Inflation rate at 10.2% y/y and -0.1% m/m in May 2016
Annual CPI inflation rate inched up to 10.2% in May 2016 from 9.7% in the previous month, according to AzSTAT. In May, food prices were up 10.6% y/y (+0.9ppts m/m), non-food prices were up 15.6% y/y (+0.1ppts m/m), and service sector prices were up 4.8% y/y (+0.1ppts m/m).
On a monthly basis, inflation rate was -0.1% in May 2016. Food prices were down 0.7% (-0.8ppts m/m), non-food prices were up 0.3% y/y (-0.2ppts m/m), and service sector prices were up 0.2% (+0.2ppts m/m).
World Bank revised Azerbaijan’s growth forecast for 2016 from +0.8% to -1.9%
Azerbaijan’s economy is forecast to contract 1.9% in 2016 and return to growth in 2017, according to the World Bank’s Global Economic Prospects published in June 2016. GDP is forecast to grow 0.7% and 1.3% in 2017 and 2018 respectively.
Customs Committee receipts up 45.4% y/y in May 2016
Helped by VAT receipts, Customs Committee revenues increased 45.4% y/y to AZN 206.3mn in May 2016 and 36.1% y/y to AZN 850.6mn in 5M16. However, in US$ terms receipts increased 1.5% y/y to US$ 137.3mn in May and were down 15.7% y/y to US$ 550.1mn in 5M16.
Ministry of Taxes’ tax revenue in 5M16 was 3.2% above the budgeted level
Ministry of Tax revenues were down 0.5% y/y to AZN 0.5bn in May 2016 and down 5.8% y/y to AZN 2.7bn in 5M16. However, in 5M16 tax revenues were 3.2% above the budgeted level.
