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Country Report Azerbaijan June 2011
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HTMLData and charts: Quarterly data
| 2009 | 2010 | 2011 | ||||||
| 2 Qtr | 3 Qtr | 4 Qtr | 1 Qtr | 2 Qtr | 3 Qtr | 4 Qtr | 1 Qtr | |
| General government financea (Manat m) | ||||||||
| Revenue | 2,340 | 2,373 | 3,091 | 2,446 | 2,477 | 2,582 | 3,898 | 2,768 |
| Expenditure | 2,090 | 2,019 | 4,111 | 1,979 | 2,298 | 2,560 | 4,929 | 2,087 |
| Balance | 249 | 354 | -1,020 | 467 | 179 | 22 | -1,031 | 681 |
| Outputb | ||||||||
| GDP at market prices (% change, year on year) | 3.6 | 6.1 | 9.3 | 5.4 | 3.7 | 4.1 | 5.0 | 1.6 |
| Industrial production (% change, year on year) | 1.0 | 5.0 | 8.6 | 5.6 | 3.5 | 3.1 | 2.6 | 0.3 |
| Employment, wages and prices | ||||||||
| Unemployed, registeredc (end-period; ‘000) | 44.1 | 43.0 | 41.1 | 40.8 | 40.0 | 39.4 | 38.9 | 39.7 |
| Nominal wages (Manat per month) | 298.0 | 298.0 | 298.0 | 299.7 | 313.0 | 317.6 | 325.0 | 339.6 |
| Consumer prices (% change, year on year) | -0.5 | -0.9 | -0.6 | 3.7 | 6.0 | 5.6 | 7.2 | 8.9 |
| Producer prices, industry (% change, year on year) | -36.3 | -30.6 | -19.2 | 71.9 | 55.5 | 38.2 | 28.2 | 0.8 |
| Financial indicators | ||||||||
| Exchange rate Manat:US$ (av) | 0.804 | 0.804 | 0.803 | 0.803 | 0.804 | 0.804 | 0.800 | 0.795 |
| Exchange rate Manat:US$ (end-period) | 0.804 | 0.804 | 0.803 | 0.803 | 0.804 | 0.803 | 0.798 | 0.793 |
| Refinancing rate (end-period; %) | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 3.0 | 5.0 |
| M1 (end-period; Manat bn) | 4,199 | 4,449 | 5,240 | 5,191 | 5,544 | 5,902 | 6,719 | 6,609 |
| M1 (% change, year on year) | 2.0 | -3.7 | 1.8 | 27.0 | 32.0 | 32.6 | 28.2 | 27.3 |
| M2 (end-period; Manat bn) | 6,694 | 7,458 | 8,469 | 8,673 | 9,082 | 9,390 | 10,528 | 10,757 |
| M2 (% change, year on year) | -8.8 | -2.5 | -0.3 | 35.6 | 35.7 | 25.9 | 24.3 | 24.0 |
| Sectoral trends | ||||||||
| Crude oil production (m tonnes) | 13.4 | 13.0 | 12.6 | 12.3 | 13.0 | 13.2 | 12.3 | 12.0 |
| Foreign trade & payments (US$ m) | ||||||||
| Exports fobd | 5,256 | 5,946 | 6,307 | 6,258 | 6,934 | 6,888 | 6,396 | n/a |
| Imports fobd | -1,451 | -1,793 | -1,792 | -1,218 | -1,738 | -1,707 | -2,083 | n/a |
| Trade balance | 3,805 | 4,153 | 4,515 | 5,040 | 5,196 | 5,181 | 4,313 | n/a |
| Services balance | -332 | -318 | -695 | -417 | -359 | -376 | -581 | n/a |
| Income balance | -947 | -1,377 | -981 | -795 | -922 | -968 | -781 | n/a |
| Net transfer payments | 160 | 151 | 244 | 74 | 144 | 179 | 112 | n/a |
| Current-account balance | 2,686 | 2,610 | 3,082 | 3,902 | 4,059 | 4,016 | 3,063 | n/a |
| Reserves excl gold (end-period) | 5,265 | 5,149 | 5,364 | 5,911 | 5,520 | 6,209 | 6,409 | 6,799 |
| a Includes transfers from the State Oil Fund of the Republic of Azerbaijan (the overseas windfall fund). b Cumulative from beginning of year. c Official statistics. The International Labour Organisation estimates that the unemployment rate is over 10%. d Balance-of-payments basis. | ||||||||
| Sources: State Statistics Committee; IMF, International Financial Statistics. | ||||||||
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