Weekly economic review (June 13-17)

Over 50 percent of Azerbaijan’s GDP account for production

A total volume of Azerbaijan's GDP amounted to 21.5 billion manat in January-May 2016 or by 4.2 percent less than in the same period of 2015, the Azerbaijani State Statistics Committee's report said.

"The Azerbaijani economy mainly decreased because the volumes of production of goods and services in the construction and transport sectors decreased by 37 percent and 9.5 percent accordingly," the report says.

The economy's non-oil sector decreased by 7 percent in January-May 2016 compared to January-May 2015 and its share in the country's GDP was 64.2 percent.

The volume of value added production in the oil and gas extraction and processing hit 35.8 percent of GDP. One percent growth was observed compared to January-May 2015.

Some 51.9 percent was formed in the field of production during this period. Some 39.8 percent (almost 8.57 billion manat) accounted for industry, 8.6 percent (1.85 billion manat) - construction, 3.5 percent (747.5 million manat) - agriculture, forestry and fishery.

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

According to the report, some 40.4 percent was formed in the field of services during this period.

The value added share generated in trade and vehicle repair hit 12.2 percent (2.6 billion manat), transport and warehousing - 6.6 percent (1.4 billion manat), tourist accommodation and catering - 3.2 percent (680.5 million manat), information and communication - almost 2 percent (425.3 million manat), other spheres - 16.4 percent (almost 3.5 billion manat).

During this period, the value added production volume in industry increased by 1.1 percent, trade and repair of vehicles - 1.9 percent, tourist accommodation and catering - 3.4 percent, information and communication services - 11.1 percent, agriculture, forestry and fishery - 5.8 percent compared to January-May 2015.

China one of main exporters to Azerbaijan

China is among the main exporters ($199.83 million, 6 percent of Azerbaijan's total import) to Azerbaijan according to the results of foreign trade operations in January-May 2016, says the report of Azerbaijan's State Customs Committee (SCC).

Russia took the first place among five countries for the largest volume of import ($609.6 million) to Azerbaijan in January-May 2016. Some 18.3 percent of Azerbaijan's import accounted for this country.

Turkey with $414.14 million (12.43 percent), the UK - $209.43 million (6.29 percent), the US - $203.28 million (6.1 percent) are following Russia, says the report.

The share of these countries in Azerbaijan's total import volume is 49.12 percent.

Italy kept its first place in the list of Azerbaijan's foreign trade partners with the trade turnover of $756.86 million (11.86 percent of Azerbaijan's total trade operations volume) in January-May 2016, according to the report.

Russia with $739.79 million (11.59 percent), Turkey - $534.93 million (8.38 percent), Germany - $415.33 million (6.51 percent) and France - $362.69 million (5.68 percent) are following Italy, says the report.

The share of these countries in Azerbaijan's total trade turnover is 44.02 percent.

The major part of Azerbaijan's export also accounted for Italy during the reporting period. Azerbaijan exported to Italy goods worth $603.14 million (19.78 percent of the total volume of Azerbaijan's export) in January-May 2016.

Italy is followed by France ($300.26 million with specific weight of 9.84 percent), Germany ($280.57 million with specific weight of 9.2 percent), Israel ($208.29 million and 6.83 percent) and Taiwan ($199.54 million and 6.54 percent).

These countries' share is 52.19 percent in Azerbaijan's total export volume.

Azerbaijan's foreign trade turnover with 155 countries amounted to $6.38 billion in January-May 2016, which is by 31.78 percent less than in the same period of 2015, said the report.

The country's export totaled $3.05 billion and import - $3.33 billion in January-May 2016, according to the report.

Weekly actual topics in Azerbaijan (April 16-20)
Weekly actual topics in Azerbaijan (April 16-20)
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Weekly tenders in the region (April 16-20)
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Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
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