Azernews.Az

By Leman Mammadova

The private sector had a 83.6-percent-share in Azerbaijan's industrial production in the period between January and August 2019, Baku City Statistical Office has reported.

The volume of industrial production and services amounted to 26.4 billion manats ($15.53 billion) in the reported period. As much as 17.5 percent of industrial output accounted for the processing sector.

The share of industrial production in the total volume of production made 89.1 percent and 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 September 1, the total reserves of finished goods in the warehouses of industrial enterprises amounted to 226.2 million manats ($133 million).

In addition, there are also other products in the amount of 64.5 million manats ($37.95 million), purchased from other enterprises and intended for sale.

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

In this regard, 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.

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

Earlier, Deputy Economy Minister Niyazi Safarov said that the volume of residents’ investments in projects implemented in the territory of industrial parks and quarters amounted to 5.7 billion manats ($3.35 billion).

He also noted that for the entire period of activity, residents of technology parks and industrial quarters produced products worth 1.5 billion manats ($0.88 billion).

So far, 82 business entities operate in technology parks and industrial districts of Azerbaijan. The growth rate in the country’s production in January to August 2019 amounted to 16 percent compared to the same period last year.

The industrial production in Azerbaijan increased by 1.5 percent in 2018. The share of industry in Azerbaijan’s GDP in 2015 was 32.9 percent, in 2016 - 37.1 percent, in 2017 - 40.1 percent, and in 2018 - 44.2 percent.

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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

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