The price of oil falls and the public investment reduces. Investment in construction has also reduced, which led to the economic downturn. This was recognized by Ilham Aliyev at a meeting of the Cabinet.
However, the industry is growing, though at only 0.2%. The growth of non-oil sector was at 3.6%, and in the agriculture the growth was at 2.4%, he said.
Twenty-nine schools were built and 485 schools were repaired. Thirty-three health facilities were built, too. Under construction are roads and water supply and infrastructure projects. A total of 121,000 jobs were opened.
During the first 9 months 36,000 jobs were closed. This is a very good result for a crisis year, Aliyev said.
The Southern Gas Corridor is being implemented and Azerbaijan is turning into a very important transport corridor, Aliyev said. -02D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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