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expansion of aggregate demand than supply are inflationary factors in
the risk balance. However, the COVID-19 epidemiological situation still
has the potential to change the direction of the impact of aggregate
demand on inflation.
2.1.4 Industrial production
In January-November 2021, industrial enterprises and individual
entrepreneurs operating in this field in Azerbaijan produced industrial
products worth AZN47.9bn (~€25bn), or 5.5% more than in the
corresponding period of 2020. Production in the non-oil sector of
industry increased by 20.7%.
29 Small Stans & South Caucasus Outlook 2022 www.intellinews.com
