OREANDA-NEWS. September 2, 2008. For Jan-Jul 2008 Azerbaijan’s industrial output reached AZN 18,591,116,800 (USD 22,389.936 million in accordance with rate USD1 = AZN 0.83) that is by 14.1% more versus the 2007 same period, the State Statistics Committee (SSC) informs.

The government forecasts industrial production increase of 24.8% for 2008 and Jan-Jul real index was 10.7% less than the forecast. Industrial production still makes 70.96% of the forecast for 2008 (AZN 26.2 bn).

This year industrial production in private sector was 82.1% (AZN 15,267,880,500) of overall manufacture. Non-state sector was observed growth of 16.4% against growth of 4.6% in state sector.

Production in extracting industry (AZN 14,786,572,100) made 79.5% of entire industrial output, processing industry 16.4% (AZN 3,047,193,900) and rest volume (AZN 757,350,800) fell on the share of energy, gas and watersupply sectors. Production in extracting industry rose by 15.3%, processing industry by 7.2% and energy, gas and water sectors by 8.3%.

Following this July, the Feb-May tendency when industrial growth rate proved less than GDP growth rate continued and reduced from 2.7% to 2.6%.

The SSC links slackening of the rise rate in industrial production with similar processes in non-oil sector (from 12.9% to 8.3%) that could not be compensated with 15.1% rise in oil sector. Oil production grew by 14.8% that also could not be compensated with 68.6% growth of gas production and 57.8% growth in chemical complex.