General economic situation in Azerbaijan (January 2017)

The volume of Azerbaijan’s GDP reached 5.23 billion manat in January 2017 that is by 0.8 percent more than in the same period of 2016, according to the country’s State Statistics Committee.

The volume of GDP reached almost 3 billion manat in Azerbaijan’s non-oil sector and its share in the country’s GDP was 56.3 percent.

The volume of value-added production in the field of oil and gas production and refining was 43.7 percent of the GDP (2.3 billion manat).

During the reporting period, 47.7 percent (2.5 billion manat) of Azerbaijan’s GDP accounted for industry, 6.8 percent (356.7 million manat) – for construction, 2.7 percent (140.2 million manat) – for agriculture, forestry and fishery.

Net taxes on production and imports accounted for 6.1 percent of Azerbaijan’s GDP.

According to the report, 9.4 percent of the GDP (493.9 million manat) produced in the service sector accounted for the trade and repair of vehicles, 7.2 percent (378.4 million manat) – transport and warehousing, 2.5 percent (130.8 million manat) – tourist accommodation and catering sphere, 1.6 percent (84.6 million manat) – information and communication services, 15.9 percent (832.5 million manat) – other services.

The volume of value-added production in Azerbaijan’s industrial sphere increased by 0.8 percent, trade and repair of vehicles – by 1.3 percent, tourist accommodation and catering – by 0.3 percent, agriculture, forestry and fishery – by 3.5 percent in January 2017 compared to the same period of 2016.

Value added

in mln manat

Special weight,

%

Growth compared to reporting period of 2016, %

GDP in total

5233,1

100,0

100,8

industry

2496,0

47,7

100,8

agriculture

140,2

2,7

103,5

construction

356,7

6,8

93,6

transport

378,4

7,2

105,7

communications

84,6

1,6

97,7

trade and repair

493,9

9,4

101,3

tourist accommodation and catering

130,8

2,4

100,3

Net taxes on products

320,0

6,1

103,2

deflator

128,1

The transport sector was the most dynamic sector in Azerbaijan in January 2017.

According to the State Statistics Committee, as of January 2017, value added worth 378.4 million manat was observed in the sector, which is by 5.7 percent more than the sectoral GDP.

The transport sector in the reporting period surpassed such sectors as hospitality and food, where GDP reached 130.8 million manat, increasing by 0.3 percent compared to January 2016.

The industrial production increased by 1 percent in the country in January 2017.

According to the State Statistics Committee, the nominal volume of industrial production totaled 3.5 billion manat in Azerbaijan in January 2017.

Real growth in non-oil industry reached 13 percent but decreased by 1 percent in the oil industry.

Azerbaijan’s metallurgical industry and enterprises on production of finished goods from metal produced goods worth 43.7 million manat in January 2017, according to a report of the country’s State Statistics Committee.

The report says that the output volume of metallurgical industry increased by 35.2 percent and the production of finished goods - by 27.3 percent in January 2017.

The agricultural production volume in actual prices amounted to 252 million manat in Azerbaijan in January 2017 or by 3.5 percent more compared to the same period of 2016.

According to the State Statistics Committee’s report, the livestock production increased by 2.9 percent and reached 246 million manat, crop production – 33.2 percent and reached 6 million manat in the reporting period.

According to the State Statistics Committee, as of January 2017, 3.4 billion manat accounted for the Azerbaijani consumer market, which is by 0.3 percent more than its turnover for January 2016.

The monthly consumer expenses are estimated at 347.1 manat per capita in January 2017 or by 35.2 manat more compared to January 2016.

According to the State Statistics Committee, the prices on consumer goods and tariffs for services increased by 11.9 percent in January 2017 compared to January 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 117 world countries amounted to $1.25 billion in January 2017, which is by 16.79 percent more than in the same period of 2016.

The volume of exports increased by 25.71 percent and amounted to $804.63 million compared to January 2016.

According to the State Customs Committee, the foreign trade surplus was estimated at $354.576 million in January 2017.

According to the State Statistics Committee, around 954.2 million manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January 2017, which is by 2.1 percent less than in January 2016.

According to the report, 89.3 percent of investments in fixed assets were made in the construction of production facilities, 7.7 percent - non-production facilities, 3 percent - housing construction.

According to the State Statistics Committee, the nominal income of the population totaled 3.4 million manat in January 2017, which is by 4.6 percent more compared to January 2016.

Thus, during the reporting period, the nominal income of the population per capita increased by 3.4 percent and reached 358.6 manat.

As of February 1, 2017, some 34,200 people were officially registered as unemployed in Azerbaijan, including 37.8 percent women, the Azerbaijani State Statistics Committee’s report said.

According to the report, the number of unemployed increased by 14.8 percent in the country compared to January 2016.

In January 2017, the average rate of manat to the U.S. dollar was 1.81 manat versus dollar, to euro – 1.93 manat versus euro, to Russian rouble – 3.01 manat versus 100 rouble.

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