Azerbaijani State Budget in 2016: Perspectives and Challenges

Azerbaijani State Budget in 2016: Perspectives and Challenges Center for Economic and Social Development (CESD) has produced paper on analyzing of the 2016 state budget in Azerbaijan. The paper provides an overview of 2016 budget in Azerbaijan. It begins in Section 2 with a description of total public revenue in Azerbaijan, size of revenues from main sources, how this has changed between 2011 and 2016, and a brief review of components. Section 3 provides detailed account of how... Read More

ADB: New Devaluation Is Possible in Azerbaijan

ADB: New Devaluation Is Possible in Azerbaijan The Asian Development Bank (ADB) has published today an update to its report Asian Development Outlook (ADO 2015 update), sharply reduced the projected surplus of current account of Azerbaijan’s balance of payments. According to ADO 2015 update, the forecast of Azerbaijan’s surplus for 2015 was reduced from 12% to 6% of GDP and in 2016 from 13.4% to 8% of GDP. At the same time the Bank has kept the forecasts on other economic... Read More

Fitch Rating’s Forecasts for Azerbaijan Economy

Fitch Rating’s Forecasts for Azerbaijan Economy Fitch Rating has published today its forecasts for the economic situation in Azerbaijan for 2015-17. The report of Fitch’s senior director Paule Gamble says that by the end of 2015 the GDP growth rate is projected to be 2.3%, for 2016 – 2.7%, and for 2017 – 3%. By the end of 2015 Fitch expects inflation in Azerbaijan at the level of 5.5% (optimistic scenario), in 2016 – 5%, and in 2017 – 3%. Surplus of current... Read More

Azerbaijani Oil Export Declined by 15.0 % in August 2015

Azerbaijani Oil Export Declined by 15.0 % in August 2015 State Oil Company of Azerbaijan Republic (SOCAR) exported 1 million 211 thousand 122 toness oil in August 2015. SOCAR exported 84 thousand 913 tons of crude oil from Novorossiysk port, 254 thousand 422 tons of crude oil from the Supsa Port, and 871 thousand 787 tons of crude oil from the Ceyhan Port in August 2015. In general, 930 thousand 671 tons of crude oil were exported from the Novorossiysk Port, 1 million 864 thousand... Read More

New decline in Azerbaijani Central Bank’s reserves: A message for next devaluation?

New decline in Azerbaijani Central Bank’s reserves: A message for next devaluation? The Central Bank of Azerbaijan (CBA) lost $1,186 billion US of its foreign currency reserves in August 2015 due to high demand for foreign currencies. CBA’s foreign currency reserves declined to $ 7315.4 billion US in August 2015 from $ 8501.5 billion US in July 2015. Meanwhile, slightly decline was registered in July 2015 compared with June 2015 since CBA’s foreign currency reserves declined... Read More

State Budget for 2016 in Azerbaijan: a New Approach in a New Period?

State Budget for 2016 in Azerbaijan: a New Approach in a New Period? The draft of state budget of 2016 has been discussed and approved by the Cabinet of Ministers of Azerbaijan Republic. According to the CESD sources, a price of oil will be $ 50 US per barrel at the 2016 budget. That means oil price in next year’s budget will be decreased by $ 40 per barrel or 55 % compared to the 2015 state budget… Download Full Article Here  Read More