PremiumGeneral economic situation in Azerbaijan (January-March 2015)

A total volume of Azerbaijan's GDP amounted to 11.5 billion AZN in January-March 2015 or by 5.3 percent more than in the same period of 2014.

The nominal GDP dropped by 13.51 percent.

The non-oil sector of the economy increased by 7 percent compared to the same period of 2014. Its share in the country's GDP hit 68.31 percent. The volume of value added production in the oil and gas extraction and processing hit 31.69 percent of GDP increasing by 3.4 percent compared to 2014.

Some 50.2 percent was formed in the field of production during this period. The value added share generated in industry makes up 69.13 percent (3.99 billion manat), construction was 24.9 percent (1.4 billion manat), agriculture, forestry and fishery was 3.01 percent (347.4 million manat). Some 39.62 percent of the gross output was created in the sector of services.

Net taxes on products and imports amounted to 10.18 percent of Azerbaijan's GDP.

Around 29.94 percent of GDP in the sector of services accounted for the trade and repair of vehicles, 15.56 percent - transport and warehousing, 7.9 percent - tourist accommodation and catering sphere, 5.5 percent - the information and communication services, 41.13 percent - social and other services.

The volume of value added production in Azerbaijan`s construction sector increased by 13.6 percent, tourist accommodation and catering - 17.3 percent, information and communication services - 7.02 percent, trade and repair of vehicles - 13.3 percent, transport and warehousing - 3.6 percent, social and other services - 3.1 percent, agriculture, forestry and fishery - 14.05 percent in January-March 2015 compared to the same period of 2014.

Azerbaijan's non-oil sector increased by nine percent, oil sector - by 3.4 percent in January-March 2015 compared to the same period of January-March 2014. The total industrial production (a volume of production and rendered industrial services) in Azerbaijan for the period amounted to 5.8 billion manat, which is 3.9 percent more than in the same period of 2014.

The production volume in the mining industry amounted to 3.4 billion manat with a special weight of 58.6 percent in the total industrial production in the first quarter, which is 5.6 percent more than in January-March 2014.

Azerbaijan produced 10.7 million tons of crude oil, while natural gas production was 7.3 billion cubic meters in January-March.

During this period, oil production increased by 1.4 percent, while gas production decreased by 3.6 percent in Azerbaijan compared to January-March 2014.

The goods worth 1.8 billion manat (31.03 percent of a total industrial production volume) were produced in the processing industry in January-March 2015, which is 3.3 percent more than in January-March last year. In this sector, the highest growth was observed in the production of leather and leather products - by 2.4 times, jewelry, musical instruments, sports and medical equipment - by 90.8 percent, the repair and installation of equipment - by 66.7 percent, pharmaceutical production, rubber and plastic products - by 51.4 percent.

Production, distribution and supply of electricity, gas and steam hit 9.4 percent of the total production volume, but water supply, treatment and recycling of waste - 0.96 percent in January-March 2015.

The Azerbaijani metallurgy industry and enterprises produced goods and rendered services in the amount of 78.2 million AZN in January-March 2015. The production volume of the metallurgy industry decreased by 18 percent, while the production of finished products increased by 8 percent.

According to the State Statistics Committee, the Azerbaijani trading networks sold consumer goods to the population at 5.760 billion manat in January-March 2015, which is 9.6 percent more than in the same period of 2014. Legal entities ensured 11.3 percent of trade turnover, individual entrepreneurs - 52 percent, fairs and markets - 36.5 percent.

According to the State Statistics Committee, in March 2015, the prices on consumer goods and tariffs on services increased by 0.9 percent compared to the previous month. The inflation hit 2.8 percent in January-March 2015 compared to January-March 2014.

According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 9.456 billion manat in January-March 2015, which is 5.3 percent more compared to January-March 2014.

Thus, during this period, the nominal income of the population per capita increased by 4 percent and hit 996.8 manat.

As of April 1, 2015, some 29,100 people were officially registered as unemployed in Azerbaijan, including 39.2 percent women, the Azerbaijani State Statistics Committee's report said.

The foreign trade turnover with 122 world countries amounted to $5.81 billion in January-March 2015, or 18.61 percent less than in January-March 2014. The volume of exports decreased by 37.07 percent and amounted to $3.38 billion compared to January-March 2014. The volume of import increased by 37.66 percent and amounted to $2.43 billion.

As of January-March 2015, the nominal index of export exceeded import. This formed the foreign trade surplus to the amount of over $955.2 million.

The volume of agricultural production in Azerbaijan in actual prices amounted to 629.3 million manat in January-March 2015 or by 3.4 percent more compared to the same period of last year.

According to the Azerbaijani State Statistics Committee's report as of three months, during this period the livestock production increased by 3.3 percent, crop production - by 5.9 percent.

Gold production increased by 52 percent in January-March 2015. So, some 553.2 kilograms of precious metals (including 205 kg in March) were produced in the first quarter of the year, which is 17 percent more than in January-March 2014. In particular, the production amounted to 534.6 kilograms of gold and 18.6 kilograms of silver (6.4 kg).

According to the Azerbaijani State Statistics Committee, around 3.233 billion manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-March 2015.

Around 1.535 billion manat was invested in Azerbaijani economy in March 2014 or by 17.9 percent more investments in fixed capital than in March 2014.

The exchange rate of AZN remained stable. In March 2015, the average rate of AZN to the U.S. dollar was 1.05 AZN per dollar, to euro - 1.14 AZN per euro, to Russian rouble - 1.73 AZN per 100 rouble.