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Azerbaijan non-oil industry production increases

Business Materials 3 September 2020 13:47
Azerbaijan non-oil industry production increases

BAKU, Azerbaijan, Sept.3

By Fidan Babayeva – Trend:

The production of the non-oil industry grew by 13 percent from January through July 2020 compared to the same period of 2019, the Ministry of Finance said.

The ministry made the remark in its statement on the preliminary indicators of the state and consolidated budgets for 2021, Trend reports.

According to the ministry, the total volume of industrial production for the reporting period decreased by 2.7 percent and amounted to 21.6 billion manats ($12.7 billion).

The decrease in the total volume of industrial production was due to a 4.3-percent dip in production in the country's oil and gas sector.

"For the past seven months of 2020, the country's GDP was 2.8 percent less than in the same period of last year and made up 40 billion manats ($23.5 billion). In the non-oil sector, GDP reduced by 1.6 percent, while in the oil sector - by 4.5 percent," the ministry noted.

The state budget expenditures for 2021 were set at 25.847 billion manats ($15.2 billion), and the price of one barrel of oil was set at $35.

(1 USD = 1.7 manat on Sept.3)

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