For the first two months of 2017, the volume of industrial production in Azerbaijan amounted to 6.5 billion manat, which is 3.7% less in comparable prices than in the same period last year. The decline in production is the result of deterioration in the performance in the oil sector.
According to the State Statistics Committee, the oil sector weakened by 5.1%, while in the non-oil sector, a 5% growth was achieved.
The share of extractive industry in the entire industry amounted to 71.8% in January and February. Oil production fell by 7.3%, and commercial natural gas increased by 5.3%. ------08D
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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