Azerbaijan increases industrial production efficiency

Business Materials 30 June 2011 17:37 (UTC +04:00)

Azerbaijan, Baku, June 30 / Trend, A.Akhundov /

The GDP volume grew by 5.7 times last year in Azerbaijan compared to 1996, State Statistics Committee Chairman Arif Veliyev said in his speech at a scientific symposium today.

"Also the volume of output in industry increased by 5.5 times, in agriculture - by 1.9 times, construction sector - 41 times, in the sphere transport services - 3.7 times, in the sphere of communications - 18.7 times , trade - by 5.7 times," Veliyev said.

He said the industrial products produced in the Soviet period for four years are now produced in a year.

"Being part of the USSR, Azerbaijan had large industrial potential, but after restoring its independence the country experienced a serious crisis within five years. In 1991-1995, industrial production declined by 19 percent per year on average," Veliyev said.

He said in subsequent years industrial production grew by 10.6 percent per year on average, significantly leaving behind indicators of not only the first years of independence, but 1980-1990's.

"In the past ten years the industry has grown more rapidly. Volume of industrial output only in 2010 is equal to the volume of production produced within ten years in 1950-1960's. In the last five years the volume of production, which is equal to volume produced for 20 years in 1950-1970's, has been produced in the industry," Veliyev said.