In January and February 2015 Azerbaijan made Gross Domestic Product in the amount of 7.1 billion manat, the State Statistics Committee told Turan. At current prices, compared to the same period in 2014, GDP decreased by 1.4 billion manat or 16.5%.
According to estimates of SSC, according to the methodology of calculation of GDP, value added in manufacturing and services as compared with January 2014 increased by 4.2% due to an increase in their volume.
In the field of non-oil sector GDP growth was 5.1%. In this case, due to the reduction of petroleum product, the share of non-oil GDP reached 66.6%.
In January-February, the share of industry in value added was 50%, but this year this figure dropped to 36.3%. -----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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