In January-April this year the volume of industrial production in Azerbaijan totaled 8.5 billion manat, which at current prices is 22.7% (2.5 bn. AZN) less than in the same period of 2014.
According to the State Statistics Committee, the volume of industrial production in the reporting period grew at stable prices by 3.7%. Statistical growth was achieved due to the increase in output. At the same time producer prices of manufactured goods were increased during the period by an average of 5.7%.
In the non-oil sector, industrial output in comparable prices grew by 10.5% and in the oil sector – by 2.9%, according to SSC.
The mining industry accounts for 62.3% (in the same period in 2014 - 72.5%) and the processing industry – for 28.5% (20.8%), etc. ---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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