Azerbaijan Economy in 2012

Azerbaijan Economy in 2012 Azerbaijan oil production started to decline rapidly since 2010. In fact, dramatic fall in oil industry continues to hamper the country’s total growth in 2012.  It was the main reason that Government of Azerbaijan (GoA) has adjusted its previous official forecast of 5.7 %  GDP growth in 2012 to 2.5 % in the second half of 2012. Thanks to affected growth in non-oil sector, the country was able to keep growth track... Read More

World Bank has lowered the forecast GDP Growth in Azerbaijan

World Bank has lowered the forecast GDP Growth in Azerbaijan World Bank (WB), published a Global Economy Prospects Report. The Bank forecasts Azerbaijan’s GDP Growth by 3.1% in 2012, 3.5% in 2012, and 4.5 % in 2014. At the same time a surplus current account in Azerbaijan this year will be as expected in the WB, 24.9% of GDP next year – 21.6%, and in 2014 – only 18%. Vugar Bayramov, the chairman of the Center for Social and Economic... Read More

ADB Adjusted Economic Growth Forecast for Azerbaijan

ADB Adjusted Economic Growth Forecast for Azerbaijan Asian Development Bank (ADB) adjusted its GDP growth forecast for Azerbaijan from 5,8 % to 4,1 %. The information has been contained in the new report of the Asian Development Bank ‘Asian progress review 2012’ presented in Baku on 24 April. According to the bank’s forecast, the indicator will drop to 3.5% in 2013. “The GDP growth in 2012 will be connected with the growth in oil production... Read More

Azerbaijan Economy in the first quarter of 2012

Azerbaijan Economy in the first quarter of 2012 Decline wave in production sector keep on the first quarter of 2012 in spite of the fact that Government of Azerbaijan has been trying to attain expansion in above mentioned sector.  Considering keeping still high portion of oil sector in total GDP, decline in oil sector noticeably reduce economic growth rate in Azerbaijan. Oil sector is still dominant in both GDP and budget revenues based on the results... Read More