TODAY.AZ / Business

Country boosts volume of industrial production

13 February 2020 [12:50] - TODAY.AZ

By Azernews


By Abdul Kerimkhanov

The volume of Azerbaijan's industrial production increased by 2.1 percent year-on-year in January, amounting to 4.2 billion manats ($2.47 billion), the State Statistics Committee (SSC) told local media.

The growth in industrial production in the non-oil sector in the above-mentioned period amounted to 16.6 percent.

In January, extractive industries accounted for 68.4 percent of the production volume, 26.4 percent - the processing industry, 4.6 percent - the sphere of production and distribution of electricity, gas and steam, and the rest 0.6 percent - the sphere of water supply, treatment and waste processing.

In the structure of the processing industry, growth was recorded in the production of computers, electronics and optical products (2.2 times), other vehicles (89.8 percent), wood products (82.8 percent) , automobiles, trailers and semi-trailers (72.8 percent), clothes (70.1 percent), finished metal products (63.9 percent), pharmaceutical products (60 percent), furniture (53.3 percent).

Moreover, during the reporting period, growth registered in the beverages production (40.8 percent), chemical products (40.5 percent), metallurgical industry products (38.8 percent), building materials (35.2 percent), installation and repair of machinery and equipment (30.7 percent), oil products (21.3 percent), rubber and plastic products (3.5 percent), tobacco products (1.6 percent), food products (1.1 percent) )

In the field of production and distribution of electricity, gas and steam, the growth in production in January 2020 amounted to 6.4 percent, in the field of water supply, treatment and waste processing - 1 percent.

At the same time, in January, a decline was recorded in the production of textile products (1.4 percent), cardboard and paper (9.1 percent), printing products (30.3 percent), electrical equipment (33.3 percent), machinery and equipment (44 percent), leather and leather products and shoes (59.7 percent).

Note that the growth of industrial production in Azerbaijan amounted to 4.3 percent in 2019.

Increasing industrial production in the country is one of the main goals to strengthen the non-oil economy in Azerbaijan.

The State Program for the Development of Industry in Azerbaijan for 2015-2020, the successful industrialization policy, activities of industrial parks and districts are yielding positive results.

Presently, there are five industrial parks in Azerbaijan - Sumgayit, Garadagh, Mingachevir, Pirallahi and Balakhani, as well as 3 industrial districts - Neftchala, Masalli and Hajigabul. In addition, work is underway to launch the Sabirabad industrial zone.

The state program envisages modernizing the industry and enhancing its structure, rising export possibilities of the non-oil sector and expanding competitive industrial goods, as well as training highly-qualified staff for new spheres.

The results expected from the state program include transformation of the non-oil industry into the main driver of the economic growth as a result of its modernization and diversification, increase in the share of regions in industrial production, increase in the number of enterprises applying technological innovations, widening of the use of international standards in the industry, etc.

The state program is funded from the state budget, extra-budgetary funds, funds of the National Fund for Entrepreneurship Support and the resources of the Azerbaijan Investment Company. There are also additional minor sources of support provided by local budgets, private investments, foreign direct investments and financial and technical assistance of the international and foreign organizations.

URL: http://www.today.az/news/business/191001.html

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