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Monthly Azerbaijan Business Monitoring: December 2018

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Monthly Azerbaijan Business Monitoring: December 2018 13.02.2019 Monthly Azerbaijan Business Monitoring: December 2018 Monthly Azerbaijan Business Monitoring General economic situation in Azerbaijan....................................................................................3 Prices and situation in consumer market in Azerbaijan................................................................7 Review of oil and gas operations in Azerbaijan..........................................................................10 Investments in Azerbaijan's economy........................................................................................13 Review of transport sector in Azerbaijan....................................................................................16 Azerbaijani IT sector..................................................................................................................18 Agriculture in Azerbaijan............................................................................................................22 Review of monetary sector in Azerbaijan...................................................................................24 Foreign trade of Azerbaijan........................................................................................................34 Public budget of Azerbaijan.......................................................................................................48 Review of construction sector in Azerbaijan...............................................................................50 Social sector in Azerbaijan.........................................................................................................53 © 2018 Trend News Agency 2 13.02.2019 Monthly Azerbaijan Business Monitoring: December 2018 General economic situation in Azerbaijan Azerbaijan's GDP in 2018 amounted to almost 79.8 billion manats, which is 1.4 percent more than in 2017, the State Statistics Committee said. GDP per capita was 8,126.2 manats. The volume of GDP produced in the non-oil sector of Azerbaijan increased by 1.8 percent compared to 2017, while there was an increase of 0.6 percent in the oil and gas sector. In 2018, except for the construction sector, growth was observed in all spheres of the economy. Thus, the sphere of transport and storage grew by 7.8 percent, accommodation of tourists and catering - by 7.6 percent, information and communication services - by 9.3 percent, agriculture, forestry and fisheries - by 4.6 percent, trade and repair of vehicles - 3 percent, industry - by 1.4 percent, other areas - by 0.8 percent. The construction sector decreased by 9 percent. Thus, 44.2 percent (almost 35.3 billion manats) of Azerbaijan's GDP accounted for industrial sphere, 7.96 percent (6.35 billion manats) - for construction, 5.2 percent (4.2 billion manats) - for agriculture, forestry and fishery. Net taxes on production and import accounted for 7.8 percent (6.2 billion manats) of Azerbaijan's GDP. According to the committee, 9.6 percent of the GDP (7.67 billion manats), produced in the service sector, accounted for trade and maintenance of vehicles, 6.3 percent (5.03 billion manats) - for transport and storage, 2.2 percent (1.79 billion manats) - for accommodation of tourists and catering, 1.6 percent (1.24 billion manats) - for information and communication services, 15 percent (12 billion manats) - for other services. Value added Special weight, Growth compared to reporting period of in mln manat % 2017, % GDP in total 79,797.3 101.4 industry 35,286.1 44.2 101.4 agriculture 4,196.1 5.2 104.6 © 2018 Trend News Agency 3 13.02.2019 Monthly Azerbaijan Business Monitoring: December 2018 construction 6,353.8 7.9 91 transport 5,032.6 6.3 107.8 communications 1,242.8 1.55 109.3 trade and repair 7,670.5 9.61 103 tourist accommodation 1,790.7 2.24 107.6 and catering Net taxes on products 6,228.2 7.80 101.5 deflator 112.2 The communication sector was the most dynamic one in Azerbaijan in January-December 2018. In January-December 2018, value added worth 1,242.8 million manat was observed in the sector or by 9.3 percent more than in January-December 2017. The communication sector increased by 7.8 percent in January-December 2018 compared to January-December 2017. GDP reached 5,032.6 million manat in that sector. Total value of industrial production (volume of manufactured goods and rendered services of industrial nature) amounted to 47.66 billion manats in Azerbaijan in January-December 2018, which is by 1.5 percent more than in the same period of 2017. The non-oil sector of Azerbaijan's industry increased by 9.1 percent, and oil sector increased by 0.4 percent in January-December 2018 as compared to the same period of 2017. The share of the private