In January, the volume of industrial production in Azerbaijan totaled 2.1 billion manats, which is 3.1% less in comparable prices than in January 2015. Although, at current prices the production increased by more than 16 percent.
In the past month commodity production in the extractive industry decreased by 3.5%.
During the month the company increased food production by 2,1%, wood products - 18.8%, cigarettes - 38.2%, iron and steel products - 6.9%, finished metal products - 2.1 times, furniture - 68.6% . At the same time, in some sectors of the industry significantly reduced production volumes. Among them there are: chemical industry (-21.4%), manufacture of rubber and plastic products (-40.6%), building materials (-53.6%), and clothes (41.3%).
In general, the oil sector production fell by 3.5%, and the non-oil sector - 0.3%. ----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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