Within two months of this year, gross domestic product in Azerbaijan amounted to 8.5 billion manat, which is 1.6 % more than in the comparable period of 2013. The production of oil and gas GDP for the period decreased by 5.7%.
According to the State Statistics Committee, the GDP growth of non-oil sector amounted to 8.8% YTD . The share of non-oil sector in the GDP reached 53.9 %.
GDP growth has been achieved due to increased production in the service sector by 6.8 %. The share of the services ( 2682 bn) in GDP is 31.7 %.
In January-February 2014 as a result of lower production volumes of oil GDP extractive industry decreased by 5.5 %. In general, for the period indicated, the share of the mining industry in GDP was 42.6 %.
GDP per capita for two months totaled 903.5 manat or $ 1,191.9. -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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