The first ten months of this year in Azerbaijan there was invested in fixed assets 11.1 billion manat, which is 26.8% more than in the comparable period of 2011. However, about 61% of the funds were used in the construction works.
According to the State Statistics Committee, the pace of investment in the oil sector (AZN 8,260 mln) leads the overall investment growth by 3.5 percentage points.
The share of domestic investment (8.8 bn) in the structure of funding sources reached 79%. In this case, domestic investment increased 30.4%. Only from the state budget 4,863.6 mln was aimed at the implementation of investment projects. In total this year from the state budget to finance the construction and rehabilitation of infrastructure, etc. over 6 billion manat will be allocated.
According to the SSC, since the beginning of 2012 Azerbaijan commissioned residential buildings with a total area of 1,337,100 square meters. - 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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