. In 2016 the volume of industrial production in Azerbaijan totaled 32.3 billion manat, which is 0.4% less than in comparable prices, than in 2015, the State Statistics Committee said.
At current prices, industrial production grew by 23.2%. It is connected with rising crude oil stock exchanges, increased tariffs for electricity, drinking water, as well as rising prices for goods processing industry in Azerbaijan.
According to the SSC, the volume of industrial production in the non-oil sector grew by 5%, while in the oil sector it decreased by 1.1%. Oil production fell by 1.4%, and natural gas production – by 3.9%.
The share of extractive industries with the structure of industrial production in 2016 was 65.4%, processing industry - 28.2%, production, distribution and supply of electricity, gas and steam - 5.6%, water supply and sanitation and waste management - 0.8 %. ----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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