Pithy data commentary

CAUCASUS / CENTRAL ASIA - Report 18 Sep 2023 by Ivan Tchakarov

We comment on the key data and news in the Caucasus and Central Asia:

Armenia: Aug marks third consecutive month of deflation.
Armenia: Central bank cut the refinancing rate by 50bpts to 9.75 percent.
Armenia: Seasonally adjusted GDP grew in 2Q23 on a QoQ basis.
Armenia: IMF looking to upgrade 2023 GDP growth.
Azerbaijan: Inflation declined to 8.0 percent YoY in Aug.
Azerbaijan: Current account surplus falls to a still strong 10.1 percent of GDP in 2Q23.
Azerbaijan: FDI prints at US$3.0bn in 1H23 as oil and gas sectors dominate.
Georgia: Government upgrades 2023 GDP growth to 6.5 percent.
Georgia: Opposition starts its own impeachment procedure against the Prime Minister.
Georgia: FDI was strong at US$506mn in 2Q23.
Georgia: Trade deficit stabilizes in Aug, but remains large.
Georgia: Remittances on a gradual declining trend in Aug.
Uzbekistan: Government to raise electricity and gas prices for corporates from Oct 1.
Uzbekistan: Inflation inches up in Aug, creating challenges for policymakers.
Uzbekistan: Central bank keeps policy rate unchanged, adds hawkishness to message.
Uzbekistan: IFC makes record investment in Uzbekistan to boost sustainable growth, foster inclusion.
Uzbekistan: Uzbekistan-Afghanistan-Pakistan railway to provide much needed sea access to landlocked Tashkent.
Tajikistan: 5th summit for Central Asian presidents in Dushanbe brings little to boast about.
Tajikistan: EIB is considering involvement in the Rogun HPP project.

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