Non-oil GDP up 2.3% y/y in 2M17
GDP was up 0.4% y/y in 2M17, following a 0.8% y/y increase in 1M17. Non-oil GDP was up 2.3% y/y in 2M17, while oil GDP contracted 3.2% y/y. In sectoral breakdown, growth was mainly driven by transportation and storage (+6.6% y/y), trade (+1.4% y/y), construction (+1.2% y/y), and agriculture (+3.2% y/y). Main negative contribution came from a 3.7% y/y contraction in mining and quarrying on the back of falling oil and gas extraction.
Inflation rate at 13.0% y/y in February 2017
Annual CPI inflation rate increased from 11.9% in the previous month to 13.0% in February 2017. In February, food prices were up 16.6% y/y (+2.2ppts m/m), non-food prices were up 12.6% y/y (+0.3ppts m/m), and service sector prices were up 8.8% y/y (+1.0ppts m/m).
Trade surplus up 80.1% y/y to US$ 0.8bn in January 2017
According to the Statistical Committee, exports were up 40.3% y/y to US$ 1.2bn in January 2017 imports were up 1.6% y/y to US$ 0.5bn resulting in US$ 0.8bn trade surplus (+80.1% y/y).
Preliminary figures for February 2017 indicate 27.1% y/y contraction in non-mineral exports (N-M), after 46.7% y/y increase in January 2017, while total imports were down 2.8% y/y.
Contraction in N-M exports in February 2017 was primarily driven by 97.7% decline in export of transportation goods which is explained by exceptionally high base in February of the previous year. Main positive contribution to exports in February 2017 came from 318.1% increase in exports of cotton.
Imports in February 2017 were subdued due to fall in imports of machinery (-35.7% y/y), metals (-31.0% y/y), and stone/glass (-39.7% y/y). Positive contribution to imports came from imports of mineral products (+237.6% y/y), foodstuff (+118.7% y/y), and transportation goods (+75.1% y/y).
