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Azerbaijani Economy Expanded 0.5% in First Quarter

Azerbaijan's economy expanded 0.5 percent from a year earlier in the first quarter, President Ilham Aliyev said this week.

Excluding the oil industry, the economy grew 7.7 percent, while inflation was 3.1 percent.

The government plans to spend 1 billion manats ($1.27 billion) on compensating depositors who lost their savings when the Soviet banking industry collapsed 20 years ago, President said.

Source: Bloomberg

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