BAKU, Azerbaijan, March 15. Industrial enterprises and individual entrepreneurs in Azerbaijan from January through February 2024 produced 12.7 billion manat, or $7.47 billion (a 2.8 percent reduction), Trend reports, referring to the State Statistics Committee of Azerbaijan.
The data of the committee shows that in the reporting period of 2024, production in the oil and gas sector decreased by 3.7 percent, while in the non-oil sector, it increased by 6.8 percent compared to the same period in 2023.
Meanwhile, the mining sector accounted for 73.2 percent of industrial output, the manufacturing sector accounted for 21.5 percent, the production, distribution, and supply of electricity, gas, and steam accounted for 4.8 percent, and the water, waste treatment, and recycling sector accounted for 0.5 percent.
In addition, the share of the non-state sector in the industry amounted to 87.3 percent.
A total of 93.1 percent of the total output was generated by manufacturing industrial products, while 6.9 percent was generated by industrial services.
Most of the manufactured products were shipped to consumers. Taking into account the stocks created in previous periods, as of March 1, 2023, there were 1.02 billion manat or $599.9 million worth of finished products, in the warehouses of industrial enterprises.
The committee's statistics show that 49 percent of stocks remained in the warehouses of industrial enterprises in Baku, 16.5 percent in Sumgayit, 4.4 percent in Shirvan, 3.7 percent in Ganja, 0.2 percent in Nakhchivan Autonomous Republic, and other cities and districts. The warehouses of industrial enterprises had other products purchased from other enterprises and intended for realization in the amount of 62.2 million manat, or $36.6 million.
Industrial enterprises and individual entrepreneurs in Azerbaijan produced 66.6 billion manat, or $39.17 billion, in 2023.