. In January-May 2016 the volume of industrial production in Azerbaijan made in constant prices 12.1 billion manats, which is 0.3% less than in the comparable period of 2015, the State Statistics Committee said.
In the non-oil sector, which accounts for 27% of industrial production (3 billion 270 million AZN), a 3.5% rise was marked. In the oil sector decrease in production by 0.8% was recorded.
The mining industry accounts for 64.5% of industrial output, and the processing industry accounts for 28.6%, etc.
Industrial goods make up 86.4% of the industrial production. The remaining 13.6% are industrial services.
In May, industrial production increased by 9.8%.
The share of private sector in industry is 79.5%. This also includes the activities of foreign companies involved in the development of oil and gas fields. -------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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