EBRD forecasts economic downturn in Azerbaijan in 2017

EBRD forecasts economic downturn in Azerbaijan in 2017 Full report is available The European Bank for Reconstruction & Development (EBRD), which published today the Regional Economic Prospects, has reported that in 2017 economic decline in its operations region will be only in Azerbaijan and Belarus. According to the EBRD, this year Azerbaijan’s GDP will decrease by 0.5%, but in 2018 will increase by 2%. At that, in 2017 the EBRD increased... Read More

Azerbaijani Oil Income in March 2015

Azerbaijani Oil Income in March 2015 Oil export declined by 26.0 % in March 2015 Azerbaijan exported 1 million 396 thousand tonnes oil was exported through all existing pipelines in March 2015. SOCAR Marketing and Economic Operations Department exported 169 thousand 470 tons of crude oil from the Novorossiysk Port, 254 thousand 3 tons of crude oil from the Supsa Port, and 1 million 226 thousand 280 tons of crude oil from the Ceyhan Port in March 2015.... Read More

Azerbaijan Economy in 2014

Azerbaijan Economy in 2014 Decline of oil price in the world market was the main character of Azerbaijan economy in 2014. As an oil exporter country, Azerbaijan might face the effects of a sharp fall in oil revenue after oil price decline in the world market. Azerbaijan is heavily dependent on oil and natural gas export revenues. In fact, 2014 was somehow successful for Azerbaijan economy since the country was able to reserve growth in the almost... Read More

25 Years of Transition: Post-Communist Europe and the IMF

25 Years of Transition: Post-Communist Europe and the IMF The past 25 years have seen a dramatic transformation in Europe’s former communist countries, resulting in their reintegration into the global economy, and, in most cases, major improvements in living standards. But the task of building full market economies has been difficult and protracted. Liberalization of trade and prices came quickly, but institutional reforms—in areas such as governance,... Read More

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

Azerbaijan Economy in the First Ten Months of 2012

Azerbaijan  Economy in the First Ten Months of 2012 Volume of industrial production was AZN 28.5 billion ($ 36,5 billion) in the first 10 months of 2012 as State Statistic Committee reported. Industrial production decreased by 3,9 % in reporting period compare with the same period of 2011. 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 % right Hence, it seems... Read More

IMF Adjusted its Economic Growth Forecast for Azerbaijan

IMF Adjusted its Economic Growth Forecast for Azerbaijan The International Monetary Fund (IMF) has adjusted its forecast for GDP Growth in Azerbaijan from 7, 1 %, to 5,7 %. It should be reminded here that IMF has early projected Azerbaijan’s economic growth at 7.1 percent in 2012 and at 2.3 percent in 2016. The IMF said the forecast is based on the fact the country`s 2012 budget is based on an average oil price of $80 per barrel, while an average... Read More

Azerbaijan Economy in 2012; expectations and challenges

Azerbaijan Economy in 2012; expectations and challenges Official forecasts for Azerbaijani economy in 2012 seem quite optimistic. According to Ministry of Economic Development reports although downturn in world economy. The Government of Azerbaijan (GoA) targets 5,7 % GDP Growth in 2012 meanwhile The Central Bank’s monetary policy is announced keeping inflation to single digits. Meanwhile, International Monetary Fund (IMF) projected at 7,1 % Azerbaijan’s... Read More