January 18, 2017 / 7:51 AM / 9 months ago

Azerbaijan GDP falls 3.8 pct y/y in 2016 - stats committee

BAKU, Jan 18 (Reuters) - Azerbaijan’s gross domestic product shrank by 3.8 percent year on year in 2016, the country’s state statistics committee said on Wednesday.

The energy-rich former Soviet republic’s economy has been hurt by weak global oil prices, which have also pressured its manat currency.

The Azeri Economy Ministry said in October the economy would contract by 2.8 percent in 2016, dramatically revising down its previous forecast, which was for gross domestic product to grow 1.8 percent last year. (Reporting by Nailia Bagirova; Writing by Margarita Antidze; Editing by Alexander Winning)

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