Azerbaijan's industrial production increased by 2.1% y/y to AZN21.9bn ($20.9bn) in January-October, according to the State Statistical Committee (Azstat).
The most active month thus far was July, when industrial production amounted to AZN3.5bn ($3.3bn); production in the private sector outstripped that in the public sector by a factor of three throughout the entire period.
While the value and amount of oil exports have decreased this year, energy exploration continues to make up the lion's share of Azerbaijani industrial production, having contributed to 62.9% of industrial production in the first ten months of 2015. Manufacturing, which experienced a surge in value and turnover this year, represented 29.2% of industrial production, with utilities accounting for 7% and wastewater treatment and solid waste disposal for 0.9%.
Despite its growth this year, industrial output growth continues to lag behind GDP growth, which reached 3.3% in January-October, according to Azstat. However, industrial production has returned to positive growth, after shrinking by 0.7% y/y to AZN31.8bn ($40.6bn at the pre-February exchange rate) in 2014.
Related Articles
Iran industry minister says central bank should not interfere in trade policy
Iran's industry minister has said the central bank should be stripped of its role in trade policy, blaming foreign exchange interventions for constraining exporters and creating challenges for ... more
Saudi Arabia convenes emergency Arab-Islamic ministerial talks in Riyadh as Gulf War enters third week
Saudi Arabia is hosting an emergency meeting of Arab and Islamic foreign ministers in Riyadh on March 18, as the US-Israeli war against Iran enters its 19th day with no sign of a ceasefire, the ... more
More than 2,000 evacuated from Iran via Azerbaijan
Dutch and Algerian embassy staff have been evacuated from Iran into Azerbaijan through the Astara border crossing on March 10, as the total number of people evacuated via the route since the start of ... more