Azerbaijan's industrial production up 2.1% in Jan-Oct

By bne IntelliNews November 19, 2015

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.

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