. In January-May 2016 the volume of industrial production in Azerbaijan made in constant prices 12.1 billion manats, which is 0.3% less than in the comparable period of 2015, the State Statistics Committee said.
In the non-oil sector, which accounts for 27% of industrial production (3 billion 270 million AZN), a 3.5% rise was marked. In the oil sector decrease in production by 0.8% was recorded.
The mining industry accounts for 64.5% of industrial output, and the processing industry accounts for 28.6%, etc.
Industrial goods make up 86.4% of the industrial production. The remaining 13.6% are industrial services.
In May, industrial production increased by 9.8%.
The share of private sector in industry is 79.5%. This also includes the activities of foreign companies involved in the development of oil and gas fields. -------08D
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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