Oil Reduces Industrial Performance by Azerbaijan by 3.5%

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-