Page 38 - Small Stans and Causcasus Outlook 2022

leaving only 25% to other industrial sectors, out of which the most
relevant are the production of apparel and production of chemicals.

In contrast, the mining sector seems more dynamic: the 20.6% y/y
advance in January-September 2021 comes on top of a 12.5% y/y
advance in 2020 – when the sector remained untouched by the
COVID-19 crisis. In absolute terms, gross output in the mining sector
(mainly generated by metal ores extraction) accounted for only 12.5%
of the manufacturing sector’s production in 2020 – but the ratio has
constantly increased from under 7% in 2010, witnessing a negative
trend towards more activity in the primary sector of the economy
(extraction of raw materials) compared to the more value-added
secondary sector of manufacturing/processing.

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