World Bank (WB) forecasts decline of Azerbaijan’ GDP in 2016 by 1.9%.
In its report for year 2016 in January WB forecasted growth of Azerbaijan’s GDP by 0.8%.
In 2016 the Azerbaijani government forecasts economic growth at 1.8%.
In 2016 WB forecasts average annual inflation at 14%. In 2016 WB forecasts Azerbaijan’s budget deficit at 14.4%.
Negative forecasts in the Azerbaijani economy are connected with decline of oil revenues of the country.—0-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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