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Azerbaijan’s Economy Expanded 1.6 percent in First Seven Months of Year

Azerbaijan, the third-largest oil producer in the former Soviet Union, said its economy expanded 1.6 percent in the first seven months of 2012.

According to the State Statistics Committee website, the Caspian Sea nation's non-oil economy grew 10.5 percent during January – July 2012 from a year earlier, while the value of oil production fell 6 percent.

Oil prices have dropped 5.8 percent in New York this year, as slowing global growth erodes fuel demand. Azerbaijan has relied on other industries, such as construction, to boost its economy, which ground to a halt last year as oil output fell 10 percent.

Also, inflation ran at 2 percent from January through July, the statistics committee said today.

The biggest oil producer in the former Soviet Union is Russia, followed by Kazakhstan.

Source: Bloomberg

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