In four months of 2016, GDP in Azerbaijan amounted to 16 billion 868 million manats, which in comparable prices lags 4.5% behind the figure for the same period of 2015.
According to State Statistics Committee, the share of the non-oil sector accounts for 61.5% of GDP. At the same time, due to the fall in activity in construction and transport, manufacturing GDP in the non-oil sector fell by 6.8%.
GDP per capita in Azerbaijan for four months amounted to 1,756.7 manats, by 5.6% less than in the comparable period last year. In dollar terms, this equals $ 1122.6.
According to government forecasts, with which the IMF and the World Bank agree, the volume of Azerbaijan's GDP will decline by 3% in 2016. ---08B
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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