The volume of Azerbaijan’s GDP amounted to almost 43.71 billion manats in January-August 2017, which is 1.1 percent less than in the same period of 2016.
GDP per capita totaled to almost 4,500 manats (a decrease of 2.1 percent).
Volume of Azerbaijan’s GDP in non-oil sector compared to the same period of 2016 has increased by 2.4 percent. Meantime, a decline by 7.6 percent was observed in the oil and gas sector.
Hence, 40.1 percent of Azerbaijan’s GDP accounted for industry, 10.5 percent – trade and repair of vehicles, 8.8 percent – construction, 7.1 percent - transportation and warehousing, 5.6 percent – agriculture, 2.6 percent – domestic services and tourists’ accommodation, 1.7 percent – information and communication, 7.3 percent – taxes.
The Azerbaijani government predicts economic growth at one percent for 2017.
|
|
Value added in mln manat |
Special weight, % |
Growth compared to reporting period of 2016, % |
|
GDP in total |
43,713.2 |
100.0 |
98.9 |
|
industry |
17,529.8 |
40.1 |
93.4 |
|
agriculture |
2,464.7 |
5.6 |
101.7 |
|
construction |
3,845.9 |
8.8 |
102.2 |
|
transport |
3,143.1 |
7.1 |
104.4 |
|
communications |
734.8 |
1.7 |
105.1 |
|
trade and repair |
4,610.9 |
10.5 |
102 |
|
tourist accommodation and catering |
1,137.4 |
2.6 |
103 |
|
Net taxes on products |
3.170 |
7.3 |
102.6 |
|
deflator |
117.5 |
||
The transport sector was the most dynamic sector in Azerbaijan in January-August 2017.
According to the State Statistics Committee, as of January-August 2017, value added worth 734.8 million manat was observed in the sector or by 5.1 percent more than in January-August 2016.
The communications sector increased by 4.4 percent in January-August 2017 compared to January-August 2016. GDP reached 3,143.1 million manat in that sector.
The Azerbaijani non-oil industry increased by 4.3 percent in January-August 2017, while the oil industry dropped by 7.7 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 24.8 billion manat in January-August 2017, which is by 6 percent less than in the same period of 2016.
The share of the private sector in the industrial sector was 79.9 percent.
The volume of production in the mining industry reached 17.3 billion manat with a weight of 69.7 percent of the entire industrial production in January-August 2017, decreasing by 7 percent for the year.
During the reporting period, Azerbaijan produced 25.57 million tons of oil (a decrease of 9.3 percent for the year), while natural gas production amounted to 18.77 billion cubic meters (a decrease of 6.4 percent).
The production volume in the processing industry amounted to 6.2 billion manat (24.9 percent of total industrial output) in January-August 2017 or by 2.4 percent less than in January-August 2016.
In this sector, the biggest growth was registered in pharmaceutics – by 2 times, in the spinning industry – 82.1 percent, in the production of wood products (excluding furniture) - by 75.2 percent, in the production of rubber products – by 75 percent and in the production of electrical appliances - by 63.8 percent.
Products worth 372.5 million manats were produced by metallurgical companies in Azerbaijan in January-August 2017.
The report says the volume of output of metallurgical industry decreased by 8.5 percent while the production of finished goods fell by 31.8 percent in January-August 2017 compared to the same period of 2016.
Azerbaijan produced 156,500 tons of fittings in January-August 2017, which is 5 percent less than in the same period of 2016.
In January-August 2017, 35,900 tons of steel pipes were produced in Azerbaijan, that is by 4 percent less than in the same period of 2016.
The volume of steel casting production stood at 320,900 tons in January-August 2017, which is almost 82 percent less than in the same period of 2016.
Azerbaijan exported 34,444.3 tons of ferrous metal pipes worth $23,859.1 million in January-August 2017, which is by 2 percent more (by 2.3 percent less in money terms) than in January-August 2016.
The agricultural production volume in actual prices amounted to 4.4 billion manat in Azerbaijan in January-August 2017, which is by 1.7 percent more than in January-August 2016.
According to the Azerbaijani State Statistics Committee’s report, the crop production increased by 2.5 percent, while livestock production – 0.9 percent in the reporting period.
According to the State Statistics Committee, as of January-August 2017, 27.7 billion manat accounted for the Azerbaijani consumer market, which is by 1.7 percent more than its turnover for January-August 2016.
The monthly consumer expenses are estimated at 356.5 manat per capita in January-August 2017 or by 46.4 manat more compared to January-August 2016.
According to the State Statistics Committee, the prices on consumer goods and tariffs for services increased by 0.2 percent in August 2017 compared to July 2017.
The food prices increased by 0.3 percent, non-food items – 0.1 percent and paid services - by 0.2 percent in Azerbaijan during the reporting period.
The prices on consumer goods and tariffs for services increased by 14 percent in Azerbaijan in January-August 2017 compared to January-August 2016.
The food prices increased by 18.2 percent, non-food items - by 12.6 percent, paid services – 9.6 percent in Azerbaijan during this period.
The foreign trade turnover with 180 countries amounted to $12.52 billion in January-August 2017, or by 9.24 percent less than in the same period of 2016.
The volume of exports decreased by 12.6 percent and amounted to $7.22 billion in January-August 2017 compared to January-August 2016. The volume of import reached $5.3 billion in January-August 2017 which is by 4.22 percent less than in January-August 2016.
Azerbaijan exported 2,775 goods and imported 7,061 different goods.
The black ink of foreign trade balance was estimated at $1.92 billion in January-August 2017, which is by 7.7 times more than in January-August 2016.
According to the Azerbaijani State Statistics Committee, 9.86 billion manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-August 2017, which is by 0.1 percent more than in January-August 2016.
Some 1,139.7 million manat was invested in the Azerbaijani economy in August 2017, which is by 9.6 percent more than investments in fixed assets in August 2016.
According to the report, 78.7 percent of investments in fixed assets were made in the construction of production facilities, 16.0 percent - non-production facilities, 5.3 percent - housing construction.
According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 31.77 billion manat in January-August 2017, which is by 7.5 percent more compared to January-August 2016.
Thus, during the reporting period, the nominal income of the population per capita increased by 6.5 percent and reached 3269,1 manat.
In January-August 2017, the average rate of manat to the U.S. dollar was 1.70 manat versus dollar, to euro – 2.01 manat versus euro, to Russian rouble – 2.86 manat versus 100 rouble.