Middle East and Central Asia > Azerbaijan, Republic of

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International Monetary Fund. Statistics Dept.
Following the launch of the Caucasus, Central Asia, and Mongolia Regional Capacity Development Center (CCAMTAC) in February 2021, and in response to a request from the Azerbaijani authorities to support their statistical capacity development (CD) in government finance statistics (GFS), a series of technical assistance (TA) missions took place remotely (via Zoom meeting platform) during May 17−21 and July 22−August 4, 2021. Both missions were conducted by Mr. Roderick O’Mahony (GFS expert), who worked with the staff of the Ministry of Finance’s Medium-Term Expenditure Framework (MTEF) Development Center as the main counterparts. He also met with other relevant agencies, including the State Oil Fund of the Republic of Azerbaijan (SOFAZ), the State Employment Agency, and the State Social Protection Fund.1
International Monetary Fund. Middle East and Central Asia Dept.
Azerbaijan faced unprecedented challenges in 2020. The combined COVID-19 and oil price shocks pushed the economy into recession. A sizeable relief package helped cushion the economic impact from this shock, and the economy has started to recover. Yet the medium-term outlook remains subdued. The long-term fiscal position is unsustainable as oil resources are expected to run out by mid-century. The authorities have laid out strategic goals of accelerated yet sustainable socio-economic development over the next decade and are developing policy plans to that end.
International Monetary Fund. Statistics Dept.
This Technical Assistance report on Georgia highlights the external sector statistics (ESS). The main objectives of the mission were to assess the Geostat’s progress in the area of ESS and provide further recommendations on improving the data collection and compilation for producing the financial account components, including direct investment statistics, in an integrated format. With the mission’s assistance and based on the analysis’ results, a method has been agreed for filling the gaps in coverage of imported cars and for addressing the limitations in valuation of re-exported cars. The mission stressed the need for improving the coverage of transactions related to gambling that have shown a growing trend in recent years, with increasing nonresidents’ activities. With the increasing workload due to the compilation and dissemination of new products or to enhancing the coverage and quality of existing products, and bearing in mind the staff turnover, there is need to consider allocating additional staff to the External Trade and Foreign Investments Statistics Department. In order to support progress, the mission recommended a detailed one-year action plan, with priority recommendations carrying weight to make headway in improving Georgia’s ESS.
International Monetary Fund. Middle East and Central Asia Dept.
This 2019 Article IV Consultation with the Republic of Azerbaijan highlights that the economy is continuing to recover from a banking crisis and recession. Looking ahead, economic growth is expected to reach 2.7 percent in 2019 on strong hydrocarbon production and robust domestic demand, benefitting from new spending measures. Gradual and growth-friendly fiscal consolidation is needed to strengthen intergenerational and precautionary buffers while mitigating the adverse impact on the economy. Consolidation could rely on prioritizing and improving the efficiency of spending, rationalizing tax policy, and improving revenue administration. Reducing administrative burden for businesses, encouraging competition, and strengthening governance and transparency would reduce the cost of doing business, foster entrepreneurship, and attract foreign capital. Prioritizing investment for healthcare and education, improving its efficiency, and better targeting of social protection would help nurture human capital and improve productivity. Addressing governance weaknesses is essential to reduce vulnerabilities to corruption. More integrated policies, along with better data availability, would support decision making and credibility, and attract investment.
International Monetary Fund. Middle East and Central Asia Dept.
This 2016 Article IV Consultation highlights that the economic performance in Azerbaijan has been impaired by a number of negative shocks. Lower oil prices, weak regional growth, currency devaluations in its main trading partners, and a contraction in hydrocarbon production rapidly erased the large current account surplus the country enjoyed during the oil boom years. Near-term economic prospects remain weak. Under current policies, growth is expected to contract in 2016 and remain sluggish in the next few years, while inflation is expected to gradually decrease. The current account balance should improve as the devaluations work to limit imports and support nontraditional exports.
International Monetary Fund. Middle East and Central Asia Dept.
This 2014 Article IV Consultation highlights that recent economic developments in Azerbaijan have been favorable. In 2013, a stabilization of oil output and strong non-oil growth at nearly 10 percent helped lift overall GDP growth to 5.8 percent. Inflation remained low, averaging 2.4 percent, restrained by soft food prices and a stable exchange rate. The impact of regional market turbulence in early 2014 has been limited, with few signs of lower manat demand or capital flight. Economic prospects over the near and medium term are positive, if underpinned by fiscal consolidation and supported by reforms to spur non-oil private sector activity.
International Monetary Fund. Middle East and Central Asia Dept.
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund
This evaluation of technical assistance (TA) and training in statistics looks at the experience of two transition economies, Albania and Georgia, during roughly the period 2005–2010. The TA, including the training, to these countries covered all the topical areas on which the IMF’s Statistics Department’s (STA) focuses, i.e., national accounts, price statistics, and monetary, balance of payments and government finance statistics, albeit with differing emphases between the two countries. Part of the assistance was funded directly from the IMF’s budget, while other elements (in particular the peripatetic advisors) were financed externally, in these cases by the Japanese government.
International Monetary Fund
This paper presents the key findings of the Republic of Azerbaijan’s 2010 Article IV Consultation. In 2009, overall GDP grew at 9.3 percent, but non-oil GDP growth slowed from 16 percent to 3 percent, fiscal and export revenues fell by more than 30 percent, and credit and liquidity conditions tightened substantially. Owing to the authorities’ appropriate policy response, the exchange rate remained stable, inflation dropped dramatically, official poverty rates continued to fall, and financial stability was maintained.
International Monetary Fund
This Data Module of the Report on the Observance of Standards and Codes (ROSC) provides an assessment of Azerbaijan’s macroeconomic statistics against the Special Data Dissemination Standard (SDDS) complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework (DQAF), July 2003. The assessment reveals that Azerbaijan’s Consumer Price Index (CPI) meets Special Data Dissemination Standard (SDDS) specifications for coverage, periodicity, and timeliness. The CPI has good data sources for both weights and prices, based on well-designed household and retail establishment surveys.