General economic situation in Azerbaijan (January-September 2016)

The volume of Azerbaijan’s GDP was almost 43.44 billion manat in January-September 2016 that is by 3.9 percent less than in the same period of 2015, according to the country’s State Statistics Committee.

The report says that the main reason of Azerbaijani economy’s decrease is the decline in the volumes of production and services in the construction sector by 32 percent.

During the reporting period, Azerbaijan’s non-oil sector decreased by 6.1 percent and its share in the country’s GDP was 65.7 percent, compared to January-September 2015. The volume of value-added production in the field of oil and gas production and refining was 34.3 percent of the GDP; however, there was a growth by 0.9 percent compared to January-September 2015.

During the reporting period, 53.3 percent of Azerbaijan’s GDP was formed in the production sphere, 37.7 percent of which (16.38 billion manat) accounted for industry, 9.7 percent (4.2 billion manat) – for construction, 5.9 percent (2.57 billion manat) – for agriculture, forestry and fishery.

Net taxes on production and imports accounted for 7.5 percent of Azerbaijan’s GDP.

According to the report, 39.2 percent of the GDP was formed by the services sector, 11.3 percent of the GDP (4.89 billion manat) produced in the service sector accounted for the trade and repair of vehicles, 6.8 percent (2.97 billion manat) – transport and warehousing, 1.8 percent (1, 14 billion manat) – tourist accommodation and catering sphere, 1.8 percent (773.1 million manat) – information and communication services, 16.7 percent (7.24 billion manat) – other services.

The volume of value-added production in Azerbaijan’s industrial sphere increased by 1 percent in January-September 2016, trade and repair of vehicles – by 2.3 percent, tourist accommodation and catering – by 1.8 percent, information and communication services – by 5.5 percent, agriculture, forestry and fishery – by 2.4 percent compared to January-September 2015.

Value added

in mln manat

Special weight,

%

Growth compared to reporting period of last year, %

GDP in total

43436,3

100,0

96,1

production of goods

16378,1

38,8

101,0

- agriculture

2570,4

5,7

102,4

- construction

4212,6

9,4

68,0

- transport

2974,1

6,8

98,8

- communications

773,1

2,0

105,5

- trade and repair

4892,3

11,3

102,3

Net taxes on products

3263,9

7,5

94,1

tourist accommodation and catering

1135,2

2,7

101,8

deflator

112,9

The telecommunication sector was the most dynamic sector in Azerbaijan in January-September 2016.

According to the State Statistics Committee, as of January-September 2016, value added worth 773.1 million manat was observed in the sector or by 5.5 percent more than the sectoral GDP. The telecommunication sector in the reporting period surpassed such sectors as hospitality and food, where GDP reached 1.135 billion manat, increasing by 1.8 percent compared to January-September 2015. In terms of growth, the ICT sector surpassed the retail trade (4.892 billion manat with a 2.3 percent growth).

Azerbaijan’s non-oil sector showed a 3.6 percent growth in January-September 2016, while the oil sector – decrease by 0.2 percent compared to the same period of 2015.

According to the report, the total volume of industrial production (the volume of produced goods and rendered industrial services) in Azerbaijan amounted to 23 billion manat in January-September 2016, which is 0.2 percent more than in the same period of 2015.

During the reporting period, the volume of production in the mining industry reached 15.1 billion manat (65.7 percent) of the entire industrial production, which is 0.3 percent more than in January-September 2015, the report said.

According to the report, oil production volume amounted to 31.29 million tons, while natural gas production was 22.05 billion cubic meters during the reporting period.

Oil production decreased by 0.3 percent, gas production increased by 3.8 percent in January-September 2016 as compared to the same period of 2015, the report said.

Some 1725,1 kilograms of precious metals (including 178.8 kg in September) were produced in January-September 2016, which is 1.8 percent less than in the same period of 2015. The production was 1451,8 kilograms of gold (158.4 kg in September) and 273.3 kilograms of silver (20.4 kg) in January-September.

The production volume in the processing industry amounted to 6.5 billion manat (28.2 percent of total industrial output) during the reporting period or by 0.7 percent more than in the same period of 2015, the report said.

In the sector, the highest growth was fixed in the production of computers, electronic products – by 2.6 times, weaving industry – by 2.7 times, repair and installation of machinery and equipment - by 53.6 percent, the report said.

Production, distribution and supply of electricity, gas and steam decreased by 2.9 percent in January-September 2016 as compared to the same period of 2015, while water supply, treatment and recycling of waste decreased by 0.2 percent.

The agricultural production volume in actual prices amounted to 4.61 billion manat in Azerbaijan in January-September 2016 or by 2.4 percent more compared to the same period of 2015.

According to the report, the livestock production increased by 3.1 percent (in actual prices – 2.220 billion manat), crop production reached 2.394 billion manat, which is by 1.8 percent more than in January-September 2015.

According to the report, as of January-September 2016, the Azerbaijani consumer market amounted to 27.317 billion manat, which is 1.9 percent more than its turnover for the same period of 2015. The monthly consumer expenses are estimated at 315.3 manat per capita in January-September 2016 or by 35.7 manat more compared to January-September 2015.

According to the report, inflation in the country amounted to 11.2 percent in January-September 2016 compared to January-September 2015.

The food prices increased by 12.7 percent, non-food items – 15.9 percent and tariffs for services – 5.2 percent in January-September 2016.

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

The foreign trade turnover with 174 world countries amounted to $12.74 billion in January-September 2016, or 22.64 percent less than in January-September 2015.

The volume of exports decreased by 33.81 percent and amounted to $6.5 billion compared to January-September 2015. The volume of import decreased by 5.89 percent and amounted to $6.2 billion.

The reporting period of 2016 ended with a black ink of almost $340 million, while a surplus of $2.2 billion was recorded as of September 2015.

According to the report, around 10.269 billion manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-September 2016 or by 13.2 percent less than in the same period of 2015 (11.831 billion manat).

Around 1.270 billion manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in September 2016 or by 0.9 percent less than in the same period of 2015.

According to the report, the nominal income of the population totaled 32.76 billion manat in January-September 2016, which is 8.7 percent more compared to January-September 2015.

Thus, during this period, the nominal income of the population per capita increased by 7.4 percent and reached 3403,6 manat (378 manat for the month).

As of October 1, 2016, some 33,800 people were officially registered as unemployed in Azerbaijan, including 37.9 percent women.

The number of unemployed increased by 16.6 percent in the country compared to the same period of 2015.

In particular, some 2,700 people appealed to the employment centers after the banks and currency exchange offices closed in the country. The unemployment benefits were assigned for those people

In September 2016, the average rate of manat to the U.S. dollar was 1.63 manat versus dollar (1.57 manat as of early 2016), to euro – 1.83 manat versus euro (1.75 manat), to Russian rouble – 2.5 manat versus 100 rouble (2.30 manat).

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