In the two months of this year Azerbaijan’s Gross Domestic Product amounted to 7 billion 888.7 million manat, which is 3.2% less than in the comparable period of 2015. This is despite the fact that the national currency has depreciated over the period to against the US dollar in more than two times.
A source in the State Statistics Committee noted that the main reason for reducing the level of GDP was falling transport volumes and investments in the construction sector.
The rate of reduction of the GDP production in the non-oil sector (-5.5%) is even higher than the overall rate of production of GDP. The share of its production in the GDP structure was 66.7%. In the oil sector a slight increase (1.1%) was recorded.
Manufacturing GDP per capita was 882.3 manat (-4.3%). In dollar terms, the figure was only $ 521.4. -------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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