Socio-economic development of the Republic of Azerbaijan
Macroeconomic situation. During the first half of 2014 the real GDP growth rate amounted to 2.1% and was AZN 28.7 billion at current prices. Volume of GDP on per capita was 3063.3 manats (3905.2 US dollars).
During the first half of 2014, the oil and gas GDP dropped by 3.9 % compared to the same period of 2013 and the sector's share in GDP was 43.7% (45.0% in the first half of 2013).
Over this period, total non-oil sectors dynamics grew 7.0% in real term. So, 12.6% growth was recorded in communication, 5.1% in transport, 9.6% in construction, 5.8% in agriculture and 8.9% in trade in the first half of 2014 compared to the same period of 2013.
Investment in the amount of AZN 7625.9 million was directed into the fixed capital from all financing sources into development of economic and social sectors of country that exceeds the same period of last year by 3.4%. 70.7% of the total directed investment to the fixed capital fall at domestic investments and 29.3% at foreign investments. Investments worth 4663.9 million AZN (61.2%) - were made into non-oil sector, and AZN 2962.0 million (38.8%) - into oil sector.
The volume of credit recourses allocated by banks was AZN 16595.4 million that increased by 23.8% for the 1st of June, 2014.
Bank deposit of population increased by12.8% and reached 6643.0 million AZN for the 1st of June, 2014. (The indicator of the appropriate period of 2013 was 35.7%.).
During six months the total amount of goods sold to the consumer market and rendered services was 13462.3 AZN by increasing 8.6% compared to the same period of 2013. Commodity turnover increased by 8.9% compare to January-June, 2013, as well as, volume of paid services (6.9%). During six months in amount of 5.1 milliard manat food products and 5.0 milliard manat non-food products were purchased by population from consumer market and increased 2.8% and 15.5% respectively.
The average nominal monthly wage of employees in economy increased by 6.5%, and amounted to AZN 438.1. The income of population has reached AZN 1895.0 per person increasing 3.3%.
Foreign trade turnover volume was accounted 13.0 billion U.S. $, including volume of import 3.5 billion U.S.$, export 9.5 billion U.S.$, the trade balance was positive 6.0 billion U.S.$ for January-June of 2014.
Over this period, the average of annual exchange rate of 1 AZN against 1 U.S. dollar was 0.7844 AZN.