In January - April this year, the volume of industrial production in Azerbaijan amounted to 11 billion manats. This is 2 % less than in the comparable period last year. Volume of industrial production continues to fall for the fourth month in a row due to the slowdown in production in the oil sector.
Oil and natural gas falls from the beginning of this year and in January-April this year its rate showed 1.5% less. From the beginning, it produced over 14 million tons of crude oil and gas condensate, which is 1.7 % less than last year.
The gold mining Anglo-Asian Mining Company is doing well. This year it has produced gold (501.8 kg) - 46.4% more than in the four months of 2013.
Partial suspension of the refinery has affected the volume of product processing industry, which owns 20.8 % of the industrial production of the country. Refining (778 million manat) decreased by 13.3%.
According to the State Statistics Committee, in the field of non-oil processing production increased 4.2%. Total volume of processing industry amounted to 2.3 billion manat (3.2%), of which 35 % (820 million manat) accounted for the food industry.
This year, weakened the position of the company for the production of beverages (44 million or minus 7.9%), paper and paperboard (7.3 million or minus 11 %), rubber- plastic products (AZN 12 million or minus 31 %), etc.
According to the SSC, so far this year in the industrial sector of the economy was invested AZN 2,267 million that was 12.7 % more than in January-April 2013. The bulk of investments (1.8 billion manat) is directed to the oil sector. The processing field got 134.2 million of capital investment, which is 48.1 % less than in the four months of last year.
This year in Azerbaijan has been declared the "Year of the Industry." A special plan has been approved to ensure the activities of industrial parks, as well as the development of non-oil fields of the processing industry. - 08D-
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review