In January 2015 Azerbaijan produced Gross Domestic Product (GDP) to the amount of 3.6 billion AZN, a source from the State Statistical Committee told Turan. GDP decreased by 0.8 billion AZN or by 18.2% against the same period in 2014.
The Committee reports that according to the method of GDP calculation, added value in fields of production and services increased by 4.4% against January 2014 at the expense of its increase in natural expression.
In the field of non-oil sector GDP growth constituted 5.5%, while in the oil and gas industry – 3.1%.
Specific weight of industry in GDP constituted 34%, which is among the lowest indexes after the oil boom since the early 2000s.
Oil and gas industry constitutes the main part of industry. Reduction of a specific weight of industry in the structure of Azerbaijan’s GDP is connected first of all with slump of oil prices at the world markets.—0--
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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