - October 2015, non-food products - by 3.1 percent, tariffs for services - 1.1 percent (compared to the same period of 2014).

The foreign trade turnover with 158 countries amounted to $17.21 billion in January-October 2015, or 35.21 percent less than in January-October 2014. The volume of exports decreased by 49.13 percent and amounted to $9.76 billion compared to January-October 2014. The volume of import increased by 1.08 percent and amounted to $7.44 billion.

Azerbaijan exported 2,333 goods and imported 6,005 different goods.

As of January-October 2015, the nominal index of export exceeded import. This formed foreign trade surplus nearing $2.32 billion.

According to the Azerbaijani State Statistical Committee, around 13.087 billion manats was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-October 2015 or by 1.1 percent less than in the same period of 2014.

Around 1.256 billion manats was invested in Azerbaijani economy in October 2015 or by 7.1 percent less than investments in fixed capital in October 2014.

Positive dynamics is observed in improving the population's welfare. According to the Azerbaijani State Statistical Committee, the nominal income of the population totaled 33.519 billion manats in January-October 2015, which is 5.7 percent more compared to January-October 2014. During this period, the nominal income of the population per capita increased by 4.4 percent and hit 3,521 manats.

As of early November 2015, the economically active population equaled 4,900,100 people, of whom 4,664,900 people were employed. The officially registered unemployed people equaled 29,000, of whom 38.6 percent are women.

In October 2015, the average rate of manat to the US dollar was 1.05 manats per dollar, to euro - 1.18 manats per euro, to Russian rouble - 1.67 manat per 100 roubles.

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