General economic situation in Azerbaijan (January-March 2017)

The development of the non-oil sector, non-oil industry and agriculture is the priority for the development of Azerbaijan's economy in 2017. Good results were achieved in all these areas in January-March 2017.

Thus, the non-oil sector of the economy increased by 2.4 percent, the non-oil industry - by 2 percent, agriculture - by 3.5 percent. Azerbaijan’s GDP was almost 15.23 billion manat in January-March 2017, that is, by 0.9 percent less than in the same period of 2016, according to the country’s State Statistics Committee.

The non-oil GDP reached 8.56 billion manat and its share in Azerbaijan’s GDP was 56.2 percent in January-March 2017. The non-oil GDP increased by 2.4 percent for the year.

Value-added production in oil and gas extraction and refining was 43.9 percent of the GDP, that is, 6.7 billion manat. GDP per capita reached 1.570 manat.

During the reporting period, 46.6 percent (7.09 billion manat) of Azerbaijan’s GDP accounted for industry, 7.8 percent (1.19 billion manat) for construction, 2.7 percent (412.3 million manat) for agriculture, forestry and fishery.

Net taxes on production and import accounted for 7 percent of Azerbaijan’s GDP.

According to the report, 12 percent of GDP (1.8 billion manat) in the sector of services accounted for vehicle trade and repair, 6.6 percent (almost 1.007 billion manat) for transportation and warehousing, 2.9 percent (442.1 million manat) for tourist accommodation and catering, 1.7 percent (259.3 million manat) for information and communication services, and 12.7 percent (1.9 billion manat) for other services.

Value added

in mln manat

Special weight,

%

Growth compared to reporting period of 2016, %

GDP in total

15229,7

100,0

99,1

industry

7094,3

46,6

93,7

agriculture

412,3

2,7

103,5

construction

1187,8

7,8

104,7

transport

1006,9

6,6

103,2

communications

259,3

1,7

105,1

trade and repair

1823,1

11,9

101,6

tourist accommodation and catering

442,1

2,9

100,6

Net taxes on products

1072,6

7,1

103,1

deflator

129,2

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

According to the State Statistics Committee, as of January-March 2017, value added worth 259.3 million manat was observed in the sector or by 5.1 percent more than the sectoral GDP.

The communications sector increased by 4.7 percent in January-March 2017 compared to January-March 2016. GDP reached 1,187.8 million manat in that sector.

The Azerbaijani non-oil industry increased by 2 percent in January-March 2017, while the oil industry dropped by 8.3 percent compared to the same period of 2016.

The total industrial production (a volume of production and rendered industrial services) in Azerbaijan for the period amounted to 10 billion manat, which is by 6.8 percent less than in the same period of 2016.

The volume of production in the mining industry reached 7.2 billion manat with a weight of 71.8 percent of the entire industrial production in January-March 2017, which is by 7.9 percent less than in January-March 2016.

Some 9.46 million tons of oil and gas condensate were produced in Azerbaijan in January-March 2017, which is by 9.9 percent less than in January-March 2016.

Azerbaijan has started the industrial production of gold since July 2009 and announced the accompanying silver production volume since 2010. Azerbaijan decreased gold production by 30.8 percent in 2017, while silver production by 26 percent. Some 363.9 kilograms of precious metals were produced in January-March 2017, which is by 19.9 percent less compared to January-March 2016. In particular, the production amounted to 287.9 kilograms of gold and 76 kilograms of silver.

The production volume in the processing industry amounted to 2.3 billion manat (22.6 percent of total industrial output) in January-March 2017 or by 3.5 percent less than in January-March 2016.

Production, distribution and supply of electricity, gas and steam increased by 2.6 percent in January-March 2017 compared to January-March 2016, but water supply, treatment and recycling of waste decreased by 0.7 percent.

Azerbaijan’s metallurgical industry and enterprises, producing finished goods from metal, produced goods worth 127 million manat in January-March 2017.

The report says that the output volume of metallurgical industry increased by 3.8 percent and the production of finished goods decreased by 21 percent in January-March 2017.

The agricultural production volume in actual prices amounted to 744 million manat in Azerbaijan in January-March 2017 compared to 643.6 million manat in January-March 2016 (a 3.5 percent growth).

According to the Azerbaijani State Statistics Committee’s report, the crop production increased by 24.6 percent and reached 17.4 million manat, livestock production – 3 percent and reached 726.6 million manat in the reporting period.

According to the State Statistics Committee, as of January-March 2017, 10.1 billion manat accounted for the Azerbaijani consumer market, which is by 1 percent more than its turnover for January-March 2016.

The monthly consumer expenses are estimated at 347.8 manat per capita in January-March 2017 or by 41.3 manat more compared to January-March 2016.

The prices on consumer goods and tariffs for services increased by 13.2 percent in Azerbaijan in January-March 2017 compared to January-March 2016.

The food prices increased by 17 percent, non-food items - by 12.6 percent, paid services – 8.6 percent in Azerbaijan during this period.

The foreign trade turnover with 149 world countries amounted to $4.1 billion in January-March 2017, or by 15.31 percent more than in the same period of 2016.

The volume of exports increased by 49.2 percent and amounted to $2.6 billion in January-March 2017 compared to January-March 2016. The volume of import decreased by 17.12 percent and reached $1.5 billion.

The black ink of foreign trade balance was estimated at $1.1 billion in January-March 2017, while a trade deficit worth $78.36 million was observed in January-March 2016.

According to the Azerbaijani State Statistics Committee, 3,182.3 million manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-March 2017, which is by 3 percent more than in January-March 2016.

According to the report, 86.3 percent of investments in fixed assets were made in the construction of production facilities, 9.1 percent - non-production facilities, 4.6 percent - housing construction.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 11.3 billion manat in January-March 2017, which is by 6.7 percent more compared to January-March 2016.

Thus, during the reporting period, the nominal income of the population per capita increased by 5.5 percent and reached 1171,3 manat.

As of April 1, 2017, some 35,600 people were officially registered as unemployed in Azerbaijan, including 37.5 percent women, the Azerbaijani State Statistics Committee’s report said.

According to the report, the number of unemployed increased by 10.2 percent in the country compared to the same period of 2016.

The average rate of manat to the U.S. dollar was 1.73 manat versus dollar, to euro – 1.82 manat versus euro, to Russian rouble – 2.99 manat versus 100 rouble in January-March 2017.

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