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Growth in Oil Industry in Azerbaijan Exceeds Twice Rise in Non-Oil Sector

Business Materials 15 August 2008 19:22 (UTC +04:00)

Azerbaijan, Baku, 15 August / Trend corr. I.Khalilova / In January to July, the amount of industrial production in Azerbaijan made up AZN 18 591.1mln, which 14.1% exceeds the same figure of 2007, the State Statistics Committee said on 15 August. In non-oil sector, the amount of industrial production and rendered services rose by 8.3% and in oil sector - 15.1%.

During the report period, growth rate of extractive industry totaled 15.3%, amounting to AZN 14786.57mln, with 79.5% specific weight of gross industrial production. However, growth rate in the processing industry made up 7.2% or AZN 3047.2mln (16.4%) and power industry, gas and water field - AZN 757.35mln with 8.3% of rise.

Production growth in oil production made up 14.8%, gas production - 66.5% and oil refinery - 3.2%.

Over the report period, the growth rate in the metallurgy industry and prepared products from metal made up 72.9%, wood products and processing - 1.4%, food products - 1.1%, chemical products - 87.8% and production of leather and leather products - 38%.

The share of the private sector comprised 82.1% (AZN 15,267.9mln) of gross industrial production in January to July. The growth in private sector totaled 16.4% and public industry - 4.6%.

The exchange rate on 15 August is 0.8142 AZN/USD.

The correspondent can be contacted at: [email protected]

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