General economic situation in Azerbaijan (January 2016)

The current complex processes in the global economy have a negative impact on the Azerbaijani economy as well.

Azerbaijan's total GDP stood at 4.01 billion manat in January 2016, or 3.3 percent more than in January 2015, said the country's State Statistics Committee.

The economy's non-oil sector increased compared to January 2015 by 5.5 percent and its share in the country's GDP was 67.2 percent.

The volume of value added production in the oil and gas extraction and processing hit 32.8 percent of GDP or by 2.4 percent less during the year.

Some 37.3 percent was formed in the field of production during this period. The value added share generated in trade and vehicle repair makes up 10.9 percent, construction was 8.6 percent, agriculture, forestry and fishery was 3.1 percent, 7.2 percent - transport and warehousing, three percent - tourist accommodation and catering, 2.2 percent - information and communication, 20 percent - other spheres.

Net taxes on products and imports amounted to 7.7 percent of Azerbaijan's GDP.

GDP per capita amounted to 418.3 manat ($264.5).

During this period, the value added production volume in the field of tourist accommodation and catering increased by 5.1 percent, trade and repair of vehicles - 4.3 percent, information and communication services - 7.9 percent, agriculture, forestry and fishery - 1.8 percent compared to January 2015. The index reduction was observed in other categories. The slight GDP growth was observed in January 2016.

Value added

in mln manat

Special weight,

%

Growth compared to reporting period of last year, %

GDP in total

4011,2

100,0

96,7

production of goods

1497,5

37,3

97,6

- agriculture

125,7

3,1

101,8

- construction

344,2

8,6

75,5

- transport

288,5

7,2

87,7

- communications

88,2

2,2

107,9

- trade and repair

437,1

10,9

104,3

Net taxes on products

309,0

7,7

97,2

tourist accommodation and catering

121,1

3,0

105,1

deflator

115,8

The telecommunication sector was the most dynamic sector in Azerbaijan in January 2016. According to the State Statistics Committee, as of January 2016, value added worth 88.2 million manat was observed in the sector or by 7.9 percent more than the sectoral GDP. The telecommunication sector in the reporting period surpassed the hospitality and food sector. GDP hit 121.1 million manat, increasing by 5.1 percent compared to January 2015. In terms of growth, the ICT sector surpassed the retail trade (437.1 million manat with a 4.3 percent growth).

The total industrial production volume (the volume of manufactured products and rendered industrial services) amounted to 2.1 billion manat in Azerbaijan during this period, which is 3.1 percent less than in January 2015. Azerbaijan's non-oil sector increased by 0.3 percent, while oil sector decreased by 3.5 percent in January 2016 compared to the same period of 2015.

The volume of production in mining industry totaled 1.3 billion manats with a 62.2 percent share in the total industrial production, or 3.5 percent less than in January 2015.

Some 3.5 million tons of oil and 1.6 billion cubic meters of gas were produced in the reporting period. Oil production decreased by 3.9 percent in Azerbaijan during this period compared to January 2015, while gas production - by 10.5 percent.

Azerbaijan decreased gold production by 21.1 percent in January 2016, but increased the production of silver by 3.5 times. Some 158.4 kilograms of precious metals were produced in January 2016, which is 11.1 percent less than in the same period of 2015. The production was 135.5 kilograms of gold and 22.9 kilograms of silver in January.

Some 607.4 billion manat accounted for the output in processing industry (28.8 percent of the total volume of industrial production) in January or 2.4 percent more than in the same period of 2015.

In this sector, the highest growth was recorded in the weaving industry - 2.9 times, production of motor vehicles, trailers and semi-trailers - by 2.4 times, repair and installation of machinery and equipment - by 2.2 times and production of finished metal products - 2.1 times.

Azerbaijan produced 97 trucks in January 2016, or 2.1 percent more than in January 2015.

Twenty-seven tractors were produced in Azerbaijan in January 2016, or 15.6 percent less than in the same period 2015.

Currently, two plants in Azerbaijan - the Nakhchivan and Ganja automobile plants - manufacture vehicles.

Production, distribution and supply of electricity, gas and steam decreased by 8.7 percent in January compared to the same period in 2015, while water supply, treatment and recycling of waste increased by 0.7 percent.

The agricultural production volume in actual prices amounted to 224.2 million manat in Azerbaijan in January 2016 or by 1.8 percent more compared to the same period of 2015.

According to the Azerbaijani State Statistics Committee's report, during this period the livestock production increased by 1.7 percent (220.1 million manat), crop production - by 4.7 percent (4.1 million manat).

According to the State Statistics Committee, as of January 2016, the Azerbaijani consumer market amounted to 2.991 billion manat, which is 4.2 percent more than its turnover for the same period of 2015. The monthly consumer expenses are estimated at 311.9 manat per capita in January 2016 or by 47.3 manat more compared to January 2015.

According to the State Statistics Committee, the Azerbaijani trading networks sold consumer goods to the population at 2.243 billion manat in January 2016, which is 4.3 percent more than in the same period of 2015.

The monthly retail trade turnover amounted to 233.9 manat, which is 41.8 manat more than in January 2015.

According to the State Statistics Committee, inflation in the country amounted to 13.6 percent in January 2016 compared to January 2015.

The food prices increased by 4.6 percent, non-food items - 17.2 percent and tariffs for services - 4.6 percent in January 2016 compared to January 2015.

Such a high rate of inflation in the country was the result of the impact of national currency devaluation.

The foreign trade turnover with 114 world countries amounted to $1.1 billion in January 2016, or 40.62 percent less than in January 2015. The volume of exports decreased by 48.57 percent and amounted to $657.08 million compared to January 2015. The volume of import decreased by 22.95 percent and amounted to $442.81 billion.

As of January 2016, the nominal index of export exceeded import. This formed the foreign trade surplus to the amount of $214.27 million.

According to the Azerbaijani State Statistics Committee, around 880.7 million manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January 2016 or by 29 percent more than in the same period of 2015.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 3.081 billion manat in January 2016, which is 12.1 percent more compared to January 2015.

Thus, during this period, the nominal income of the population per capita increased by 0.8 percent and hit 321.2 manat.

As of February 1, 2016, some 29,800 people were officially registered as unemployed in Azerbaijan, including 38.3 percent women, the Azerbaijani State Statistics Committee's report said. The number of unemployed in the country increased by 3.1 percent compared to the same period of 2015. As of February 1, 2016, the economically active population totaled 4.9 million people, of which 4.67 million people were engaged in labour activity.

In January 2015, the average rate of manat to the U.S. dollar was 1.58 manat per dollar, to euro - 1.72 manat per euro, to Russian rouble - 2.06 manat per 100 rouble.

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