For three quarters of 2012 the volume of industrial production in Azerbaijan totaled 25.8 billion manat. This is 3.5% less than in the period of 2011. The downward trend in industrial production is due to reduced production in the oil sector by 5.6%, the State Statistics Committee told Turan.
According to official data, during the period of the year in the non-oil sector they recorded growth of industrial production by 7.7%. The share of non-oil industry (AZN 4.7 billion) in industrial production for January-September 2012 was 18.2%. The share of the mining industry in industrial products was 76.4%. In comparison with the same period in 2011 the rate of production in the mining industry slowed by 5.7%. Production growth in the processing industry, which accounts in January-September, 18.3% of industrial output was 7.9%.
According to the SSC, since early 2012 the volume of gold production in the country has amounted to 110 kg and the index for silver has been 477 kg. - 08D-
Economics
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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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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