sector in the industrial sector was 82.6 percent. The production volume in the extractive industry totalled 34.8 billion manats (a 0.2 percent increase for the year) in the reporting period. Azerbaijan produced 38.7 million tons of oil and 19.2 billion cubic meters of gas in January- December 2018. In January-December 2018, gas production in Azerbaijan increased by 7.1 percent compared to the same period of 2017. The output value in the processing industry was 10.57 billion manats in January-December 2018 which is 8 percent more than in January-December 2017. © 2018 Trend News Agency 4 13.02.2019 Monthly Azerbaijan Business Monitoring: December 2018 In this sector, the biggest growth was observed in the production of cars, trailers and semitrailers - 31 times, tobacco products - 2.7 times, printing products - 82.1 percent, electrical appliances - 2.5 times, furniture - 2.1 times. The share of production, distribution and supply of electricity, gas and steam in the total volume of industrial production accounted for 4.1 percent, while the share of water supply, waste treatment and processing accounted for 0.7 percent. In 2018, agricultural production in Azerbaijan in actual prices amounted to 7.01 billion manats, which is 4.6 percent more than in 2017. During the period, production in livestock sector increased by 2.7 percent (to 3.82 billion manats) and in the crop sector by 6.8 percent (to 3.19 billion manats). According to the State Statistics Committee, as of January-December 2018, 47.75 billion manat accounted for the Azerbaijani consumer market, which is by 3.1 percent more than its turnover for January-December 2017. The monthly consumer expenses are estimated at 405.3 manat per capita in January-December 2018 or by 17.4 manat more compared to January-December 2017. According to the State Statistics Committee, the prices on consumer goods and tariffs for services increased by 2.3 percent in 2018 compared to 2017. The food prices increased by 1.7 percent, non-food items - by 2.6 percent, paid services - 2.7 percent in Azerbaijan during the reporting period. The foreign trade turnover with 185 countries amounted to $30.92 billion in January-December 2018 or by almost 36.87 percent more than in January-December 2017. The volume of export increased by 40.91 percent and amounted to $19.46 billion in January- December 2018 compared to the same period of 2017. The volume of import reached $11.46 billion in January-December 2018 which is 30.5 percent more than in the same period of 2017. Azerbaijan exported 3,088 goods and imported 7,566 different goods. The black ink of foreign trade balance was estimated at over $7.99 billion in January-December 2018, which is by 58.88 percent more than in the same period of 2017 ($5.03 billion). According to the Azerbaijani State Statistics Committee, 17,238.2 million manat was invested from all financial sources in the development of the economic and social areas of Azerbaijan in January-December 2018, which is by 4.4 percent less than in January-December 2017. © 2018 Trend News Agency 5 13.02.2019 Monthly Azerbaijan Business Monitoring: December 2018 Some 4,838.8 million manat was invested in the Azerbaijani economy in December 2018, which is by over twofold more than investments in fixed assets in December 2017. According to the Azerbaijani State Statistics Committee, the nominal income of the population totaled 53.68 billion manat in January-December 2018, which is by 9.2 percent more compared to January-December 2017. Thus, the nominal income of the population per capita increased by 8.2 percent and reached 5,467.4 manat during the reporting period or 455.6 manat for the month. In January-December 2018, the average rate of manat to the U.S. dollar was 1.70 manat versus dollar, to euro - 1.94 manat versus euro, to Russian rouble - 2.52 manat versus 100 rouble. © 2018 Trend News Agency 6 13.02.2019 Monthly Azerbaijan Business Monitoring: December 2018 Prices and situation in consumer market in Azerbaijan According to the State Statistics Committee, as of January-December 2018, 47.75 billion manat accounted for the Azerbaijani consumer market, which is by 3.1 percent more than its turnover for January-December 2017. The monthly consumer expenses are estimated at 405.3 manat per capita in January-December 2018 or by 17.4 manat more compared to January-December 2017. The retail trade turnover amounted to 37.1 billion manat in January-December 2018, which is by 3 percent more than in January-December 2017. According to the Azerbaijani State Statistics Committee, food trade (18,638.4 million manat) increased by 2.5 percent in real terms, while retail sales of non-food products (18,451.6 million manat) showed a 3.4 percent real growth. Paid services worth 9,131.7 million manat were rendered to the population in January- December 2018 or by 3 percent more compared
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