The Azerbaijani government announced the forecast growth of prices in the consumer market by 2017. It expects inflation at 7.3%.
The forecast was announced by the Ministry of Finance with reference to the Ministry of Economy, which has developed a preliminary forecast of socio-economic development for the next 3 years. The growth of incomes of the population in 2017 is not reported.
According to forecasts of the Ministry of Economy, in 2016 inflation in Azerbaijan will amount to 10-12%.
The International Monetary Fund predicts growth of prices for consumer goods and services for 2017 at 8.5%.
Under the law, the insurance part of labor pensions in Azerbaijan is indexed according to official inflation level. --08D
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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