Monthly Review of the Caucasus Economy - October 2023

In the South Caucasus, economic growth and inflation were high in 2022. However, both macroeconomic indicators have decreased this year. As of the first eight months of 2023, the Caucasus economic growth is 4.1%, where Armenia is outstanding. In the latter, the growth rate remains at double-digit. Inflation in Azerbaijan stays high, while in Georgia and Armenia, it has decreased remarkably. Under these circumstances, the National Bank of the Republic of Azerbaijan (NBA) has decided to keep the policy unchanged, while in Georgia and Armenia, the policy continues to ease.

See the attached file for the entire document.


Gnomon Wise, Egnate Shamugia