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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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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