During the first 11 months of 2016 the volume of GDP in Azerbaijan amounted to 54 billion 433.1 million manat, in constant prices by 3.9% less than in the same period last year, according to SSC on 14 December.
The reason for the decline of the economy is the decline in production in the construction sector by 27.9%, the SSC report emphasizes. The share of the construction sector in GDP structure was 10.3%.
The industrial sector produced 37.5% of GDP, trade and repair of motor vehicles - 10.7%, agriculture - 5.4%, tourism and food industry - 2.5%, transport and warehousing sector - 6.7%, etc.
GDP per capita was AZN 5,649.90.
The government forecasts real GDP growth in Azerbaijan in 2017 at the level of 1%. ------08B
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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