Aug. 14 (Bloomberg) -- Azerbaijan, the third-largest oil producer in the former Soviet Union, said its economy expanded 1.6 percent in the first seven months of the year.
The Caspian Sea nation’s non-oil economy grew 10.5 percent in the period from a year earlier, while the value of oil production fell 6 percent, the State Statistics Committee said today on its website.
Oil prices have dropped 5.8 percent this year in New York as slowing global growth erodes demand for fuel. Azerbaijan has relied on other industries, such as construction, to boost its economy, which all but ground to a halt last year as oil output fell 10 percent.
Inflation ran at 2 percent in January through July, the statistics committee said today.
The biggest oil producer in the former Soviet Union is Russia, followed by Kazakhstan.
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