Decline in Azerbaijan’s Industrial Production Linked to Downward Trend in its Oil Sector

Decline in Azerbaijan’s Industrial Production Linked to Downward Trend in its Oil Sector

Azerbaijan industrial production dropped to 3,0 billion manat ($ 3,84 billion) in January 2013, according to data released by the State Statistic Committee of Azerbaijan. Compared to this time last year, industrial production has declined 2,0%, down from 3,06 billion manat ($ 3,92 billion) in industrial products registered in January 2012.

According to the State Statistic Committee, production in Azerbaijan’s non-oil sector has increased 2,3 % while its oil sector has declined 0,4 % in the same month.

CESD experts have concluded that the main reason of the decline in the industrial sector in Azerbaijan is connected with the trend of decline in its oil sector. In spite of the fact that the government has forecasted growth in oil sector for 2013, both oil production and oil export has declined in recent months.

CESD, 2013

 

 

 

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