Page 26 - Small Stans and Causcasus Outlook 2022

According to the most recent statistics, Armenia’s industrial output in
October 2021 was up 3.9% y/y, following a drop of 1.2% y/y in
September. Over the first eight months of 2021, industrial output grew
1.4% y/y from the same period in 2020, totalling AMD1.4tn ($2.875bn)
from January-August 2021.

2.6 Macroeconomy - Azerbaijan

Azerbaijan key economic figures and forecasts

2016 2017 2018 2019 2020 2021 2022

Nominal GDP (EUR bn) 48.17 42.61 52.65 45

Real GDP (% yoy) 2.48 -4.29 2.96 2.35

Industrial output (% yoy) 10.74 -5 5.5 1.8

Unemployment rate (avg, %) 4.8 7.2 6.4 6.3

Nominal industrial wages (% yoy) 11.4 2.6 2.6

Producer prices (avg, % yoy) 21.87

Consumer prices (avg, % yoy) 2.7 2.8 4.4 3.2

Consumer prices (eop, % yoy) 2.4 2.7 4.5 3.2

General budget balance (% of GDP) 9.08 -6.5 -1.83 0.74

Public debt (% of GDP) 17.66 21.37 28.88 28.92

Current account balance (% of GDP) 9.06 -0.53 7.81 7.72

Official FX reserves (EUR bn) 6.3 ?

Gross foreign debt (% of GDP) 17.7 21.4 28.9 28.9

EUR/LC (avg) 1.94 1.99 1.98

USD/LC (avg) 1.7 1.7 1.7

26 Small Stans & South Caucasus Outlook 2022 www.intellinews.com