Page 65 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.70, # 1, 2013, pp. 46-76

management of particular companies in the country is appropriate measurement.

Such managers are able to apply their experience and held local companies to

integrate with the foreign ones. We believe that income generated from the oil sector

could be directed to acquisition of foreign business and their further merger with the

local companies, which will turn into the pushing power of the national economy.

Fixed assets in the most sectors of the local industry do not go with the current

requirements (Azerbaijani statistics, 2012: 848-502). From the information from

table 7 we can see that the upgrade and improvement of technical base during the

recent years slowed down. It is reflected at the biggest extend in refinery sector.

We believe that income generated as a result of successful implementation of

oil strategy in our country could be directed to acquisition of foreign business and

their further merger with the local companies, which will turn into the pushing

power of the national economy and support the structural change and optimization

of the local industry.

Table 8. Forecast on GDP and industry growth in Azerbaijan (% of previous

year)

Years 2013 2014 2015 2016

Temps of growth of GDP 5,3 7,0 4,5 4,5
Total industry -1.3 6,5 1,3 1,6
Mining and quarry -3,7 6,0 -0,1 -0,1
Refinery sector 16,3 10,2 7,5 8,8
Production of food (including 4,4 4,4 5,1 5,4
tobacco and drinks)
Weaving 9,8 11,9 12,1 15,3
Chemistry 66,4 18,4 18,7 19,1
Metallurgy 18,6 -9,1 12,5 7,4

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