OREANDA-NEWS. January 21, 2009. For 2008 Azerbaijan’s industrial output reached AZN 28.05 bn (USD 34.2 bn in accord with rate USD 1 = AZN 0.82) that is by 6% more versus the 2007 same period, the State Statistical Committee (SSC) informs.

The specified government forecast says of industrial production growth of 27.4% for 2008 and the actual indicator was 21.4% less than the forecast. Industrial production still makes 102.3% of the forecast for 2008 (AZN 27.4 bn).

This year industrial production in private sector was 81.2% (AZN 22.77 bn) of overall manufacture. Non-state sector was observed growth of 6.2% against growth of 5.1% in state sector.

Production in extracting industry (AZN 21.49 bn) made 76.6% of entire industrial output, processing industry 18.7% (AZN 5.2 million) and rest volume (AZN 1.314 million) fell on the share of energy, gas and watersupply sectors. Production in extracting industry rose by 5.3%, processing industry by 7.4% and energy, gas and water sectors by 7.7%.

The August 2008 tendency when industrial growth rate proved less than GDP growth rate continued in December 2008.

Between February and July of 2008 industrial growth rate surpassed GDP growth. Following December 2008 difference in favor of GDP rose from 4.7% up to 4.8%, and in July difference in favor of industrial sector was 2.6%.

The SSC links slackening of the rise rate in industrial production with low growth in non-oil sector. Growth of production of oil decelerated from 5.5% to 4.6%, gas from 52.1% to 50.4%, and chemical complex from 37.4% to 34.2%.