In 2015, in the South Caucasus and Central Asia, the growth is only half of the indicators in 2014, predicts the World Bank report "about the economy in Europe and Central Asia: low commodity prices and weak currency."
According to the bank's forecasts, Azerbaijan's GDP in 2015 will grow by 2%, in 2016 – by 2.6% and in 2017 – by 2.7%.
It is expected that oil prices will average $ 50 per barrel in 2015 and will gradually increase to $ 58 per barrel in 2017. This will affect the foreign trade balance of Azerbaijan, which is highly dependent on oil. In 2015, exports will shrink by 1%, in 2016 – by 0.6% and in 2017 - by 0.7%. Reduced oil revenues will lead to a reduction in imports, which essentially depends on the country. At the end of 2015 imports will decrease by 3.6%, in 2016 – by 2.5% and in 2017 - by 2%. -0-
Economics
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BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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