From January to June 2012 Gross Domestic Product (GDP) in Azerbaijan totaled 25.9 billion AZN, which is equal to 370 million AZN in comparable prices or up 1.5% against the same period in 2011, a source from the State Statistical Committee told Turan.
Specific weight of the non-oil sector in GDP constituted 47.8%. During six months 2012 the non-oil sector increased by 1.3%. According to the State Statistical Committee, oil GDP dropped by 6.4%.
67.7% of GDP fell to the production sector, including 54% of industry. 9.2% was produced in the construction sector, 5.4% in agriculture and 4.5% in the transport sector.
During 6 months, 2012 GDP production per capital totaled 2828 AZN or $3597.-0-
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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