Azerbaijan Economy in 2016; Brief Overview

Azerbaijan Economy in of 2016; Brief Overview CESD- Center for Economic and Social Development concluded its macro-economic survey results for 2016. Both independent and official reports show that GDP continued declining in the reporting period. According to the State Statistic Committee of Azerbaijan, GDP decreased 3.8 % in 2016 since CESD calculations found out 4.4 % decline in the economy. According to the State Statistic Committee reports, the... Read More

Azerbaijani State Budget Approved

Azerbaijani State Budget Approved President of Azerbaijan Ilham Aliyev has approved the state budget for 2013.  The 2013 state budget revenues were approved at AZN 19,159,000,0, expenditures – AZN 19,850,000,0 (including centralized revenues at AZN 18,462,397,8, local revenues – AZN 696,602,2, centralized expenditures – AZN 18,335,450,0, local expenditures – AZN 514,550,0). Note; 1 AZN = 1,24 USD  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

State Budget Ammended in Azerbaijan

State Budget Ammended in Azerbaijan Finance Ministry told APA that incomes and expenses of state budget will be increased by AZN 600m, incomes will be raised up to AZN 17,038m, expenses – AZN 17,672m. Extra revenues to the state budget are expected to provide by means of additional tax revenues on oil and non-oil sector of economy. An appropriate draft law related to amendments in the state budget-2012 of Azerbaijan has been submitted by the President... Read More

SOCAR Oil Export Declined by 7 % in the first quarter of 2012

SOCAR Oil Export Declined by 7 % in the first quarter of 2012 The State Oil Company of Azerbaijan exported 5,2 million tonnes of oil via all routes including Baku-Novorossiysk, BTC and Baku-Supsa pipelines in the first quarter of 2012 which is 7,2  % lower than compare with the same period last year. SOCAR exported 5,6 million tonnes in the first three months of 2011 . Sources at the SOCAR mentioned that Baku-Novorossiysk exported 496,8 thousand... Read More

Azeri Oil Export Significantly Down in 2011

Azeri Oil Export Significantly Down in 2011 Azerbaijan’s overall export of oil products dropped by 21.6% in 2011. SOCAR exported 155.663 thousand tons of crude oil through Novorossiysk port (Black sea, Russia), 161.697 thousand tons – through Supsa port (Black sea, Georgia), 1,645.230 thousand tons – Jeyhan port (Mediterranean sea, Turkey). Compared to December, 2010, oil export through Novorossiysk port dropped 6%, through Jeyhan port decreased... Read More

State Budget of Azerbaijan for 2012 Approved

State Budget of Azerbaijan for 2012 Approved Azerbaijani President Ilham Aliyev signed the law on “State Budget of the Republic of Azerbaijan for 2012” and the decree on the application of this law. Law and order shall come into force on January 1, 2012. Note that, budget revenues approved in the amount of AZN 16,44 billion($ 21,07 billion), expenses – AZN 17,07 billion ($ 21,88 billion) including centralized income – AZN  15 938 610 .5... Read More