General economic situation in Azerbaijan (January-February 2018)

The volume of Azerbaijan's GDP totaled over 11.54 billion manats in January-February 2018, which is 1.3 percent more than in the same period of 2017, according to a report of the country's State Statistics Committee.

The GDP per capita amounted to almost 1,178.7 manats.

The volume of Azerbaijan's GDP in non-oil sector increased by 2.3 percent in January-February 2018 as compared to the same period of 2017. Meanwhile, a zero growth was observed in the oil and gas sector during the period.

Thus, 48.3 percent (almost 5.57 billion manats) of Azerbaijan's GDP accounted for industrial sphere, 6.2 percent (715.57 million manats) - for construction, 2.7 percent (311.62 million manats) - for agriculture, forestry and fishery.

Net taxes on production and import accounted for 6.6 percent of Azerbaijan's GDP.

According to the report, 9.6 percent of the GDP (1.1 billion manats), produced in the service sector, accounted for trade and maintenance of vehicles, 6.5 percent (almost 750.2 million manats) - for transport and warehousing, 2.6 percent (almost 300.1 million manats) - for accommodation of tourists and catering, 1.6 percent (184.66 million manats) - for information and communication services, 15.9 percent (1.8 billion manats) - for other services.

Value added

in mln manat

Special weight,

%

Growth compared to reporting period of 2017, %

GDP in total

11,541.5

100.0

101.3

industry

5,574.3

48.29

100.6

agriculture

306.7

2.65

103.4

construction

716.8

6.21

88.1

transport

752.5

6.51

111.9

communications

184.2

1.59

114.0

trade and repair

1,109.6

9.61

102.5

tourist accommodation and catering

299.3

2.59

106.9

Net taxes on products

762.8

6.60

101.9

deflator

111.0

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

According to the State Statistics Committee, as of January-February 2018, value added worth 184.2 million manat was observed in the sector or by 14 percent more than in January-February 2017.

The communication sector increased by 11.9 percent in January-February 2018 compared to January-February 2017. GDP reached 752.5 million manat in that sector.

The Azerbaijani non-oil sector volume increased by 8.4 percent in January-February 2018, while the oil sector volume - by 0.4 percent 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 7.6 billion manat in January-February 2018, which is by 1.4 percent more than in the same period of 2017. The share of the private sector in the industrial sector was 82.7 percent.

The volumes of production in the extractive industry reached 5.7 billion manat (a 1.8 percent increase for the year) with a 75 percent share.

During the reporting period, Azerbaijan produced 6.4 million tons of oil and 2.9 billion cubic meters of gas.

In January-February 2018, oil production increased by 0.5 percent and gas production decreased by 9.4 percent in Azerbaijan compared to the same period of 2017.

The output reached 1,509.6 million manat (20 percent of total industrial production volume) in the processing industry in January-February 2018, which is 0.4 percent less than in the same period of 2017.

In this sector, the biggest growth was observed in the production of leather and leather goods - 4.7 times, pharmaceutics - 2 times, production of tobacco products - 3.4 times, finished metal products - 67 percent, spinning industry - 65.8 percent.

The production and distribution of electricity, gas and steam increased by 0.4 percent, while the water supply, waste treatment and processing decreased by 0.9 percent during the reporting period.

The agricultural production volume in actual prices amounted to 558.1 million manats in Azerbaijan in January-February 2018, which is by 3.4 percent more than in January-February 2017.

The crop production increased by 43.8 percent (15.6 million manats), while livestock production - 2.6 percent (542.5 million manats) in the reporting period.

So, 78,200 tons of meat in live weight, 299,800 tons of milk, 281.9 million pieces of eggs were produced in the country in January-February 2018.

Meat production increased by 3.4 percent, milk production by 1.1 percent, egg production - by 1.1 percent in January-February 2018 compared to January-February 2017.

According to the State Statistics Committee, in January-February 2018, 6.8 billion manat accounted for the Azerbaijani consumer market, which is by 2.3 percent more than turnover in the same period of 2017.

The monthly consumer expenses are estimated at 346.6 manat per capita in January-February 2018 or by 20.8 manat more compared to the same period of 2017.

According to the State Statistics Committee, the prices on consumer goods and tariffs for services increased by 4.7 percent in January-February 2018 compared to January-February 2017.

The food prices increased by 5.8 percent, prices for non-food items - 4.7 percent, the price for paid services - 3.3 percent during the reporting period.

The food prices increased by 0.4 percent, non-food items - by 0.4 percent, paid services - 0.1 percent in Azerbaijan for the month.

The foreign trade turnover with 140 countries amounted to $3.66 billion in January-February 2018 or by 39.2 percent more than in January-February 2017.

The volume of exports increased by 33.9 percent and amounted to $2.21 billion in January-February 2018 compared to January-February 2017. The volume of import reached $1.45 billion in January-February 2018 which is by 49.3 percent more than in January-February 2017.

Azerbaijan exported 1,435 goods and imported 5,547 different goods.

The black ink of foreign trade balance was estimated at $758.92 million in January-February 2018, which is by 11.3 percent more than in January-February 2017.

According to the Azerbaijani State Statistics Committee, 1,824.7 million manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-February 2018, which is by 18.2 percent less than in January-February 2017.

In February 2018, 902.1 million manat was invested in the Azerbaijani economy, which is 20.84 percent less than investments made in fixed assets in February 2017.

According to the report, 79.3 percent of investments in fixed assets were made in the construction of production facilities, 14.8 percent - non-production facilities, 5.9 percent - housing construction.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 7.70 billion manat in January-February 2018, which is by 10.2 percent more compared to the same period of 2017.

Thus, during the reporting period, the nominal income of the population per capita increased by 9.2 percent and reached 786.4 manat for the reporting period.

In January-February 2018, the average rate of manat to the U.S. dollar was 1.70 manat / 1 dollar, the average rate of manat to euro - 2.10 manat / 1 euro, the average rate of manat to Russian rouble - 2.99 manat / 100 rouble.

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