S&P Agency announced the downgrade of Ukraine

International rating agency S&P has downgraded Ukraine's long-term credit rating in foreign currency from CCC+ to CC.

JPMorgan predicts recession in eurozone

The impending gas crisis in the eurozone and political problems in Italy will lead to mild recession and limit the increase in interest rates by the European Central Bank.

Inflation in eurozone reaches a record high

Inflation in the eurozone has reached a new level in July.

U.S. State Department: Azerbaijan's non-oil sector grew by 7.2%

The U.S. Department of State has published a report stating that the overall investment climate in Azerbaijan continues to develop.

Will industrial parks be created around large cities?

Elshad Nuriyev, the chairman of board of the Economic Zone Development Agency stated about a possibility of creation of industrial parks around large cities.

Creation of an industrial park in Ganja

The Economic Zone Development Agency under the Economy Ministry is considering the possibility of creating an industrial park near the city of Ganja

New products to be manufactured in industrial park Araz Valley Economic Zone

Entrepreneurs are showing great interest in industrial park Araz Valley Economic Zone.

Subsidies paid to pandemic-affected entrepreneurs announced

Capital of machine-building plant increased

The organizational & legal form of the Bunyad Sardarov Machine-Building Plant has been changed to LLC, ABC.AZ reports with reference to the State Tax Service under the Economy Ministry.

Iron ore prices rose more than by 7%

Iron ore prices have risen more than 7% in two days on the back of news that China's housing construction sector will be supported.

S&P Global Ratings announces a forecast on Azerbaijan

International rating agency S&P Global Ratings has confirmed the long-term and short-term sovereign credit ratings of Azerbaijan in foreign and national currency at ‘BB+/B’.

Supervisory Board of Restoration & Management Service #1 of Eastern Zangezur Economic District endorsed

Supervisory Board of Rehabilitation & Management Service in Karabakh Economic Region approved

Mikail Jabbarov: This year’s production has reached AZN 1.3 bn

So far, the industrial zones produced output for AZN 7.17 bn, including its export for AZN 2.3 bn, ABC.AZ reports, citing Economy Minister Mikail Jabbarov.

Azerbaijan’s economy has grown by 15% for past 10 years

Innovation cluster Absheron Valley under creation

Innovative cluster Absheron Valley will be created in Azerbaijan in the next 5 years.

Non-oil GDP grew by an average of 3.5% a year

In 2012-2021, non-oil & non-gas GDP increased by 3.5% annually on average, reaching from AZN 25.4 bn in 2011 up to AZN 57.8 bn in 2021. The share of the non-oil sector grew from 48.8% in 2011 up to 62.2% in 2021.

Taxpayer rate in Azerbaijan increased by 7.3% for Jan-Jun

As of 1 July 2022, 87.6% out of 1,363,776 taxpayers registered in our country accounted for individuals and 12.4% for legal entities and other organizations

President has endorsed composition of Supervisory Board of this body

The number of members of the Supervisory Board of the Center for Analysis of Economic Reforms & Communications has been increased.

Azerbaijan Accounts Chamber takes control measures in ministries

The Accounts Chamber of Azerbaijan is conducting control measures on some pilot sections of the functional classification of the medium-term expenditure framework.

Azerbaijan turns from importer into exporter of sulfuric acid

The import of sulfuric acid to Azerbaijan will be suspended.