In January of this year Azerbaijan produced Gross Domestic Product in the amount of 3.6 billion manat, the State Statistics Committee told Turan. At current prices, compared to the same period in 2014 GDP decreased by 0.8 billion manat or 18.2%.
According to estimates of SSC, according to the methodology of GDP calculation, value added in manufacturing and services as compared with January 2014 increased by 4.4% due to an increase in the volume.
In the field of non-oil sector GDP grew by 5.5% and in the oil and gas sector it grew by 3.1%.
The share of industry in GDP structure was 34%, which is one of the lowest rates after the oil boom since the early 2000s. The share of net taxes accounted for 10% of GDP, which is one of the highest in recent years.
This year the government expects the GDP at market prices in the amount of 59.8 billion manat. Economic growth should reach 4.4%. -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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