Tag Archives: GDP

Azerbaijan’s GDP shrinks by 3.9%

OCT. 17 2016 (The Conway Bulletin) — Azerbaijan’s GDP shrank by 3.9% in the first nine months of the year compared to the same period in 2015, highlighting the heavy impact that a fall in the price of oil has had on the economy. The fall is roughly in line with analysts’ prediction. They had said that Azerbaijan is particularly exposed to the collapse in oil prices because it has not diversified its economy.

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(News report from Issue No. 301, published on Oct. 21 2016)

ADB forecasts Azerbaijan’s GDP

SEPT. 27 2016 (The Conway Bulletin) – The Asian Development Bank (ADB) said that Azerbaijan’s economy will contract by 2.5% this year. Earlier this year, the ADB had forecast a 1% contraction. The Bank said Azerbaijan’s GDP will resume growth in 2017, when it will increase by 1%.

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(News report from Issue No. 298, published on Sept. 30 2016)

Azerbaijan’s GDP to drop, says IMF

SEPT. 13 2016 (The Conway Bulletin) – The IMF published a report on the state of Azerbaijan’s economy, forecasting a GDP contraction of 2.4% in 2016. The IMF said that lower oil prices, weak regional growth, currency devaluations, and lower hydrocarbon production have impacted Azerbaijan’s economic performance. In its report, the IMF said Azerbaijan’s GDP will resume growth in 2017.

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(News report from Issue No. 296, published on Sept. 16 2016)

Kazakhstan expects GDP to grow

SEPT. 1 2016 (The Conway Bulletin) — Kazakhstan’s GDP will grow marginally by 0.5% in 2016 and move back to a steadier growth pattern in 2017, Kuandyk Bishimbayev, minister of economy said. Mr Bishimbayev said that Kazakhstan’s GDP will grow by 1.9% in 2017. He also said that, with the expected start-up of the Kashagan oil project, oil production will jump 13.5% to 84m tonnes/year in 2017, back to 2013 levels. This should bode well for the economy.

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(News report from Issue No. 294, published on Sept. 2 2016)

Trade and GDP shrink in Tajikistan

JULY 19 2016 (The Conway Bulletin) — Tajikistan’s Statistics Committee said that trade turnover in H1 2016 shrank by 2.8%, compared to the same period last year. Overall, Tajikistan posted a negative trade balance, as it exported goods and services worth $439.4m and imported $1.5b. The Committee also said that the country’s GDP grew by 6.6% in H1, in line with government projection of a 7% growth by the end of the year.

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(News report from Issue No. 290, published on July 22 2016)

Uzbekistan’s GDP grows by 7.8%

JULY 19 2016 (The Conway Bulletin) — Uzbekistan’s Statistics Committee said that the country’s GDP grew by 7.8% in H1 2016, compared to the same period last year. Growth was slightly slower than in the first half of 2015, when GDP grew by 8.1%. Official statistics in Uzbekistan come with a health warning as they are often manipulated by the government.

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(News report from Issue No. 290, published on July 22 2016)

Kyrgyzstan’s GDP falls by 2.3%

JULY 12 2016 (The Conway Bulletin) — Kyrgyzstan’s GDP fell by 2.3% in the first six months of the year because of lower gold prices. The Statistics Committee said that without accounting for the performance of the Kumtor gold mine, the country’s non-gold GDP grew by 1.2% compared to the same period last year. Higher gold prices since mid-June could now push up the country’s GDP.

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(News report from Issue No. 289, published on July 15 2016)

Azerbaijan’s economy shrinks, recession looms

JULY 14 2016 (The Conway Bulletin) — Azerbaijan’s Statistics Committee said its GDP shrank by 3.4% in manat terms in the first half of 2016, compared to the same period last year, a reflection of the negative impact that sustained low oil prices have had on the country’s economy.

This confirms concern voiced by international economists and ratings agencies that the Azerbaijani economy was going to contract this year.

Data from the state Statistics Committee showed that Azerbaijan’s GDP shrank in the first quarter of the year and now, although the data is patchy, the statistics appear to suggest that the second quarter of the year also showed that Azerbaijan’s economy had shrunk.

Azerbaijan is particularly vulnerable to low oil prices. Roughly 40% of its GDP is directly derived from oil and gas revenues. The last time that Azerbaijan’s economy shrank was in 2011 when its oil and gas production slipped.

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(News report from Issue No. 289, published on July 15 2016)

Kyrgyzstan’s debt hits $4b

JULY 4 2016 (The Conway Bulletin) — Kyrgyzstan’s ministry of finance said the country’s debt had hit $4b, a level that parliament set in 2014 as the country’s debt ceiling. Foreign debt accounts for $3.7b of this amount. China’s Exim Bank, the World Bank’s International Development Association and the Asian Development Bank are among Kyrgyzstan’s largest creditors. Kyrgyzstan’s debt/GDP ratio has now surpassed 60%, a level that local politicians have said is worrying.

ENDS

(News report from Issue No. 288, published on July 8 2016)

Georgia’s economy grows by 2.1%

JUNE 30 2016 (The Conway Bulletin) — Data from Georgia’s state statistics agency Geostat showed that the economy had grown by 2.1% in the 12 months to end-May, a slow down from the 4.3% annualised growth to the end of April. Georgia’s government has estimated GDP growth of 3% for 2015. Like the rest of the region, Georgia has been dealing with the double dangers of a recession in Russian and a drop in oil prices.

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(News report from Issue No. 287, published on July 1 2016)