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Official: Azerbaijanís shadow economy down to 15 percent

By M. Alkhazashvili
(Translated by Diana Dundua)
Tuesday, January 29
Azerbaijanís shadow economy accounts for just 15Ė16 percent of the countryís economy, down from a previous estimate of 18Ė20 percent, according to Arif Veliev, chair of the State Statistical Committee, the news agency Today.AZ reports.

According to Veliev, in 2007 inflation in Azerbaijan reached 16.17 percent, partly due to the rise in world prices as 45 percent of Azerbaijanís goods are imported, he said, according to the news agency Regnum.