General economic situation in Azerbaijan (January-April 2017)

Azerbaijan’s GDP was almost 20.14 billion manat in January-April 2017, that is, by 1.2 percent less than in the same period of 2016, according to the country’s State Statistics Committee.

The reason for a decrease in GDP was the decline in oil production and production in the processing industry.

The volume of GDP produced in the country’s non-oil sector increased by 1.9 percent in January-April compared to the same period of last year.

So, as of May 1, 2017, Azerbaijan's non-oil GDP amounted to 11.7 billion manat.

GDP in oil sector was estimated at 8.4 billion manat in January-April, which is by 6.3 percent less than in the same period of last year.

During the reporting period, 44.6 percent (8.98 billion manat) of Azerbaijan’s GDP accounted for industry, 8.2 percent (1.65 billion manat) for construction, 3 percent (604.19 million manat) for agriculture, forestry and fishery.

Net taxes on production and import accounted for 7.3 percent of Azerbaijan’s GDP.

According to the report, 11 percent of GDP in the service sector (2.2 billion manat) accounted for trade and vehicle repair, 7.3 percent (1.47 billion manat) for transportation and warehousing, 2.9 percent (584.54 million manat) for tourist accommodation and catering, 1.7 percent (342.4 million manat) for information and communication services, and 14 percent (2.82 billion manat) for other services.

Value added

in mln manat

Special weight,

%

Growth compared to reporting period of 2016, %

GDP in total

20139,8

100,0

98,8

industry

8975,7

44,5

93,9

agriculture

602,6

2,9

103,2

construction

1660,4

8,2

99,6

transport

1461,2

7,3

105,3

communications

350,9

1,74

105,1

trade and repair

2215,0

11,0

101,7

tourist accommodation and catering

583,2

2,9

101,9

Net taxes on products

1475,3

7,3

102,7

deflator

123,6

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

According to the State Statistics Committee, as of January-April 2017, value added worth 1,461.2 million manat was observed in the sector or by 5.3 percent more than in January-April 2016.

The transport sector is ahead of the communication sector in terms of economic importance during the reporting period, which increased by 5.1 percent in January-April 2017 compared to January-April 2016. GDP reached 350.9 million manat in that sector.

The Azerbaijani non-oil industry increased by 2.8 percent, while the oil industry dropped by 7.5 percent in January-April 2017 compared to the same period of 2016.

The total industrial production (a volume of production and rendered industrial services) in Azerbaijan in January-April 2017 amounted to 12.6 billion manat, which is by 6 percent less than in the same period of 2016.

The volume of production in the mining industry reached 8.9 billion manat with a 70.5 percent share of the entire industrial production in January-April 2017, which is by 7.4 percent less than in January-April 2016.

During the reporting period, Azerbaijan produced 12.6 million tons of oil and 6.3 billion cubic meters of natural gas.

During the reporting period, oil production decreased by 9.5 percent in Azerbaijan, while gas production by 0.2 percent compared to the same period of 2016.

Gold production decreased by 37.7 percent, while silver production by 15.7 percent in Azerbaijan in January-April 2017.

Some 481.8 kilograms of precious metals were produced in January-April 2017. In particular, 372.1 kilograms of gold and 109.7 kilograms of silver were produced.

The production volume in the processing industry amounted to 3 billion manat (23.8 percent of total industrial output) in January-April 2017 or by 11.1 percent more than in January-April 2016.

In this sector, the biggest growth was observed in the production of electrical appliances – by 2.4 times, pharmaceutics – by 2.3 times and in the production of computers, electronics and optical products – by 2.1 percent.

Azerbaijan’s metallurgical industry and enterprises producing finished goods from metal produced goods worth 170.5 million manat in January-April 2017.

The report says that the output volume of metallurgical industry increased by 2.4 percent and the production of finished goods decreased by 29.5 percent in January-April 2017.

Production, distribution and supply of electricity, gas and steam increased by 2.4 percent, but water supply, treatment and recycling of waste decreased by 1.2 percent in January-April 2017 compared to January-April 2016.

The agricultural production volume in actual prices amounted to 1.09 billion manat in Azerbaijan in January-April 2017 increasing by 3.2 percent compared to January-April 2016.

According to the Azerbaijani State Statistics Committee’s report, the crop production increased by 15.8 percent and reached 50.9 million manat, livestock production – 2.6 percent and reached 1,036.1 million manat in the reporting period.

According to the State Statistics Committee, as of January-April 2017, 13 billion manat accounted for the Azerbaijani consumer market, which is by 1.3 percent more than its turnover for January-April 2016.

The monthly consumer expenses are estimated at 335.4 manat per capita in January-April 2017 or by 41.2 manat more compared to January-April 2016.

The prices on consumer goods and tariffs for services increased by 13.5 percent in Azerbaijan in January-April 2017 compared to January-April 2016.

The food prices increased by 17.8 percent, non-food items - by 12.5 percent, paid services – 8.7 percent in Azerbaijan during this period.

The foreign trade turnover with 157 world countries amounted to $5.6 billion in January-April 2017, or by 11.35 percent more than in the same period of 2016.

The volume of exports increased by 41.1 percent and amounted to $3.43 billion in January-April 2017 compared to January-April 2016. The volume of import decreased by 16.5 percent and reached $2.16 billion.

The black ink of foreign trade balance was estimated at $1.27 billion in January-April 2017, while a trade deficit worth $144.37 million was observed in January-April 2016.

According to the Azerbaijani State Statistics Committee, 4.53 billion manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-April 2017, which is by 3.5 percent more than in January-April 2016.

According to the report, 86.9 percent of investments in fixed assets were made in the construction of production facilities, 11.2 percent - non-production facilities, 4.9 percent - housing construction.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 14.66 billion manat in January-April 2017, which is by 6.8 percent more compared to January-April 2016.

Thus, during the reporting period, the nominal income of the population per capita increased by 5.2 percent and reached 1 510,3 manat.

As of May 1, 2017, some 35,900 people were officially registered as unemployed in Azerbaijan, including 37.3 percent women, the Azerbaijani State Statistics Committee’s report said.

According to the report, the number of unemployed increased by 6.2 percent in the country compared to the same period of 2016.

In January-April 2017, the average rate of manat to the U.S. dollar was 1.741 manat versus dollar, to euro – 1.83 manat versus euro, to Russian rouble – 3.02 manat versus 100 rouble.

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