For five months Azerbaijan produced industrial output of 12.1 billion AZN, which is 0.3% less in comparable prices than in the comparable period of 2015, the State Statistics Committee said.
During the mentioned period, the production of oil in real terms decreased by 0.7%, natural gas – by 9.9%, electricity – by 6.8%, as well as some of the processing industry products.
During the reporting period the share of the mining industry in the structure of industrial production amounted to 64.5%, the manufacturing sector - 28.6%, the production, distribution and supply of electricity, gas and steam - 6.1%, etc.
According to the SSC estimates, for January - May the production of leather footwear decreased by 73.6%, paper and cardboard - 6%, printing products - 7.5%, chemical products - 18.8%, rubber and plastic products - 22.6 %, iron and steel products - 9.4%, furniture - 8.3%, etc.
The government says the economy, including industrial production, is diversified in Azerbaijan. However, the same official statistics do not confirm these thoughts. ----08D
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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