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Capital's industrial production grows

5 September 2019 16:28 (UTC+04:00)
Capital's industrial production grows

By Abdul Kerimkhanov

Baku, the capital of Azerbaijan, remains the driving force of the industrial development of the whole country.

In the first seven months of 2019, the volume of goods and services produced in Baku amounted to 23.2 billion manats ($13.6 billion), according to the report of the Baku City Statistical Department. This indicator is 16.5 percent greater than in January-July 2018.

The report reads that 80.9 percent of industrial production was in the mining industry, 17.1 percent – in the processing sector, 1.4 percent – in electricity production, while the rest 0.6 percent – in the waste treatment and recycling sector.

At the same time, the share of the private sector in industry totaled 83.9 percent, the share of industrial production in the total production - 89.1 percent, and the share of industrial services - 10.9 percent.

Most of the manufactured products were shipped to consumers, taking into account the reserves created in previous periods. As of August 1, stocks of finished products in the warehouses of industrial enterprises made up 233.6 million manats ($137.4 million).

The warehouses of industrial enterprises also have other products, purchased from other enterprises and intended for sale, in the amount of 60.5 million manats ($35.6 million).

Industry is considered the main sector of the economy of Azerbaijan. Natural resources, skilled personnel, labor resources as well as the labor practices and consumer potential exist in the country in sufficient quantities.

In 2018, the industrial growth rate of Azerbaijan amounted to 1.5 percent. Production in the amount of 1.56 billion manats ($917.6 million) is forecast in the industrial and engineering sectors of Azerbaijan by 2020.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

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