Tag Archives: GDP

Economy grows

AUG. 30 2017 (The Conway Bulletin) — Powered by a boost in exports and remittance inflows, Georgia’s economy grew by 4.4% in the first seven months of the year, government data showed, an increase from the 2.7% rise during the same period last year (Aug. 30). Exports in the first seven months of the year were 28% higher than in the same period in 2016. Geostat, the government statistics agency, also said business activity in general in Georgia had picked up and that there had been a 7% increase in the number of businesses registered.

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(News report from Issue No. 342, published on Sept. 7 2017)

Kazakhstan’s GDP rises

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JULY 23 2017 (The Bulletin) — Spurred on by an increase in mining and metals output, Kazakhstan’s economy grew by 4.1% in the first half of the year compared to the same period in 2016, economy minister Timur Suleimenov said. The Kazakh government has been desperate to present a rising GDP number after three years of stagnation following a collapse in oil prices in 2014 and a recession in Russia.

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(News report from Issue No. 337, published on July 27 2017)

GDP grows in Georgia

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JUNE 28 2017 (The Bulletin) — Government spending on infrastructure projects and private sector development have given the Georgian economy a boost and means that it could surpass expectations of GDP growth of 4% this year, economy minister Giorgi Gakharia said in an interview with Reuters. This is important because of all the economies of Central Asia and the South Caucasus, Georgia’s appears to be recovering the fastest from a downturn triggered by a drop in oil prices that hit Russia, the regional economic driver.

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(News report from Issue No. 335, published on July 3 2017)

Turkmen economic growth to be lumpy, says IMF

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JUNE 15 2017 (The Bulletin) — In a statement, the IMF said that Turkmenistan’s economy would grow at an uneven rate over the next few years with inflation remaining at “moderate” levels while the economy dealt with various external pressures linked to its over-reliance on gas exports as a revenue earner. It put both GDP growth and inflation at around 6% over the next couple of years.

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(News report from Issue No. 333, published on June 19 2017)

Kazakhstan’s GDP will rise, says WB

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MAY 22 2017 (The Conway Bulletin) — In a new report, the World Bank said that it predicted economic growth in Kazakhstan of between 2% and 3% over the next three years. It said that GDP numbers showed improvements, despite the economic downturn, because of planned investments in the oil and gas sectors. The Kashagan and Tengizchevroil projects have both attracted major investments over the last few years which are coming through into Kazakh GDP growth now.

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(News report from Issue No. 330, published on May 28 2017)

Armenian GDP growth to be higher than expected

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APRIL 12 2017 (The Conway Bulletin) — The IMF increased its expected GDP growth in Armenia in 2017 to 3% from the 2.7% it had forecast in December. It said that growth had been strong in the first quarter of the year, at 6%, mainly due to higher than expected foreign capital expenditure. The IMF said that it forecast inflation of 2% for 2017. Armenia has been fighting deflation over the past year.

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(News report from Issue No. 324, published on April 13 2017)

Azerbaijani economy will grow, says Fitch

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MARCH 16 2017 (The Conway Bulletin) — Fitch, the ratings agency, said that the Azerbaijani economy was likely to pick up this year after contracting by 3.8% in 2016. In an interview with Reuters, Paul Gamble, head of Fitch’s emerging Europe department said that the economy would grow by 0.2% this year and 1.7% in 2018. Earlier this month, the Asian Development Bank said that Azerbaijan’s economy would shrink again this year.

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(News report from Issue No. 322, published on March 27 2017)

Azerbaijan’s economy will shrink again in 2017, says ADB

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MARCH 14 2017 (The Conway Bulletin) — Azerbaijan’s economy will continue to shrink in 2017, the Asian Development Bank said in a grim assessment of the country’s outlook following a disastrous 2016.

Overall, the ADB said that the Azerbaijani government’s prediction of 1% growth in 2017 was wildly over-optimistic and that a decrease of 1.1% was more likely. Last year,

Azerbaijan’s oil-backed economy shrunk by 3.8%, its worst year of economic activity since the 1990s.

“Our preliminary assessment as of today is minus 1.1 percent … and it’s most likely that our … assessment of GDP for this year will remain at the negative level,” Nariman Mannapbekov, the ADB’s country chief, told Reuters in an interview in Baku.

The ADB assessment will be a major blow to Azerbaijan which has been looking for some growth.

And, once again, Mr Mannapbekov urged the Azerbaijani government to focus on diversify the economy away from oil.

The slump in oil prices has hit Azerbaijan hard, forcing the government to slash funding.

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(News report from Issue No. 321, published on March 20 2017)

Oil price gives Kazakh GDP boost

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MARCH 2 2017 (The Conway Bulletin) — Strong oil prices may boost GDP growth in Kazakhstan to 2.8% this year, economy minister Timur Suleimenov told Reuters in an interview. The previous government GDP growth estimate for 2017 had been 2.5%. Last month, Kazakhstan increased its expected oil price this year for its government budget to $50/barrel up from $35/barrel.

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(News report from Issue No. 319, published on March 3 2017)

Remittance flows to Tajikistan continues to slow

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DUSHANBE, FEB. 22 2017 (The Conway Bulletin) — Tajiks working in Russia sent $1.9b back to Tajikistan in 2016, representing around a third of the national GDP, Russian presidential aide Yuri Ushakov said quoting Central Bank statistics.

The data underlines the fall in the value of the remittances being sent back from Russia, where a drop in oil prices and Western sanctions imposed after Russian interference in eastern Ukraine, has hit the economy and pushed it into a recession.

“Over 870,000 Tajikistan citizens are working in Russia. The amount of their money transfers to the motherland was $1.9 bln in 2016, corresponding to one third of the republican GDP,” Tass news agency quoted Mr Ushakov as saying.

Remittances of $1.9b is around 15% lower than in 2015, which was itself nearly 50% lower than in 2014. The proportion of Tajikistan’s national economy that remittances makes up is also down sharply. Previously, remittances sent to Tajikistan from Russia accounted for around half of its GDP.

Tajikistan and Kyrgyzstan are often described as being the most remittance-dependent countries in the world.

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(News report from Issue No. 318, published on Feb.24 2017)