Industry accounts for over half of capital investments made in Azerbaijan

Industry accounts for over half of capital investments made in Azerbaijan

BAKU, Azerbaijan, Aug. 10

By Eldar Janashvili - Trend:

Around 3.9 billion manat ($2.2 billion) was allocated from all financial sources to the fixed capital from January through April 2020 to develop the socio-economic sphere of Azerbaijan, Trend reports citing the State Statistical Committee (SCC) of Azerbaijan.

Over the reporting period, 2.6 billion manat ($1.5 billion), or 67.2 percent of the used funds was spent on production facilities, 875.2 million manat ($514.8 million) or 22.4 percent – on service areas, and 406 million manat ($238.8 million) or 10.4 percent - on the construction of houses.

Some 2.34 million manat ($1.37 million) or 59.9 percent of the funds allocated to fixed assets accounted for internal funds, 2.38 million manat ($1.4 million) or 61.1 percent of the funds allocated to fixed assets were spent directly on construction and installation works.

Meanwhile, about 69 percent of all investments in the amount of 2.02 billion manat ($1.19 billion) was spent on production of goods, 21.1 percent or 619.7 million manat ($364.53 million) – on services, and 9.9 percent or 288.7 million manat ($169.82 million) – on the construction of residential buildings.

The funds of enterprises and organizations made up 2.4 billion manat ($1.4 billion), budget funds – 821.2 million manat ($483.06 million), private funds – 257.5 million ($151.47 million), bank loans – 220.6 million manat ($129.76 million), extrabudgetary state funds – 95.9 million manat ($56.41 million), and other funds – 87.3 million manat ($51.35).

From January through April 2020, in the total cost of fixed capital investments, 53.7 percent accounted for industry, 21.8 percent - for construction, 12.6 percent - for transport and storage facilities, 3.3 percent - for professional, scientific and technical activities, 2.1 percent – for agriculture, forestry and fishing, 1.7 percent - for public administration, defense and social security.

One percent of the investments accounted for information and communications, 0.4 percent - for tourist accommodation and vehicle repairs, as well as provision of medical, social, administrative and support services to the population each, and 0.1 percent – for recreation, entertainment and art, financial and insurance activities each.

During the reporting period, 1.8 billion manat ($1.06 billion) was invested in the oil sector. Some 2.1 billion manat ($1.24 billion) were invested in the non-oil sector development, of which 289.7 million manat or $170.41 million (7.4 percent of the total investment) was used in the industrial sector.

(1 USD = 1.7 manat on May 23)

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