Azerbaijan Economy in January, 2014; Brief Overview

Azerbaijan Economy in January, 2014; Brief Overview

CESD- Center for Economic and Social Development concluded its macro-economic survey results for the first month of year on February 20, 2014. Independent calculated data show that decline in oil production and oil export will continue in 2014, too. Meanwhile, the government reports also proof that decline in oil export continue in January, 2013. State Oil Company of Azerbaijan (SOCAR) has recently reported that Azeri oil output by 5.1% in January 2014 compared with the same month last year. The State Statistics Committee reports that this January the country produced 3.58 million tons of oil that is by 5.1% less than production for the 2013 same term. Oil stocks as of 1 February 2014 totaled 175,900 tons versus 198,400 a month earlier.

Although the Government of Azerbaijan (GoA) forecasted growth in oil sector, CESD does not share this optimism, which projects an output of 42,0 million tons of oil in 2014, even though decline in this sector was already registered in the first month of year. CESD forecasts decline in oil output by 2,5 % in 2014 based on its econometric models and PSA matrix…

Download Full Report on Azerbaijani Economy in January, 2014 Here

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