The Ministry of Finance of Azerbaijan has published the final report (http://maliyye.gov.az/sites/default/files/2015%20hesabat.pdf) on the execution of the state budget for 2015.
According to official data, the country's GDP even against two-time devaluation of the manat decreased by 4.5 billion in comparison with the indicators of 2014, reaching 54.4 billion AZN with an average price of Azeri oil at $ 53.7 per barrel.
Industry accounted for 18.4 billion (33.9% of GDP), the service sector, including social programs - 39.4%, the construction, including the state capital investments - 12.1%, VAT - 8.3%, agriculture, forestry and fishery - 6.2%.
In 2015, the income of citizens (41.7 billion manats) per capita totaled AZN 4,380.1, 72.1% of which was directed to the final consumption, 15.9% - to the growth of savings and capital, 9.1% - to the payment of taxes and compulsory social insurance contributions, and 2.9% - to the payment of interest on loans. --17D-
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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