General economic situation in Azerbaijan (Summary of 2017)

Azerbaijan's GDP volume exceeded 70.1 billion manats in 2017 that is 0.1 percent more than in 2016, according to a report of the State Statistics Committee.

The volume of GDP per capita stood at 7,200 manats.

In 2017, the volume of GDP produced in the non-oil sector of the country increased by 2.6 percent, while a decline by five percent was observed in the oil and gas sector as compared to 2016.

Thus, 40.1 percent (almost 28.09 billion manats) of Azerbaijan's GDP accounted for industrial sphere, 9.5 percent (6.7 billion manats) - for construction, 5.6 percent (almost 3.95 billion manats) - for agriculture, forestry and fishery.

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

According to the report, 10.4 percent of the GDP (7.3 billion manats), produced in the service sector, accounted for trade and maintenance of vehicles, 6.8 percent (4.7 billion manats) - for transport and warehousing, 2.3 percent (1.6 million manats) - for accommodation of tourists and catering, 1.6 percent (1.14 million manats) - for information and communication services, 16.35 percent (11.47 billion manats) - for other services.

Value added

in mln manat

Special weight,

%

Growth compared to reporting period of 2016, %

GDP in total

70,135.1

100

100.1

industry

28,087.3

40.04

95.8

agriculture

3,949.3

5.63

104.2

construction

6,687.2

9.53

98.5

transport

4,737.3

6.75

108.5

communications

1,138.2

1.62

106.6

trade and repair

7,305.2

10.41

102.5

tourist accommodation and catering

1,639.8

2.33

105.9

Net taxes on products

5,121.9

7.30

102.4

deflator

117.2

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

According to the State Statistics Committee, in 2017, value added worth 4,737.3 million manat was observed in the sector or by 8.5 percent more than in 2016.

The communications sector increased by 6.6 percent in 2017 compared to 2016. GDP reached 1,138.2 million manat in that sector.

The non-oil sector of Azerbaijan's industry increased by 3.7 percent, and oil sector decreased by 4.7 percent in 2017 as compared to 2016, says a report of the country's State Statistics Committee.

Total volume of industrial production (volume of manufactured goods and rendered services of industrial nature) amounted to 39.6 billion manats in Azerbaijan in 2017, which is by 3.4 percent less than in 2016.

The share of the private sector in the industrial sector was 79.9 percent.

The volume of production in the extractive industry totaled 27.7 billion manats (a decrease of 3.9 percent during the year) in the period with a specific weight of 69.9 percent.

Azerbaijan produced 38.7 million tons of oil and 18.2 billion cubic meters of gas in 2017.

Oil output decreased by 5.6 percent and gas output - by 3 percent in Azerbaijan in 2017.

The processing industry produced goods worth 9.8 billion manats (24.7 percent of the total volume of industrial production) in the period that is by two percent less than in 2016.

In this sector, the biggest growth was observed in pharmaceutics - 2.5 times, production of rubber and plastic products - 71.7 percent, production of building materials - 46.6 percent, spinning industry - 44.7 percent and production of machinery and equipment - 42.9 percent.

In 2017, production, distribution and supply of electricity, gas and heat decreased by 2.6 percent, and water supply, waste treatment and recycling - by 1.2 percent as compared to 2016.

Products worth 708.3 million manats were produced by metallurgical companies in Azerbaijan in 2017, said a report of the country's State Statistics Committee.

The report says the volume of output of metallurgical industry decreased by 8.7 percent while the production of finished goods fell by 12 percent in 2017.

Azerbaijan produced 251,500 tons of fittings in 2017, which is 4.2 percent more than in 2016.

In 2017, 45,100 tons of steel pipes were produced in Azerbaijan, that is by 16.1 percent less than in 2016.

The volume of steel casting production stood at 387,300 tons in 2017, which is 4 percent more than in 2016.

The agricultural production volume in actual prices amounted to 6.58 billion manats in Azerbaijan in 2017, which is by 4.2 percent more than in 2016, the State Statistics Committee said in a report.

The crop production increased by 2.7 percent, while livestock production - 6.1 percent in the reporting period.

According to the State Statistics Committee, in 2017, 45.3 billion manat accounted for the Azerbaijani consumer market, which is by 2.2 percent more than turnover in 2016.

The monthly consumer expenses are estimated at 387.9 manat per capita in 2017 or by 48.8 manat more compared to 2016.

The retail trade turnover amounted to 35.26 billion manat in 2017, which is by 2.5 percent more than in 2016.

According to the State Statistics Committee, the prices on consumer goods and tariffs for services increased by 12.9 percent in 2017 compared to 2016.

The food prices increased by 16.4 percent, prices for non-food items - 11.6 percent, the price for paid services - 9.3 percent during the reporting period.

Monthly inflation for December was 0.5 percent in Azerbaijan.

The foreign trade turnover with 187 countries amounted to $22.59 billion in 2017 or by 27.8 percent more than in 2016.

The volume of exports increased by 51.1 percent and amounted to $13.81 billion in 2017 compared to 2016. The volume of import reached $8.78 billion in 2017 which is slightly more than in 2016.

Azerbaijan exported 3,179 goods and imported 7,429 different goods.

The black ink of foreign trade balance was estimated at $5.03 billion in 2017, which is by 8.2 times more than in 2016.

According to the Azerbaijani State Statistics Committee, 15.55 billion manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in 2017, which is by 2.6 percent less than in 2016.

Some 1,862.4 million manat was invested in the Azerbaijani economy in December 2017, which is by 1.7 percent less than investments in fixed assets in December 2016.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 49.16 billion manat in 2017, which is by 8.3 percent more compared to 2016.

Thus, during the reporting period, the nominal income of the population per capita increased by 7.2 percent and reached 5,050.5 manat for the reporting period or 420.9 manat for the month.

The income remaining at the disposal of the population amounted to 44.98 billion manat for the reporting period, having increased by 8.5 percent compared to 2016.

In 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 - 2.90 manat versus 100 rouble.

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