Approximately 30% of last year's growth of the non-oil sector of Azerbaijan was ensured by construction within the investment, including capital expenditures of the state budget and extrabudgetary funds.
According to the report of the Central Bank (CBA) on monetary policy in the past year, the total non-oil GDP growth was at 7%. In the agricultural sector meanwhile there was a decline - minus 2.6%. According to experts, the result was influenced primarily by the unconfirmed expectations of the government and villagers in the area of ??import capacity of the Russian Federation. As a result of the devaluation of the ruble in all regions of the Russian Federation fixed prices were introduced, making it unprofitable to export fruits and vegetables into this country.
With regard to other areas of the non-oil sector of the economy, the highest growth after construction was recorded in the tourism business and public catering - 18.2%, information and communications - 15.1%, as well as trade and repair of vehicles - 10%. --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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