General economic situation in Azerbaijan (January-November 2017)

The volume of Azerbaijan's GDP totaled over 63.07 billion manat in January-November 2017, according to a report of the country's State Statistics Committee. The GDP per capita amounted to 6,480 manat.

The volume of Azerbaijan's GDP in non-oil sector increased by 2.4 percent in January-November 2017 as compared to the same period of 2016. Meanwhile, a decline by 5.1 percent was observed in the oil and gas sector during the period.

Thus, 40.1 percent (nearly 25.3 billion manat) of Azerbaijan's GDP accounted for industrial sphere, 8.8 percent (5.5 billion manat) - for construction, 5.5 percent (nearly 3.5 billion manat) - for agriculture, forestry and fishery.

Net taxes on production and import accounted for 7.7 percent of Azerbaijan's GDP.

According to the report, 10.1 percent of the GDP (6.37 billion manat), produced in the service sector, accounted for trade and maintenance of vehicles, 6.8 percent (4.29 billion manat) - for transport and warehousing, 2.4 percent (1.5 billion manat) - for accommodation of tourists and catering, 1.6 percent (1.01 billion manat) - for information and communication services, 17 percent (10.72 billion manat) - for other services.

Value added

in mln manat

Special weight,

%

Growth compared to reporting period of 2016, %

GDP in total

63,071.3

54,170.6

99.8

industry

25.296

20,100.6

95.6

agriculture

3,471.9

2,990.3

104.2

construction

5,519.5

5,189.4

98.3

transport

4,311.3

3,721.3

107.7

communications

1.028

971.2

105.9

trade and repair

6,361.5

5,426.2

102.3

tourist accommodation and catering

1,482.5

1,286.1

103.2

Net taxes on products

4,851.1

4,538.9

102.3

deflator

116.7

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

According to the State Statistics Committee, as of January-November 2017, value added worth 4,311.3 million manat was observed in the sector or by 7.7 percent more than in January-November 2016.

The communications sector increased by 5.9 percent in January-November 2017 compared to January-November 2016. GDP reached 1,028.0 million manat in that sector.

The Azerbaijani non-oil industry volume increased by 3.5 percent in January-November 2017, while the oil industry volume dropped by 5 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 35.7 billion manat in January-November 2017, which is by 3.8 percent less than in the same period of 2016. The share of the private sector in the industrial sector was 80 percent.

The volumes of production in the extractive industry reached 24.9 billion manat during the reporting period (a 4.1 percent decrease for the year) with a specific weight of 69.9 percent. During the reporting period, Azerbaijan produced 35.3 million tons of oil, 16.6 billion cubic meters of gas.

In January-November 2017, oil production in Azerbaijan decreased by 6.1 percent, while gas production by 3 percent compared to the same period of 2016.

The output reached 8.9 billion manat in the processing industry (24.9 percent of the total volume of industrial production) in January-November 2017, which is 0.4 percent more than in the same period of 2016.

In this sector, the biggest growth was observed in pharmaceutics - 2.5 times, production of rubber and plastic products - 91.4 percent, spinning industry - 47.8 percent and production of electrical equipment - 50.1 percent.

The agricultural production volume in actual prices amounted to 6,200.6 million manat in Azerbaijan in January-November 2017, which is by 4.2 percent more than in January-November 2016.

According to the Azerbaijani State Statistics Committee's report, the crop production reached 2,942.0 million manat, while livestock production - 3,258.6 million manat in the reporting period.

According to the Azerbaijani State Statistics Committee's report, the crop production increased by 5.9 percent, while livestock production - 2.8 percent in the reporting period.

According to the State Statistics Committee, as of January-November 2017, 39.6 billion manat accounted for the Azerbaijani consumer market, which is by 2.1 percent more than its turnover for January-November 2016.

The monthly consumer expenses are estimated at 370 manat per capita in January-November 2017 or by 47.5 manat more compared to January-November 2016.

According to the State Statistics Committee, the prices on consumer goods and tariffs for services increased by 0.2 percent in November 2017 compared to October 2017.

The food prices and prices for non-food items increased by 0.3 percent, while the price for paid services remained unchanged during the reporting period.

The foreign trade turnover with 183 countries amounted to $20.29 billion in January-November 2017, or by 26.6 percent more than in the same period of 2016.

The volume of exports increased by 50.4 percent and amounted to $12.5 billion in January-November 2017 compared to January-November 2016. The volume of import reached $7.79 billion in January-November 2017 which is slightly more than in January-November 2016.

Azerbaijan exported 3,094 goods and imported 7,339 different goods.

The black ink of foreign trade balance was estimated at $4.71 billion in January-November 2017, which is by 7.9 times more than in January-November 2016.

According to the Azerbaijani State Statistics Committee, 13.68 billion manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-November 2017, which is by 2.8 percent less than in January-November 2016.

Some 1,151.9 million manat was invested in the Azerbaijani economy in November 2017, which is by 2.9 percent more than investments in fixed assets in November 2016.

According to the report, 77.0 percent of investments in fixed assets were made in the construction of production facilities, 7.1 percent - non-production facilities, 5.9 percent - housing construction.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 43.39 billion manat in January-November 2017, which is by 8.2 percent more compared to January-November 2016.

Thus, during the reporting period, the nominal income of the population per capita increased by 7.2 percent and reached 4,459.1 manat.

In January-November 2017, the average rate of manat to the U.S. dollar was 1.70 manat versus dollar, to euro - 2.00 manat versus euro, to Russian rouble - 2.89 manat versus 100 rouble.

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