General economic situation in Azerbaijan (January-April 2016)

A total volume of Azerbaijan's GDP amounted to 16.87 billion manat in January-April 2016 or by 4.5 percent less than in the same period of 2015, the Azerbaijani State Statistics Committee's report said.

"The main reason for the GDP decline is to decrease the volumes of production of goods and services in the construction and transport sectors by 35.5 percent and 14.2 percent accordingly," the report says.

The economy's non-oil sector decreased by 6.8 percent compared to January-April 2015 and its share in the country's GDP was 64.85 percent.

The volume of value added production in the oil and gas extraction and processing hit 35.15 percent of GDP. Zero growth was observed compared to January-April 2015.

Some 51.3 percent was formed in the field of production during this period. Some 39.5 percent (almost 6.7 billion manat) accounted for industry, 8.7 percent (1.5 billion manat) - construction, 3.1 percent (523.1 million manat) - agriculture, forestry and fishery.

Net taxes on products and imports amounted to 7.9 percent of Azerbaijan's GDP.

According to the report, some 40.8 percent was formed in the field of services during this period.

The value added share generated in trade and vehicle repair hit 12.8 percent (2.16 billion manat), transport and warehousing - 6.5 percent (1.1 billion manat), tourist accommodation and catering - 3.08 percent (520.8 million manat), information and communication - 2 percent (339.8 million manat), other spheres - 16.3 percent (almost 2.75 billion manat).

During this period, the value added production volume in industry increased by 0.3 percent, trade and repair of vehicles - 2.7 percent, tourist accommodation and catering - 3.5 percent, information and communication services - 11 percent, agriculture, forestry and fishery - 3.5 percent compared to January-April 2015.

The telecommunication sector was the most dynamic sector in Azerbaijan in January-April 2016. According to the State Statistics Committee, as of January-April 2016, value added worth 339.8 million manat was observed in the sector or by 11 percent more than the sectoral GDP. The telecommunication sector in the reporting period surpassed such sectors as hospitality and food, where GDP hit 530.8 million manat, increasing by 3.5 percent compared to January-April 2015. In terms of growth, the ICT sector surpassed the retail trade (2.157 billion manat with a 2.7 percent growth).

Azerbaijan's non-oil sector increased by 4.2 percent, while oil sector decreased by 1.7 percent in January-April 2016 compared to the same period of 2015.

The total industrial production volume (the volume of manufactured products and rendered industrial services) amounted to 9.4 billion manat in Azerbaijan during this period, which is 1.1 percent less than in January-April 2015.

The volume of production in mining industry totaled 6 billion manat with a 63.9 percent share in the total industrial production, or 1.3 percent less than in January-April 2015.

Some 13.98 million tons of oil and 9.94 billion cubic meters of gas were produced in the reporting period.

Oil production decreased by 1.8 percent in Azerbaijan during this period compared to January-April 2015, while gas production increased by 0.3 percent.

Some 727.2 kilograms of precious metals were produced in January-April 2016, which is 0.6 percent more than in the same period of 2015. The production was 597.1 kilograms of gold and 130.1 kilograms of silver in January-April.

Some 2.7 billion manat accounted for the output in processing industry (28.6 percent of the total volume of industrial production) in January-April or 2.6 percent more than in the same period of 2015.

In this sector, the highest growth was recorded in the textile industry - 3.5 times, repair and installation of machinery and equipment - by 2.1 times and production of computers, electronic and optical products - 2.7 times.

Production, distribution and supply of electricity, gas and steam decreased by 6.2 percent in January-April compared to the same period in 2015, while water supply, treatment and recycling of waste - by 1.6 percent.

Azerbaijan produced 236 tractors in January-April 2016, which is by 20 percent less than in the same period of 2015.

The country produced 73 trucks in January-April 2016, which is by 43.8 percent less than in the same period of 2015.

Azerbaijan has two plants in Nakhchivan and Ganja for the production of vehicles.

The agricultural production volume in actual prices amounted to 938.8 million manat in Azerbaijan in January-April 2016 or by 3.5 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 3.1 percent (898.2 million manat), crop production - by 12.3 percent (40.6 million manat).

According to the State Statistics Committee, as of January-April 2016, the Azerbaijani consumer market amounted to 11.302 billion manat, which is 2.5 percent more than its turnover for the same period of 2015. The monthly retail trade turnover amounted to 227.5 manat, which is 30 manat more than in January-April 2015.

According to the State Statistics Committee, inflation in the country amounted to 10.5 percent in January-April 2016 compared to January-April 2015.

The food prices increased by 12.2 percent, non-food items - 15.2 percent and tariffs for services - 4.2 percent in January-April 2016 compared to January-April 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 152 world countries amounted to $5.04 billion in January-April 2016, or 34.3 percent less than in January-April 2015. The volume of exports decreased by 42.63 percent and amounted to $2.45 billion compared to January-April 2015. The volume of import decreased by 23.85 percent and amounted to $2.59 billion.

The red ink in the amount of $144.39 million was observed in Azerbaijan's foreign trade operations during this period.

According to the Azerbaijani State Statistics Committee, around 4.291 billion manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-April 2016 or by 11.9 percent less than in the same period of 2015.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 13.789 billion manat in January-April 2016, which is 9 percent more compared to January-April 2015.

Thus, during this period, the nominal income of the population per capita increased by 7.7 percent and hit 1436,1 manat.

Real income per capita increased by 7.6 percent to 1298,5 manat.

As of May 1, 2016, some 33,800 people were officially registered as unemployed in Azerbaijan, including 37.6 percent women. The number of unemployed in the country increased by 15.8 percent compared to the same period of 2015.

The average rate of manat to the U.S. dollar was 1.52 manat per dollar (1.56 manat as of early 2016), to euro - 1.72 manat per euro (1.73 manat), to Russian rouble - 2.27 manat per 100 rouble (2.13 manat) in April 2015.