For three quarters of 2012 the volume of industrial production in Azerbaijan totaled 25.8 billion manat. This is 3.5% less than in the period of 2011. The downward trend in industrial production is due to reduced production in the oil sector by 5.6%, the State Statistics Committee told Turan.
According to official data, during the period of the year in the non-oil sector they recorded growth of industrial production by 7.7%. The share of non-oil industry (AZN 4.7 billion) in industrial production for January-September 2012 was 18.2%. The share of the mining industry in industrial products was 76.4%. In comparison with the same period in 2011 the rate of production in the mining industry slowed by 5.7%. Production growth in the processing industry, which accounts in January-September, 18.3% of industrial output was 7.9%.
According to the SSC, since early 2012 the volume of gold production in the country has amounted to 110 kg and the index for silver has been 477 kg. - 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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