Non-oil GDP up 1.9% y/y in 4M17
Azerbaijan’s non-oil GDP was up 1.9% y/y in 4M17, supported by growth in transportation and storage (+5.3% y/y), trade (+1.7% y/y), and agriculture (+3.2% y/y), along with an increase in net taxes (+2.7% y/y). After 4.7% y/y growth in 3M17, the construction sector returned to negative territory (-0.4% y/y). With oil and gas production down, oil GDP was down 6.7% y/y, resulting in overall GDP contracting 1.2% y/y in 4M17.
Nominal GDP in AZN terms was up 22.1% y/y to AZN 20.1bn, while in US$ terms, it was up 8.4% y/y to US$ 11.4bn.
Inflation rate at 14.4% y/y in April 2017
Compared to March 2017, annual CPI inflation rate remained flat at 14.4% y/y in April 2017. Food prices were up 20.2% y/y (+0.4ppts m/m), non-food prices were up 12.4% y/y (-0.3ppts m/m), and service sector prices were up 8.8% y/y (+0.0ppts m/m).
Trade surplus up 116.1% y/y to US$ 2.1bn in 3M17
According to the Statistical Committee, exports were up 35.4% y/y to US$ 1.3bn in March 2017, while imports were down 36.1% y/y to US$ 0.5bn, resulting in a US$ 0.7bn trade surplus (+738.1% y/y). In 3M17 exports were up 28.6% y/y to US$ 3.6bn, while imports were down 17.1% y/y, resulting in a US$ 2.1bn trade surplus (+116.1% y/y).
Non-oil exports were up 8.2% y/y to US$ 264.9mn in 3M17.
Preliminary figures for April 2017 indicate a 46.2% y/y increase in non-mineral exports (N-M), after a 22.4% y/y increase in March 2017, while total imports in April 2017 were down 15.6% y/y to US$ 0.7bn. In 4M17, according to preliminary figures, N-M exports were up 16.1% y/y to US$ 370.0mn, while total imports were down 16.5% y/y to US$ 2.2bn.
