General economic situation in Azerbaijan (January 2017)

Azerbaijan's GDP volume reached around 6.05 billion manats in January 2018 that is 2 percent more than in January 2017, according to a report of the State Statistics Committee.

The volume of GDP per capita stood at 618.5 manats.

In January 2018, the volume of GDP produced in the non-oil sector of the country increased by 3.9 percent, while a decline by 0.5 percent was observed in the oil and gas sector as compared to January 2017.

Thus, 48.4 percent (almost 2.93 billion manats) of Azerbaijan's GDP accounted for industrial sphere, 6 percent (365.3 million manats) - for construction, 2.7 percent (160.6 million manats) - for agriculture, forestry and fishery.

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

According to the report, 9.6 percent of the GDP (583.4 million manats), produced in the service sector, accounted for trade and maintenance of vehicles, 6.5 percent (390.2 million manats) - for transport and warehousing, 2.5 percent (152.6 million manats) - for accommodation of tourists and catering, 1.5 percent (93.6 million manats) - for information and communication services, 15.8 percent (952.9 million manats) - for other services.

Value added

in mln manat

Special weight,

%

Growth compared to reporting period of 2017, %

GDP in total

6,049.5

100.0

102.0

industry

2,925.9

48.4

100.4

agriculture

160.6

2.7

104.3

construction

365.3

6.0

97.0

transport

390.2

6.5

112.1

communications

93.6

1.5

116.0

trade and repair

583.4

9.6

102.4

tourist accommodation and catering

152.6

2.5

107.7

Net taxes on products

425.0

7.0

102.5

deflator

110.7

The transport sector was the most dynamic sector in Azerbaijan in January 2018.

According to the State Statistics Committee, as of January 2018, value added worth 93.6 million manat was observed in the sector or by 16.0 percent more than in January 2017.

The communications sector increased by 12.1 percent in January 2018 compared to January 2017. GDP reached 390.2 million manat in that sector.

The Azerbaijani non-oil industry volume increased by 8.7 percent in January 2018, while the oil industry volume remained unchanged compared to the same period of 2017.

The total industrial production (a volume of production and rendered industrial services) in Azerbaijan for the period amounted to 3.9 billion manat in January 2018, which is by 1.5 percent more than in the same period of 2017.

The share of the private sector in the industrial sector was 82.3 percent.

The volumes of production in the extractive industry reached 3 billion manat (a 1.2 percent increase for the year) with a 75.9 percent share.

During the reporting period, Azerbaijan produced 3.4 million tons of oil and 1.6 billion cubic meters of gas.

In January 2018, oil production increased by 0.2 percent and gas production decreased by 5.9 percent in Azerbaijan compared to the same period of 2017.

Moreover, 752.3 million manat (19.1 percent of total industrial production) accounted for the output in the processing industry, which is 1.7 percent more than in the same period of 2017.

In this sector, the biggest growth was observed in the production of leather and leather goods - by 3.2 times, in pharmaceutics - 3.1 times, tobacco products - 2.8 times, finished metal products - 1.8 times and in the spinning industry - 1.7 times.

The production and distribution of electricity, gas and steam decreased by 0.2 percent, while the water supply, waste treatment and processing - by 5.2 percent in January 2018 compared to January 2017.

The agricultural production volume in actual prices amounted to 288.8 million manat in Azerbaijan in January 2018, which is by 4.3 percent more than in January 2017.

According to the Azerbaijani State Statistics Committee's report, the crop production increased by 33.5 percent, while livestock production - 3.6 percent in the reporting period.

According to the State Statistics Committee, in January 2018, 3.6 billion manat accounted for the Azerbaijani consumer market, which is by 2.2 percent more than in January 2017.

The monthly consumer expenses are estimated at 371.1 manat per capita in January 2018 or by 23.9 manat more compared to January 2017.

According to the State Statistics Committee, the prices on consumer goods and tariffs for services increased by 5.5 percent in January 2018 compared to January 2017.

The food prices increased by 6.9 percent, prices for non-food items - 5.1 percent, the price for paid services - 3.9 percent during the reporting period.

The foreign trade turnover with 121 countries amounted to $1.73 billion in January 2018 or by 38.4 percent more than in January 2017.

The volume of exports increased by 29.1 percent and amounted to $1.04 billion in January 2018 compared to January 2017. The volume of import reached $688.63 million in January 2018 which is 53 percent more than in January 2017.

Azerbaijan exported 992 goods and imported 4,623 different goods.

The black ink of foreign trade balance was estimated at $350.08 million in January 2018, which is by 1.3 percent less than in January 2017.

According to the Azerbaijani State Statistics Committee, 960.3 billion manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January 2018, which is by 5.5 percent less than in January 2017.

According to the report, 83.5 percent of investments in fixed assets were made in the construction of production facilities, 11 percent - non-production facilities, 5.5 percent - housing construction.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 3.88 billion manat in January 2018, which is by 11.7 percent more compared to January 2017.

Thus, during the reporting period, the nominal income of the population per capita increased by 10.7 percent and reached 396.9 manat for the reporting period.

In January 2018, the average rate of manat to the U.S. dollar was 1.7001 manat versus dollar, to euro - 2.07 manat versus euro, to Russian rouble - 3.00 manat versus 100 rouble.

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