The volume of industrial production in Azerbaijan has continued to decline. For 10 months of this year it fell by 5.8 billion manats or 20.9%.
According to the State Statistics Committee, the volume of industrial production in the country amounted to 22 billion manats. According to official estimates, production of industrial products and services increased in the commodity terms by 2.2%.
The mining industry made 62.9% and the processing industry - 29.2% of the industrial product. In this extractive industries cut production by 1.7%.
In the non-oil sector, industrial production grew by 9.6%, while in the oil sector, it decreased by 0.6%.
In October, producer prices of industrial enterprises of Azerbaijan rose by an average of 1.2%. ---- 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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