In 2014, which the government declared the Year of Industry, the volume of industrial production in the city of Baku totaled 27.6 billion manat. This is 8.6% less than in the previous year.
According to the Statistics Department of Baku, the share of the mining industry in general industrial product of the city was 79.3%. Processing plants produced 16.1% of the industrial product of Baku. In this case, 80.4% (22.2 billion manat) of industrial products were produced in the private sector, which also includes oil produced by foreign companies.
According to the State Statistics Committee, last year the volume of industrial production in Azerbaijan totaled 31.9 billion manat. Thus, 86.5% of this product accounted for the capital. ----08D
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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