Azerbaijan Economy in the first nine months (January-September) of 2017; Brief Overview

Azerbaijan Economy in the first nine months (January-September) of 2017; Brief Overview CESD- Center for Economic and Social Development concluded its macro-economic survey results for the first nine months of 2017. Both independent and official reports show that GDP declined in the reporting period. According to the State Statistic Committee of Azerbaijan, GDP decreased by 0.6 % in January-September of 2017 compared with the same period of 2016 since... Read More

80.0 % of SOFAZ’s total revenue was spent in the half of 2014

80.0 % of SOFAZ’s total revenue was spent in the half of 2014 Total revenue of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was 6.493 billion manat ($ 8.324 billion US) in the half of 2014. SOFAZ’s total spending was 5.163 billion manat ($ 6.619 billion US) in the reporting period. According to the official figures 79.5 % of the SOFAZ revenues was already spent in the first six months of 2014. Revenue of 6.374.8 mln. manat was received... Read More

Azeri Oil Output Declined in the first five months of 2014

Azeri Oil Output Declined in the first five months of 2014 Azerbaijan produced 17.7 million tonnes of oil and gas condensates in the first five months of 2014, versus 18.12 million tonnes in the same period of 2013, the Azerbaijan State Statistical Committee reported on June 12, 2014. The output declined by 2.3 % in the indicated period of 2014 compared to the same passé in previous year. The most part of the produced oil fell to the Azeri-Chirag-Guneshli... Read More

Does Declining Oil Revenue Equal Less Security for Azerbaijan?

Does Declining Oil Revenue Equal Less Security for Azerbaijan? Declining oil revenues and a changing energy marketplace are placing Azerbaijan’s social and economic development under strain. Worse still, observes Eric Eissler, the lost income might curtail the country’s defense spending at a time when Baku needs it most. By Eric Eissler for ISN ________________________________________ To say that Azerbaijan lives in a unique but troubled... Read More

Oil Output Dropped by 4,0 % in Azerbaijan

Oil Output Dropped by 4,0 % in Azerbaijan   CESD forecasts decline in oil sector by 5,0 % in 2013 based on its econometric models and PSA matrix Azerbaijan produced 7,2 million tons of oil in January-February , 2013- The State Statistical Committee of Azerbaijan reported.  3,8 million tons were produced in January and 3,4 million tons in February. Oil production has dropped by 300,0 thousand tons or by 4,0 % over the same period of 2012. Meanwhile,... Read More

Social sphere accounts only for 25.4% of 2013 budget expenses

Social sphere accounts only for 25.4% of 2013 budget expenses The state budget bill for 2013 is of investment essence but despite this a huge part of the budget costs will be used for social sphere.  The statement came from Finance Minister Samir Sharifov at the joint session of six committees of Milli Majlis. He said social expenses will make 25.4% of the budget costs. These amounts will mainly be used for financing such spheres as science, culture,... Read More

2013 Budget Package at the Azerbaijani Parliament

2013 Budget Package at the Azerbaijani Parliament Azerbaijan’s budget project for 2013 will be discussed at the meeting of Economic Policy Committee, said the Committee Chairman Ziyad Samadzade. According to him, the budget package will be discussed at the plenary meeting of parliament, APA reports. Touching upon the base price of oil in the state budget Samadzade stressed that, this extent was not risky and within its determination the oil price... Read More

Azerbaijan State Budget for 2013

Azerbaijan State Budget for 2013 The revenues of the 2013 state budget are forecast to make up AZN 19,154 billion ($ 24,556 billion), while expenditures – AZN 19,8 billion ($ 25,384 billion).  According to the 2013 draft budget, the forecast revenues are AZN 2,116 billion ($ 2,712 billion) or 12.4% more against the 2012 state budget. Of the 2013 budget revenues, AZN 11.4 billion ($ 14,165 billion) or 59.3% of overall budget revenues will account... Read More