In the first 11 months of 2016 the volume of industrial production in Azerbaijan totaled 28.8 billion manat, which is 0.6% less than in the same period last year in comparable prices.
In nominal terms, industrial production increased by 4.8 billion manat.
The non-oil-gas sector accounted for AZN 7 billion 668.3 million of industrial production. This sector recorded growth of 4.9%.
According to the State Statistics Committee, the extracting industry accounted for 65.4% of industrial production. The production fell by 0.8% in this industry.
In the processing sector, the production (8.2 billion manat) grew by 1.3%.
In annual terms, the number of employees in industry increased by 10,100 people and reached 192,300. But 1,000 people were sacked in the extracting industry. -----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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