Construction of a new reservoir begins in Shusha

A new reservoir is being built in Shusha, at an altitude of 1,406 meters above sea level

New Hajigabul enterprise to produce protein and organic fertilizers

An enterprise for the production of protein and organic fertilizers from waste, Provive LLC, has been launched in the Hajigabul Industrial Quarter.

Ilham Aliyev signs a decree on increasing Economy Ministry staff

Azerbaijani President Ilham Aliyev has signed a decree defining the staff of the Ministry of Economy and its structural divisions.

WB recommendations on Azerbaijan

The World Bank has unveiled the areas of Public Expenditure and Financial Accountability (PEFA), which will be the focus of attention in Azerbaijan in 2021-2026.

Azertexnolayn started exporting its products to U.S.

The export geography of Azertexnolayn LLC, a resident in the Sumgayit Chemical Industrial Park under the management of the Economic Zones Development Agency, is expanding.

Russia's GDP decreased by 2.1% by end of 2022

The decline in Russia's GDP by the end of 2022 reached 2.1%, ABC.AZ reports with reference to Rosstat’s materials.

President has given new powers to Economy Ministry

New powers have been transferred to the Ministry of Economy.

Azerbaijan's State Budget revenues increased by 46%

The revenues of the State Budget of Azerbaijan amounted to AZN 4.006 bn in January 2023 (45.9% more versus January 2022), the State Statistics Committee reports

EBRD published forecast on impact of earthquake on Turkish economy

The EBRD has published its forecast regarding the initial impact of the earthquake on the Turkish economy

Inflation in Azerbaijan may approach the target range

In 2023, inflation in Azerbaijan may approach the target range

New EBRD forecast on Azerbaijan

The EBRD forecasts Azerbaijan's GDP growth at 2.5% in 2023.

Deficit formed in the Turkish budget

Turkiye's budget began 2023 with deficit of 32.2 bn liras.

Construction of first industrial explosives manufacturing plant launched in Azerbaijan

Rate of active taxpayers in Azerbaijan has increased

As of 1 February 2023, the number of active taxpayers in Azerbaijan increased by 0.3% compared with the beginning of the year and reached 713,800.

Production in oil and gas sector reduced by 4.9%

Forecast: Sweden's economy to shrink by end of 2023

Sweden is the only country in the European Union, whose economy will shrink by 2024, ABC.AZ reports, referring to European Commission’s analysts

This year began in Azerbaijan with contraction of economy

Azerbaijan produced GDP of AZN 9.69 bn in January 2023, or 1.5% less versus January 2022.

Fitch has made a forecast on Armenia

98.3% of preferential loans given to SMEs in 2022

A significant part of the preferential loans given by the Entrepreneurship Development Fund under the Ministry of Economy in 2022 were given to micro, small and medium-sized enterprises

Up to 38,000 new jobs to be created in Azerbaijan

Throughout 2016-2022, more than 570 investment promotion documents were issued to over 470 entrepreneurs.

Ensuring development of liberated lands to require significant capital investments

State support for small and medium-sized businesses (SMEs) in Azerbaijan should not be limited to concessional loans.