...

General economic situation in Azerbaijan (January-November 2016)

Analysis Materials 13 January 2017 16:26 (UTC +04:00)

The volume of Azerbaijan’s GDP reached 54.43 billion manat in January-November 2016, that is, by 3.9 percent less than in the same period of 2015.

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 27.9 percent.

Azerbaijan’s non-oil sector decreased by 5.6 percent and its share in the country’s GDP was 66 percent in January-November 2016 compared to January-November 2015.

The volume of value-added production in the field of oil and gas production and refining was 34 percent of the GDP; however, there was a decrease by 0.1 percent compared to January-November 2015.

During the reporting period, 37.5 percent (20.43 billion manat) of Azerbaijan’s GDP accounted for industry, 10.3 percent (5.58 billion manat) – for construction, 5.4 percent (2.95 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, 10.7 percent of the GDP (5.83 billion manat) produced in the service sector accounted for the trade and repair of vehicles, 6.7 percent (3.64 billion manat) – transport and warehousing, 2.5 percent (1.36 billion manat) – tourist accommodation and catering sphere, 1.8 percent (955.7 million manat) – information and communication services, 17.6 percent (9.58 billion manat) – other services.

The volume of value-added production in Azerbaijan’s industrial sphere increased by 0.3 percent, trade and repair of vehicles – by 1.7 percent, tourist accommodation and catering – by 0.6 percent, information and communication services – by 4.4 percent, agriculture, forestry and fishery – by 2.3 percent in January-November 2016 compared to January-November 2015.

Value added

in mln manat

Special weight,

%

Growth compared to reporting period of 2015, %

GDP in total

54433,1

100,0

96,1

production of goods

20426,0

37,5

100,3

- agriculture

2954,2

5,4

102,3

- construction

5579,8

10,3

72,1

- transport

3641,7

6,7

99,0

- communications

955,7

1,8

104,4

- trade and repair

5834,2

10,7

101,7

Net taxes on products

1355,2

2,5

100,6

tourist accommodation and catering

4103,4

7,5

deflator

114,7

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

According to the State Statistics Committee, as of January-November 2016, value added worth 955.7 million manat was observed in the sector or by 4.4 percent more than the sectoral GDP.

The telecommunication sector in the reporting period surpassed such sectors as hospitality and food, where GDP reached 1,355.2 million manat, increasing by 0.6 percent compared to January-November 2015. In terms of growth, the ICT sector surpassed the retail trade (5,834.2 million manat with a 1.7 percent growth).

According to the report, the total volume of industrial production (the volume of produced goods and rendered industrial services) in Azerbaijan amounted to 28.8 billion manat in January-November 2016, which is 0.6 percent less than in the same period of 2015.

During the reporting period, the volume of production in the mining industry reached 65.4 percent.

Production in non-oil sector increased by 4.9 percent, while production in the oil and gas sector decreased by 1.3 percent in January-November 2016.

During the reporting period, oil production in the country decreased by 1.5 percent, tank gas – 4.9 percent.

Some 2098,1 kilograms of precious metals were produced in January-November 2016, which is 2.3 percent less than in the same period of 2015.

The production was 1760,6 kilograms of gold and 337,5 kilograms of silver in January-November.

Some 28.5 percent of production accounts for the processing industry.

Some 5.3 percent of the total volume of industrial production account for the production, distribution and supply of electricity, gas and steam (a 1.4 percent decrease) and 0.8 percent - water supply, waste processing (a 0.8 percent decrease).

Azerbaijan produced 685 trucks in January-November 2016, which is 2.1 times more than in the same period of 2015, the Azerbaijani State Statistics Committee said in a report as of January-November 2016.

According to the report, Azerbaijan manufactured 1,013 tractors in January-November 2016, or 7.7 percent more than in the same period of 2015.

Azerbaijan manufactured 270 cars in January-November 2016, which is 62.8 percent less than in the same period of 2015.

Production of municipal special-purpose vehicles increased by 2.4 times and stood at 1,437 vehicles in January-November 2016 as compared to January-November 2015.

Azerbaijan manufactured 143 trailers and semi-trailers for cargo transportation in January-November 2016, or 32.2 percent less than in the same period of 2015.

The agricultural production volume in actual prices amounted to 5,305.2 million manat in Azerbaijan in January-November 2016 or by 2.3 percent more compared to the same period of 2015.

In particular, the production volume in plant cultivation amounted to 2,512.1 million manat, while - 2,793.1 million manat in livestock.

According to the Azerbaijani State Statistics Committee’s report, the livestock production increased by 2.5 percent, crop production – 2.1 percent in the reporting period.

According to the State Statistics Committee, as of January-November 2016, the Azerbaijani consumer market amounted to 34.2 billion manat, which is 1.3 percent more than its turnover for the same period of 2015.

The monthly consumer expenses are estimated at 322.5 manat per capita in January-November 2016 or by 37.7 manat more compared to January-November 2015.

According to the State Statistics Committee, the prices on consumer goods and tariffs for services increased by 12.1 percent in January-November 2016 compared to the same period of 2015.

The food prices increased by 14.1 percent, non-food items – 16.8 percent and paid services – 5.6 percent in January-November 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 183 world countries amounted to $16.03 billion in January-November 2016, or 20.2 percent less than in January-November 2015 compared to 162 countries in the same period of 2015.

The volume of exports decreased by 30.02 percent and amounted to $8.31 billion compared to January-November 2015. The volume of import decreased by 6 percent and reached almost $7.72 billion.

The reporting period of 2016 ended with a black ink of $598.18 million, while a trade surplus of $2.42 billion was recorded as of November 2015.

According to the Azerbaijani State Statistics Committee, around 13,009.1 million manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-November 2016 or by 9.9 percent less than in the same period of 2015 (14,438.8 million manat).

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 40.02 billion manat in January-November 2016, which is 8.9 percent more compared to January-November 2015.

Thus, during this period, the nominal income of the population per capita increased by 7.7 percent and reached 4154,7 manat (377.7 manat for the month).

As of December 1, 2016, some 33,400 people were officially registered as unemployed in Azerbaijan, including 38 percent women.

According to the report, the number of unemployed increased by 15.2 percent in the country compared to the same period of 2015.

As of December 1, 2016, the economically active population reached 5.01 million people, of which 4.73 million people were engaged in labour activity.

In November 2016, the average rate of manat to the U.S. dollar was 1.69 manat versus dollar (1.58 manat as of early 2016), to euro – 1.83 manat versus euro (1.76 manat), to Russian rouble – 2.63 manat versus 100 rouble (2.35 manat).

Tags:
Latest

Latest