. In the first half of 2016 the volume of gross domestic product in Azerbaijan amounted to 27 billion AZN, which is 3.4% less in comparable prices than in the same period of 2015, the State Statistics Committee.
The share of non-oil sector in GDP structure was 65.1%. The production of GDP in the non-oil sector, due to the backlog of investments in the construction sector, reduced freight transport and electricity generation, decreased 6.1%.
In the oil sector (9.4 billion AZN) GDP increased by 2.1%.
GDP per capita for the six months amounted to 2,809.9 AZN, which is 4.5% less than in the same period last year. ----- 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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