GDP grew by 6.2% for Jan-Jul

Moody's forecasts Azerbaijan's GDP growth by 4% in 2022

International rating agency Moody's predicts Azerbaijan’s GDP growth for 2022 at the level of 4%, ABC.AZ reports with reference to Moody's.

Moody's downgrades rating forecast for Italy, Czech Republic and Slovakia

International rating agency Moody's has changed the outlook for the rating of the economies of Italy, Slovakia and the Czech Republic from ‘Stable’ to ‘Negative’.

Economy Minister: Output for AZN 1.3 bn produced in industrial zones this year

In the 1st half of 2022, when producing output for AZN 1.3 bn, the share of industrial zones in the non-oil sector of the country's industrial sector made up 14.9% and exports of nonoil industry products - 33.1% (AZN 543.9 million)

Inflation rate in G-20 countries

Inflation in Turkey reached the highest level in the last 24 years and retained the title of the country with the highest inflation in the league of G-20 countries.

Fitch: Sharp decline in global food inflation is expected in 2023

International agency Fitch Ratings has announced a forecast that world food inflation will fall sharply in 2023.

Economy Ministry’s powers expanded

President Ilham Aliyev has amended the July 12, 2016 Decree on approval of the Regulation on VAT refund, paid for goods purchased by foreigners and stateless persons in the country, that are not intended for production or commercial purposes.

New powers given to Economy Ministry

President Ilham Aliyev has amended the decree of November 24, 2010 "On the application of the Law on the State Budget for 2011".

Azerbaijan and Uzbekistan agree on construction of a jewelry enterprise

Economy Minister: Tashkent Declaration is an important contribution to strengthening ties between our countries

New format of cooperation to be created between Azerbaijan, Turkey and Uzbekistan

Azerbaijan, Turkey and Uzbekistan will launch new ministerial format of cooperation aimed at promoting the strengthening of regional ties.

Azerbaijan and Uzbekistan sign three memoranda

Saudi Arabia's economy shows record growth

Saudi Arabia's economy grew by 11.8% in the 2nd quarter, a record pace since 2011, ABC.AZ reports with reference to the Main Statistical Office of the country.

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