Azerbaijan's Jan-Oct GDP falls 3.7pc y/y

BAKU: Azerbaijan's gross domestic product shrank by 3.7 percent year-on-year in January-October, the State Statistics Committee said on Tuesday.

Economic growth slowed to 1.1 percent last year from 2.8 percent in 2014, well below official forecasts, because of low oil prices and the devaluation of the national manat currency.

Azerbaijan's Economy Ministry said last month the economy would contract by 2.8 percent this year, dramatically revising down its previous forecast, which was for gross domestic product to grow 1.8 percent in 2016.