Aug CCA highlights: Armenia and Georgia keep policy rates unchanged, Azerbaijan revises down 2025 GDP growth, remittances to Uzbekistan keep on growing
I touch on the key macro-political events in the South Caucasus during the latest month:
Armenia: CPI declines to 3.4% YoY in Jul
Armenia: Central Bank keeps policy rate unchanged at 6.75%
Armenia: Government debt inches down in 2Q25
Armenia: GDP grows by 5.9% YoY in 2Q25
Armenia: Monthly economic indicator increases by 9.0% YoY in Jul
Armenia: Armenia approves export stimulation strategy for 2025-2030
Armenia: Tourist arrivals fall to 1.2mn over Jan-Jul
Armenia: Yerevan and Baku pen a formal pre-peace agreement
Armenia: Fitch says peace framework may support positive credit trends
Armenia: Samvel Karapetyan initiates investment arbitration against Armenia over ENA
Armenia: Armenia hires international law firm to defend ENA arbitration case
Armenia: Armenia's 2026 budget does not foresee a significant increase in defense spending
Armenia: Armenia and Iran to raise ties to strategic partnership
Armenia: Russia supports creating "Trump route" if Yerevan considers it necessary
Azerbaijan: GDP grows by 0.9% YoY during Jan-Jul
Azerbaijan: Azerbaijan revises down 2025 GDP growth forecast
Azerbaijan: CPI moderates to 5.0% YoY in Jul
Azerbaijan: Public debt amounts to US$15.2bn as of Jul 1
Azerbaijan: Foreign arrivals to Azerbaijan fall 1.7% YoY in January–July 2025
Azerbaijan: Average export price during Jan-Jul was US$73.6 per barrel
Azerbaijan: EIA reveals forecast for liquid hydrocarbon production in Azerbaijan
Azerbaijan: US intends to bring Azerbaijan into Abraham Accords
Azerbaijan: Azerbaijan starts exporting gas to Ukraine
Azerbaijan: Azerbaijan starts natural gas exports to Syria via Turkey
Azerbaijan: Georgian, Azerbaijani and Kazakh railways include Chinese CRCT in Middle Corridor joint company
Azerbaijan: Turkey holds groundbreaking ceremony for railroad between Kars and Nakhchivan
Georgia: CPI rises to 4.3% YoY in Jul
Georgia: Monthly economic indicator strengthens to 6.5% YoY in Jul
Georgia: S&P affirms Georgia at BB
Georgia: FX reserves keep on rising in Jul
Georgia: NBG buys record-high US$417mn in Jul
Georgia: NBG keeps policy rate unchanged at 8.00%
Georgia: Geostat revises 2024 FDI data
Georgia: Remittances increase in Jul
Georgia: Unemployment rate falls to 14.3% in 2Q25
Georgia: PPI increases to 3.6% YoY in Jul
Georgia: EMAAR subsidiary Eagle Hills opens sales office in Georgia
Georgia: NBG says acquisition of Liberty Bank by Basisbank will not restrict competition
Georgia: Government issues decree on construction of 18-km road to the Anaklia port
Georgia: 17 parties register for local elections
Georgia: Lelo and For Georgia name Irakli Kupradze as joint Tbilisi mayoral candidate
Georgia: PM says Georgia will be ready to join the European Union by 2030
Georgia: US does not join UN Security Council's statement condemning Russia for 2008 war
Uzbekistan: CPI increases by 8.9% YoY in Jul
Uzbekistan: Inflation expectations broadly constant in Jul
Uzbekistan: FX reserves rise to US$48.7bn in Jul
Uzbekistan: Trade deficit posts at US$1284mn in Jul
Uzbekistan: Gas production declines by 3.4% YoY over Jan-Jul
Uzbekistan: Money transfers increased by 21.4% YoY in April-June
Uzbekistan: Tourist arrivals increase by nearly 49% YoY in 1H25
Uzbekistan: Gas price subsidies to remain in place until 2028
Uzbekistan: Solar and wind power supplied 17% of electricity in July
Uzbekistan: Uzbekistan presents interim report on tourism development strategy through 2040
Uzbekistan: In June, the CBU became the largest buyer of gold in the world
Uzbekistan: IMF publishes FSAP mission report
Uzbekistan: World Bank says it will take Uzbekistan more than 100 years to reach high-income status
Uzbekistan: Uzbekistan aims to boost uranium production to 7200 tons by 2030
Uzbekistan: Exporters complain about strong currency
Uzbekistan: The new Tashkent airport is scheduled to be built by 2030
Uzbekistan: NMMC is preparing dual IPO in Uzbekistan and UK
Uzbekistan: ADB: Uzbekistan aims to become Central Asia’s transit hub
Uzbekistan: Starlink may become available in Uzbekistan in 2026
Tajikistan: GDP grows by 8.1% YoY during 1H25
Tajikistan: Inflation rises by 3.5% YoY in Jul
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