In the three months since the beginning of this year, production of real gross domestic product in Azerbaijan amounted to 12 billion 588.7 million manats, which is 3.5% less than in the comparable period of 2015, the State Statistics Committee reported .
The reason for the decline in GDP is reduction of the investment in the construction sector and the diminution of the transport sector.
The share of non-oil economy (8.24 billion manat) in the structure of GDP for the first quarter was 65.4%. Reduction of the production of GDP in non-oil economy was 5.7%.
Per capita GDP in January-March 2016 amounted to 1,311.6 manats, 4.7% less than last year. In dollar terms, GDP per capita amounted to $ 827.3. ----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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