The official data of economic indicators from January to June have been promulgated.
According to figures from the State Statistics Committee, the volume of industrial production by June 1 was 10 billion 840.7 million manats (+ 3.7% to June 1 last year). This recorded growth of industrial production in the non-oil sector (+ 12.4%), while in the oil sector the production declined (minus 0.9%).
Nearly two-thirds (63.5%) of the output accounted for the mining industry, 28% - for processing, 7.7% - for the production and distribution of electricity, gas and steam, and 0.8% - for water supply, treatment and recycling of waste.
Almost all (88.4%) of the industrial production was the production of goods, while 11.6% comprised industrial services.
Just over three-quarters (76.3%) of the industrial production were the share of the private sector. --17D-
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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