OREANDA-NEWS. June 18, 2008. For Jan-May 2008 Azerbaijan’s industrial output reached AZN 12,288,459,500 (\\$14,805.373 million in accordance with rate USD1 = AZN 0.83) that is by 13.6% more versus the 2007 same period, the State Statistical Committee (SSC) informed.

The government forecasts industrial production increase of 24.8% for 2008 and Jan-May real index was 11.2% less than the forecast. Industrial production still makes 46.9% of the forecast for 2008 (AZN 26.2 bn).

Last year industrial production in private sector was 81.5% (AZN 10,013,212,100) of overall manufacture. Non-state sector was observed growth of 15.6% against growth of 5.6% in state sector.

Production in extracting industry (AZN 9,662,758,200) made 78.6% of entire industrial output, processing industry 16.8% (AZN 2,061,756,500) and rest volume (AZN 563,944,800) fell to the share of energy, gas and watersupply sectors. Production in extracting industry rose by 13.9% and processing industry by 12.8% and declined in energy, gas and water sectors by 6.7%.

Following this May, the February tendency when industrial growth rate proved less than GDP growth rate continued and reached 1%.

The SSC links slackening the rise rate in industrial production with similar processes in oil sector (growth of 12.9% against 16.5% rise in non-oil sector). Oil production grew only by 13.4% that could not be compensated with 77.9% growth of gas production and 12% growth in food industry and 69.7% growth in chemical complex.