General economic situation in Azerbaijan (January-February 2014)

A total volume of Azerbaijan's GDP amounted to 7.1 billion AZN in January-February 2015 or by 4.2 percent more than in the same period of 2014.

The nominal GDP dropped by 16.1 percent.

Some 50.1 percent was formed in the field of production during this period. The value added share generated in industry makes up 36.3 percent (2.6 billion manat), construction was 10.4 percent (741.4 million manat), agriculture, forestry and fishery was 3.4 percent (236.6 million manat). Some 39.55 percent of the gross output was created in the sector of services.

Net taxes on products and imports amounted to 10.4 percent of Azerbaijan's GDP.

Around 12 percent of GDP in the sector of services accounted for the trade and repair of vehicles, 6.7 percent - transport and warehousing, 3.5 percent - tourist accommodation and catering sphere, 2.4 percent - the information and communication services, 14.9 percent - social and other services.

The non-oil sector of the economy increased by 5.1 percent compared to the same period of 2014. Its share in the country's GDP hit 66.6 percent. The volume of value added production in the oil and gas extraction and processing hit 33.4 percent of GDP.

The volume of value added production in Azerbaijan`s construction sector increased by 8.3 percent, tourist accommodation and catering - 14.3 percent, information and communication services - 10 percent, trade and repair of vehicles - 8.5 percent, transport and warehousing - 4.9 percent, social and other services - 1 percent, agriculture, forestry and fishery - 0.9 percent in January-February 2015 compared to the same period of 2014.

The total volume of industrial production (the volume of produced goods and rendered industrial services) in Azerbaijan amounted to 3.700 billion manat in January-February 2015, which is 2.3 percent more than in the same period of 2014.

During the reporting period, the volume of production in the mining industry hit 2.215 billion manat with a weight of 59.9 percent of the entire industrial production, which is 5.4 percent more than in January-February 2014.

Oil production volume amounted to 6.953 million metric tons, while natural gas production was 4.765 million cubic meters.

Oil production increased by 0.8 percent, while gas production decreased by 5.3 percent compared to January-February 2014.

The production volume in the processing industry amounted to 1.082 billion AZN (29.2 percent of total industrial output) in January-February 2015 or by 9.8 percent less than in January-February 2014.

The growth was observed in the production of leather and leather goods - threefold, jewelry, music, sports and medical equipment - by 79.4 percent, clothing - by 77.4 percent, electronic equipment - 73.6 percent.

Production, distribution and supply of electricity, gas and steam hit 9.9 percent of the total production volume, but water supply, treatment and recycling of waste - 1 percent in January-February 2015.

The Azerbaijani metallurgy industry and enterprises produced goods and rendered services in the amount of 37.3 million AZN in January-February 2015. The production volume of the metallurgy industry decreased by 51 percent, while the production of finished products increased by 7.6 percent.

Azerbaijan increased gold production by 64.4 percent and reduced the silver production by 79 percent in January-February 2015.

Around 348.2 kilograms of precious metals (including 170 kg in February) were produced in January-February 2015. It was by 32.6 percent more than in January-February 2014. In January-February, the production amounted to 336 kg of gold and 12.2 kg of silver.

According to the State Statistics Committee, the Azerbaijani trading networks sold consumer goods to the population at 3.544 billion AZN in January-February 2015, which is 8.5 percent more than in the same period of 2014. Legal entities ensured 11.8 percent of trade turnover, individual entrepreneurs - 52.9 percent, fairs and markets - 35.1 percent.

According to the State Statistics Committee, in February 2015, the prices on consumer goods and tariffs on services increased by 4 percent compared to the previous month and hit 2 percent in January-February 2015 compared to January-February 2014.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 5.859 billion AZN in January-February 2015, which is 5 percent more compared to January-February 2014.

Thus, during this period, the nominal income of the population per capita increased by 3.7 percent and hit 618 AZN.

As of March 1, 2015, some 29,000 people were officially registered as unemployed in Azerbaijan, including 39.2 percent women, the Azerbaijani State Statistics Committee's report said.

The number of unemployed decreased by 20.8 percent compared to the same period of 2014.

For comparison, as of March 1, 2014, the number of the officially registered unemployed in the country amounted to 36,800 people.

The foreign trade turnover with 112 world countries amounted to $4.04 billion in January-February 2015, or 18.65 percent less than in January-February 2014. The volume of exports decreased by 38.2 percent and amounted to $2.33 billion compared to January-February 2014. The volume of import increased by 43.45 percent and amounted to $1.7 billion.

The volume of agricultural production in Azerbaijan in actual prices amounted to 428.6 million manat in January-February 2015 or by 3.1 percent more compared to the same period of last year. According to the Azerbaijani State Statistics Committee's report as of two months, during this period the livestock production increased by 3.1 percent, crop production - by 3.5 percent.

Around 1.697 billion AZN was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-February 2015.

Around 1.015 billion AZN was invested in Azerbaijani economy in February 2014 or by 12.8 percent less investments in fixed capital than in February 2014. However, the investments in Azerbaijan's economy increased by 48.6 percent in February 2015 compared to the previous month.

The exchange rate of AZN remained stable. In February 2015, the average rate of AZN to the U.S. dollar was 0.86 AZN per dollar, to euro - 0.98 AZN per euro, to Russian rouble - 1.34 AZN per 100 rouble.