In 2012, Azerbaijan produced gross domestic product in the amount of AZN 53,995 mln (+2.2%). GDP per capita totaled AZN 5,884.5 ($ 7,490.5), which is 0.8% higher than in 2011.
Cost of goods and services consumed in the production of GDP amounted to 23.9 billion manat, 30.7% of the GDP.
Over the last year the share of non-oil sector in GDP rose from 48.8% to 52.7% (28.5 billion manat).
According to the State Statistics Committee, in 2012, in current prices, GDP amounted to 77.9 billion manat, which is 4.5 bn more than in 2011.
In the industrial sector was created 50% of the GDP. - 08 -
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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