In the first quarter of 2016 the Azerbaijani industrial enterprises produced goods amounting to 7 billion manats, which in comparable prices was by 0.6 billion AZN lower than in the same period of 2015, the State Statistics Committee said.
In real terms the industry grew by 1.2 billion manats. However, this is a consequence of the devaluation, resulting in increased sales prices in industry.
According to SSC, the decline in industrial production was due to the decline in oil production by 1.5%, natural gas – by 7.9% and electricity production - by 6.7%.
In general, in the oil and gas sector the industrial production decreased by 1.3%, while in the non-oil-gas sector it increased by 5.1%.
The share of non-oil-gas industry in the country's industry was 28.2% in the first quarter of 2016 versus 31.9% in Q1, 2015. ----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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