Azerbaijan economic growth slows last year

The non-oil economy grew 1.1 percent, down from 7 percent in 2014, according to the report.

Industrial production rose 2.5 percent. Consumer prices increased by 4 percent, the committee said.

Azerbaijan, the third-largest oil exporter in the former Soviet Union after Russia and Kazakhstan, was hit hard by falling crude prices.

Oil and natural gas account for 90 percent of the country’s exports and 70 percent of government revenue.

The Milli Maclis (parliament) is expected to meet soon to review the state budget, which currently is based on $50 per barrel. 

Central Bank Governor Elman Rustamov said the budget will be reviewed and based on $30 per barrel.