The State Statistics Committee has published data on the gross domestic product over the past three quarters. As of October 1, the volume of GDP totaled 40.7 billion manats (+ 3.7% compared to the same period last year).
The share of services amounted to 38.3%, industry - 34.2%, construction - 13.5%, agriculture - 6.5% and net taxes on products and imports – 7.5%. The rate of growth in the non-oil sector was at 6.4%, while the oil sector lagged - 0.1%.
At the same time, by 1 October the non-oil sector accounted for 68.8% of GDP (essentially due to costly infrastructure projects on budget transfers from SOFAZ and private foreign investment inflows). --17D-
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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