Asian Development Bank expects economic crisis

Asian Development Bank expects economic crisis Asian Development Bank (ADB) has released the latest version of Asian Economic Monitor (AEM). The report forecasts economic growth in the eurozone economy to expand 0.5% next year with the US economy growing by 2.1%. For 2011, ADB is still forecasting growth of 1.7% and 1.6% for the two economies respectively. Growth in the PRC is likely to moderate even as domestic demand continues to rise, and is now forecast at 8.8% in 2012... Read More

Azerbaijani parliament adopts 2012 state budget

Azerbaijani parliament adopts 2012 state budget The Milli Majlis has passed the state budget for 2012, with revenue set at AZN 16.438bn ($20.9bn) and expenditure at AZN 17.072bn ($21.7bn). This leaves a deficit of AZN 634m ($806m), 1.45% of the GDP forecast for 2012. Budget revenue has risen 5.7% or AZN 882.2m compared to the 2011 budget, while expenditure has risen by AZN 87.6m. Parliament speaker Oqtay Asadov said that budget proposals made in parliament had been submitted... Read More

Azeri oil export declined by 18.2%

Azeri oil export declined by 18.2% Although official optimistic forecasts oil production and export continues decreasing The State Oil Company of Azerbaijan Republic (SOCAR) has renewed statistical data on Azerbaijani oil export via the major pipeline Baku-Tbilisi-Ceyhan (BTC) named after Heydar Aliyev. Oil transportation via BTC this November decreased by 18.2% against October 2011. The SOCAR informs that it was carried 2.626 million tons of Azeri oil via BTC to Turkey’s... Read More