In the ten months of this year, gross domestic product (GDP) in Azerbaijan amounted to 45 billion 934 million AZN. According to the State Statistics Committee, the real GDP growth was 3.3%. This nominal GDP fell by 6.7% compared with 10 months in 2014.
According to the SSC, the volume of GDP in non-oil sector amounted to 31 billion 765 million AZN. The real growth of non-oil sector amounted to 5.2%, nominally the same - 10%. Thus, the share of this sector in GDP increased from 59.9% to 69.2%.
SSC of Azerbaijan has suspended calculation of GDP per capita. According to estimates of Turan, for ten months of 2015 everyone in the country had added value in the amount of 4,760 AZN. During the same period in 2014 this figure was 5,100 manat.
In connection with a particular increase in world oil prices the oil GDP increased by 0.5%. --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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