During January and February of this year the volume of industrial production in Azerbaijan amounted to 3.7 billion manat, which at current prices by 31.5% (1.7 billion AZN) was less than in the same period of 2014.
According to the State Statistics Committee, the volume of industrial production for the period increased at stable prices by 2.3%. In other words, the amount of released industrial goods grew at comparable prices.
The mining industry accounts for 59.9% (over the same period in 2014 - 71.6%), processing industry - 29.2% (21.1%), etc.
It is noteworthy that for the first time in many years, the share of the private sector in industrial production declined. In January and February, the figure was 72.8%, while in the same period in 2014 the share of the private sector in industrial production was 80%.
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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