July CCA Highlights: Armenian growth slows markedly, Azerbaijan's rating confirmed at Ba1 by Moody's, Georgia's EU accession put on hold, Uzbekistan cuts rates, Tajikistan's growth continues to surprise on the upside

CAUCASUS / CENTRAL ASIA - Report 26 Jul 2024 by Ivan Tchakarov

We comment briefly on the key macro and political themes in the CCA in July:

Armenia: CA deficit worsens in 1Q24
Armenia: Monthly economic indicator accelerates to 7.1% YoY in Jun
Armenia: Gross external debt inches up to 65 percent of GDP in 1Q24
Armenia: Inflation edges up to 0.8% YoY in Jun
Armenia: Net remittances recover in Jun
Armenia: Budget position broadly flat in 1H24
Armenia: Foreign reserves inch up to US$3.34bn in Jun
Armenia: REER inches down in May
Armenia: Armenians are getting frustrated with current protests
Armenia: Poll shows Russia and EEU more popular than EU and NATO
Armenia: Baku demands changes in Armenia's Constitution
Armenia: Azerbaijan invites Armenia to COP 29 meeting in Nov
Armenia: PM argues Armenia is in need of a new Constitution
Armenia: Russian diamonds lose their shine for Armenia
Azerbaijan: President calls early Parliamentary Elections on Sep 1
Azerbaijan: FX reserves inch up to US$11.74bn in Jun
Azerbaijan: SOCAR assets rose to US$58bn in 2Q
Azerbaijan: Moody's keeps Azerbaijan's rating at Ba1, raises outlook to positive
Azerbaijan: Moody's affirms SOCAR at Ba1, raises outlook to positive
Azerbaijan: Azerbaijan amends budget of State Oil Fund for 2024
Azerbaijan: GDP grows by 4.3% in 1H24
Azerbaijan: FX reserves rise to US$11.74bn in Jun
Azerbaijan: Inflation declines to 1.1% YoY in Jun
Azerbaijan: Gas production increases in 1H while oil production edges down
Azerbaijan: Azerbaijan exports 12.7bcm of gas during first half of the year
Azerbaijan: President Aliyev upbeat on meeting 20bcm gas export target to EU by 2027
Georgia: Inflation increases by 2.2% YoY in Jun
Georgia: PPI accelerates to 9.3% YoY in Jun
Georgia: FX reserves inch down to US$4.58bn in Jun
Georgia: Government debt edges up to 38.1% of GDP in May
Georgia: Net remittances edge down to US$252.9mn in Jun
Georgia: Georgia's bond market grew by 39.6% in 2023
Georgia: EU accession put on hold
Georgia: UNM, Strategy Aghmashenebeli announce new political platform
Georgia: Ahali, Girchi-More Freedom and Droa form united movement
Georgia: Lelo for Georgia, For People party and Freedom Square movement also unite
Georgia: Three lawsuits challenge Transparency Law in CC
Georgia: Georgian Dream officially announced the start of its election campaign
Georgia: Senator Shaheen introduced "Georgian People's Act" as amendment to Defense Act
Uzbekistan: Central bank cuts policy rate by 50bpts to 13.5%
Uzbekistan: CA deficit moderates to a still high 7.1% of GDP in 1Q24
Uzbekistan: CPI steady at 10.6% YoY in Jun
Uzbekistan: Inflation expectations fall in Jun
Uzbekistan: Government has spent 85% of budgeted gas subsidies by end May
Uzbekistan: FX reserves decline to US$36.3bn in Jun
Uzbekistan: GDP grows by 6.4% YoY over 1H24
Uzbekistan: Trade deficit comes in at US$1.3bn in Jun
Uzbekistan: Gas production declines by 5.1% YoY over 1H
Uzbekistan: Kazakhstan to increase Russian gas transit to Uzbekistan
Uzbekistan: Deloitte will advise in privatization of National Interbank Processing Center
Uzbekistan: IMF issues Staff Report on 2024 Article IV consultation mission
Uzbekistan: Audit Chamber to audit expenditures of extra-budgetary funds and external debt
Uzbekistan: Uzbekistan to increase share of renewable energy to 40% by 2030
Uzbekistan: Uzbekistan bans activities of foreign political parties
Tajikistan: 1Q24 CA deficit comes in at 3.4% of GDP
Tajikistan: Inflation inches down to 3.5% YoY in Jun
Tajikistan: GDP growth steady at 8.1% YoY over Jan-May
Tajikistan: Ministry of Energy of Tajikistan hopes to receive confirmation of Rogun's financing in August

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