Due to the reduction of oil production share of non-oil sector in the gross domestic product (GDP) in Azerbaijan increases in the first quarter of this year reached 54.7%.
According to the State Statistics Committee, the country's GDP amounted to 13 billion 150.7 million manat. Economic activity increased by 2.5%. The share of non-oil sector accounts for 7.2 billion manat, which is 8.8 % more than in January- March 2013. The oil economy shrank by 4.1%.
In the area of food production growth rate of GDP was zero, he grew up mainly due to the sphere of production services (+6.8 %), the share of which in the first quarter fell about one- third of GDP - 4.7 billion manat.
Per capita GDP for the first quarter grew by only 1.1%. For each inhabitant of the country GDP was produced in the volume of 1,403.4 manat or $ 1,789.2.
Note that the growth of the economy in the next conflict with Azerbaijan to Armenia for two months of this year was 2.4 %. - 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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