Macro-economic figures for the first quarter of 2014

Macro-economic figures for the first quarter of 2014 CESD- Center for Economic and Social Development concluded its macro-economic survey results for the first quarter of year on April 14, 2014. Although, the Government of Azerbaijan (GoA) managed to keep economic growth in the reporting period, but real GDP growth is 2 times lower than the 2014 target. State Statistics Committee reported 2.5 % GDP Growth for the first quarter of 2014. According... 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

ADB Adjusted GDP Growth Rate for Azerbaijan from 4,1 % to 3,0 %

ADB adjusted GDP Growth Rate for Azerbaijan from 4,1 % to 3,0 % Asian Development Bank (ADB) adjusted GDP Growth Rate for Azerbaijan from 4,1 % to 3,0 % according to updated Asian Development Outlook. In the first half of 2012, GDP grew by 1.5% on an annual basis, up from 0.9% in the same period of 2011 but still anemic, primarily reflecting inefficient oil well operation in Azerbaijan. The continued contraction of oil production has dampened expectations... Read More

Government of Azerbaijan adjusted GDP Growth Rate to 2,5 % for 2012

Government of Azerbaijan adjusted GDP Growth Rate to 2,5 % for 2012 Government of Azerbaijan (GoA) has adjusted its previous official forecast of 5.7 % GDP growth in 2012 to 2.5 % right away after CESD announced its survey results on Monday this week. The report came from Cabinet Ministers of Azerbaijan Republic on September, 26, 2012. In fact, GoA adjustment was based on CESD survey findings announced couple days ago. Hence, GoA failed to achieve... Read More

Azerbaijan Economy in the First Half of 2012

Azerbaijan Economy in the First Half of 2012 In spite of the fact that Government of Azerbaijan (GoA) has failed to achieve projected economic growth forecast for the first half of 2012, the State Statistic Committee reported 1,5 %  GDP Growth. Government of Azerbaijan projected 5,7  % growth for 2012.  GDP per capita was around $ 6,0 thousand (without PPP) in the first half of 2012. According to State Committee inflation rate was 2,2 % in this... Read More

EU supports Azerbaijan’s Energy Strategy

EU supports Azerbaijan’s Energy Strategy The EU released over AZN 3 million to the Government of Azerbaijan to support its renewable energy and energy efficiency reform strategy. This is the second tranche of a dedicated Budget Support Programme with overall envelope of over AZN 14 million that was agreed upon between the EU and Azerbaijan. The objective is to develop a fully coherent, integrated and transparent energy strategy focusing on renewable... Read More

CESD Oil Strategy Receives Official Support

CESD Oil Strategy Receives Official Support Government of Azerbaijan started balancing oil outputs over years Azerbaijan must keep oil output at the current level, Minister of Industry and Energy Natig Aliyev said at the CEIBS meeting. To him, Azerbaijan should not increase oil production in the upcoming period: “The country has reached the goal on development of oil industry, which was set in 1994. Increase of output may have some sedition.... Read More

CESD Chairman Had Speech at Qafqaz University

CESD Chairman Had Speech at Qafqaz University Vugar Bayramov, chairman of CESD, had speech on Management of Oil Revenues in Azerbaijan at Qafqaz University, the top university in Azerbaijan, on February 23, 2012. Vugar Bayramov mentioned that The high inflow of oil revenues to Azerbaijan in recent years has led to large and increases in government expenditures in the state budget and State Oil Fund of the Azerbaijan Republic. Given that oil revenues... Read More

CESD Policy Recommendation is on the Official Agenda

CESD Policy Recommendation is on the Official Agenda The CESD policy recommendation on applying tax refund system in Azerbaijan was taken into Government of Azerbaijan’s agenda. The recommendation was presented by the CESD on December, 2011 and broadly referenced by almost all leading mass-media institutes.  Russian version of CESD recommendation is available at http://cesd.az/new/2011/12/russian-иностранцам-разрешат-вывозить-потр/?lang=ru... 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

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