Azerbaijan increases industrial production

Mon 16 Mar 2020 15:37 GMT | 19:37 Local Time

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From January through February this year, Azerbaijan’s industrial sector manufactured products worth AZN 7.7 billion ($4.5 billion), which is 0.9 percent more compared to the same period last year, Report informs referring to the State Statistical Committee.

Non-oil and gas industry recorded a 21.7 percent increase in production, according to the report.

According to statistics, the mining sector accounted for 68.4 percent of industrial production, refining industry for 26 percent, manufacturing, distribution, and supply of electricity, gas, and steam for five percent, and water supply, waste treatment and recycling for 0.6 percent.

Oil production dropped 3.7 percent, while the extraction of commercial gas fixed a 19.1 percent growth.

An increase of 18.6 percent has been observed in the sector of production, distribution, and supply of electricity, gas, and steam. In contrast, water supply, waste treatment, and recycling showed a growth of 4.3 percent.

In Azerbaijan, industrial production measures the output of businesses integrated into the industrial sector of the economy. Mining and quarrying is the most important sector, accounting for around 70 percent of total production. Meanwhile, the extraction of crude oil and natural gas is considered a critical segment of mining.

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