General economic situation in Azerbaijan (January-February 2016)

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

A total volume of Azerbaijan's GDP amounted to 7.889 billion manat in January-February 2016 or by 3.2 percent less than in the same period of 2015, the Azerbaijani State Statistics Committee's report as of January-February 2016 said.

The main reason for the GDP decline is to decrease the volume of production of goods and services in the construction and transport sectors.

Some 38.1 percent was formed in the field of production during this period. The value added share generated in trade and vehicle repair hit 13 percent, construction was 8.7 percent, agriculture, forestry and fishery was 3.1 percent, 7.2 percent - transport and warehousing, 3.6 percent - tourist accommodation and catering, 2.1 percent - information and communication, 13.6 percent - other spheres.

The economy's non-oil sector decreased by 5.5 percent compared to January-February 2015 and its share in the country's GDP was 66.8 percent.

The volume of value added production in the oil and gas extraction and processing hit 33.2 percent of GDP or by 1.3 percent more during the year.

Net taxes on products and imports amounted to 10.6 percent of Azerbaijan's GDP.
GDP per capita hit 822.3 manat ($521.4).

During this period, the value added production volume in information and communication services increased by 7.7 percent, trade and repair of vehicles - 4.2 percent, tourist accommodation and catering - four percent, agriculture, forestry and fishery - 2.6 percent, industry - 1.1 percent.

Value added

in mln manat

Special weight,

%

Growth compared to reporting period of last year, %

GDP in total

7888,7

100,0

96,8

production of goods

3006,3

38,1

101,1

- agriculture

244,0

3,1

102,6

- construction

684,2

8,7

67,6

- transport

565,8

7,2

85,4

- communications

166,1

2,1

107,7

- trade and repair

1025,1

12,9

104,2

Net taxes on products

838,2

10,6

97,6

tourist accommodation and catering

282,4

3,6

104,0

deflator

117,5

The telecommunication sector was the most dynamic sector in Azerbaijan in January-February 2016. According to the State Statistics Committee, as of January-February 2016, value added worth 166.1 million manat was observed in the sector or by 7.7 percent more than the sectoral GDP. The telecommunication sector in the reporting period surpassed the hospitality and food sector. GDP hit 282.4 million manat, increasing by 4 percent compared to January-February 2015. In terms of growth, the ICT sector surpassed the retail trade (1.025 billion manat with a 4.2 percent growth).

Azerbaijan's non-oil sector increased by 4.5 percent, while oil sector decreased by 0.7 percent in January-February 2016 compared to the same period of 2015.

The total industrial production volume (the volume of manufactured products and rendered industrial services) amounted to 4.3 billion manat in Azerbaijan during this period, which is 0.1 percent less than in January-February 2015.

The volume of production in mining industry totaled 2.7 billion manat with a 61.7 percent share in the total industrial production, or 0.8 percent less than in January-February 2015.

Some 6.87 million tons of oil and 4.94 billion cubic meters of gas were produced in the reporting period.

Oil production decreased by 1.4 percent in Azerbaijan during this period compared to January-February 2015, while gas production increased by 2.5 percent.

Azerbaijan decreased gold production by 20.6 percent in January-February 2016, but increased the production of silver by 3.4 times. Some 308.7 kilograms of precious metals were produced in January-February 2016, which is 11.3 percent less than in the same period of 2015. The production was 266.9 kilograms of gold and 41.8 kilograms of silver in January-February.

Some 1.3 billion manat accounted for the output in processing industry (29.4 percent of the total volume of industrial production) in January-February or 6.4 percent more than in the same period of 2015.

In this sector, the highest growth was recorded in the weaving industry - 3.1 times, production of cars, repair and installation of machinery and equipment - by 2.5 times and production of finished metal products - 97.3 times.

Azerbaijan produced 144 trucks in January-February 2016, or 22.6 percent more than in January-February 2015.

Some 42 tractors were produced in Azerbaijan in January-February 2016, or 45.5 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 5.1 percent in January-February compared to the same period in 2015, while water supply, treatment and recycling of waste increased by 3.5 percent.

The agricultural production volume in actual prices amounted to 437.9 million manat in Azerbaijan in January-February 2016 or by 2.6 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 2.6 percent (430.6 million manat), crop production - by 4.5 percent (7.3 million manat).

According to the State Statistics Committee, as of January-February 2016, the Azerbaijani consumer market amounted to 5.563 billion manat, which is 3.8 percent more than its turnover for the same period of 2015. The monthly consumer expenses are estimated at 289.9 manat per capita in January-February 2016 or by 38.8 manat more compared to January-February 2015.

According to the State Statistics Committee, the Azerbaijani trading networks sold consumer goods to the population at 4.258 billion manat in January-February 2016, which is 4.2 percent more than in the same period of 2015.

The monthly retail trade turnover amounted to 221.9 manat, which is 35 manat more than in January-February 2015.

According to the State Statistics Committee, inflation in the country amounted to 11.7 percent in January-February 2016 compared to January-February 2015.

The food prices increased by 14.8 percent, non-food items - 15.7 percent and tariffs for services - 4 percent in January-February 2016 compared to January-February 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 132 world countries amounted to $2.2 billion in January-February 2016, or 45.51 percent less than in January-February 2015. The volume of exports decreased by 47.59 percent and amounted to $1.22 billion compared to January-February 2015. The volume of import decreased by 42.67 percent and amounted to $979.87 million.

As of January-February 2016, the nominal index of export exceeded import. This formed the foreign trade surplus to the amount of over $243.59 million.

According to the Azerbaijani State Statistics Committee, around 1.835 billion manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-February 2016 or by 8 percent more than in the same period of 2015.

Around 954.2 million manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in February 2016 or by 4 percent less than in the same period of 2015.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 6.459 billion manat in January-February 2016, which is 10.2 percent more compared to January-February 2015.

Thus, during this period, the nominal income of the population per capita increased by 9 percent and hit 673.3 manat.

As of March 1, 2016, some 30,600 people were officially registered as unemployed in Azerbaijan, including 38.1 percent women, the Azerbaijani State Statistics Committee's report said. The number of unemployed in the country increased by 5.5 percent compared to the same period of 2015.

In February 2016, the average rate of manat to the U.S. dollar was 1.57 manat per dollar, to euro - 1.75 manat per euro, to Russian rouble - 2.04 manat per 100 rouble.

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