İmplementation of the European Neighbourhood Policy in Azerbaijan Progress in 2014 and recommendations for actions

Implementation of the European Neighbourhood Policy in Azerbaijan Progress in 2014 and recommendations for actions This document reports on the progress made between 1 January and 31 December 2014 in the implementation of the EU-Azerbaijan European Neighbourhood Policy (ENP) Action Plan. Developments outside this reporting period are taken into consideration where relevant. This is not a general review of the political and economic situation in Azerbaijan. Information on regional... Read More

Get ready for summer time

Get ready for summer time Azerbaijan will shift to summer time on March 29, with clocks moving forward one hour. Azerbaijan’s State Agency for Standardization, Metrology and Patents has announced that summer time begins at 04.00 a.m. on March 29, with clocks moving forward one hour to 05.00. The decision of switching to summer or winter time is put into practice in major developed countries, as well as in the European countries. The transition to the summer or winter time... Read More

CESD: ADB’s Forecasts are Unrealistic

CESD: ADB’s Forecasts are Unrealistic The Asian Development Bank’s more upbeat projection of 2015 economic growth was met with skepticism as CESD economists said which the decline of crude oil price would continue to hamper the country’s growth. ADB expects that the GDP growth in Azerbaijan will be equal to 3.0 percent in 2015 and 2.8 percent in 2016. ADB Asian Development Outlook, published this week says that “despite a continuing slowdown in the petroleum sector, growth... Read More

Has GDP Increased in Azerbaijan?

Has GDP Increased in Azerbaijan? Gross Domestic Product (GDP) was 7.1 billion manat in the first 2 months of 2015. According to the State Statistics Committee of Azerbaijan, GDP increased by 4.2% compared to the same period of previous year. However, the committee have not reported how GDP growth was calculated. The point is that GDP was 8.5 billion manat in the first 2 months of 2014 (Fore reference see, the committee’s 2014 report: http://www.stat.gov.az/rss/az/view.php?newsid=2194... Read More

Azerbaijani Oil Income in February 2015

Azerbaijani Oil Income in February 2015 Azerbaijani oil export slight increased last month compared with January 2015 since the country exported 1,885 million tones crude oil to the world market in February 2015. According to the State Oil Company of Azerbaijan Republic (SOCAR), 84 thousand 807 tons of crude oil from the Novorossiysk Port, 254 thousand 179 tons of crude oil from the Supsa Port, and 1 million 630 thousand 350 tons of crude oil from the Ceyhan Port last month.... Read More

Devaluation of Azerbaijani National Currency; Causes and Consequences

Devaluation of Azerbaijani National Currency; Causes and Consequences Starting from February 21st, 2015, the official exchange rate of the dollar to the manat, Azerbaijani national currency, has been set at 1.05 manat, which is 33.86 percent more than the exchange rate set before the beginning of the weakening process of the rate. Azerbaijani national currency has been depreciated against US dollar the first time since 2006. Central Bank of Azerbaijan has had face an dilemma... Read More