Over the seven months of this year the volume of production of gross domestic product in Azerbaijan amounted to 32.122.600 manat, by 3% less than in the comparable period of 2015 due to a decrease in output in the construction industry by 30.7%, the State Statistics Committee. The share of non-oil sector accounts for 64.8% of GDP. At the same time, GDP fell by 5.4% in the non-oil sector.
The volume of GDP per capita in production this year was 3340.6 manat, by 4.1% less than in the comparable period last year. GPP on production per capita in dollar terms amounted to $ 2155.2. This is by two times more than in January-July, 2014. In February 2015, the government went to the devaluation of the national currency. In December was a second wave of devaluation. As a result, manat has depreciated compared to the US $ by two times. 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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