Armenia’s economic performance this year will be impeded by the impact of the Russian ruble depreciation and the expected drop in remittances from Armenian workers in Russia. We expected GDP growth to contract to just 1% in 2015 from over 7% in 2012.
Hydrocarbon based economy. Azerbaijan’s economy is very dependent on hydrocarbon exports. In 2014 this made up 44% of GDP, 70% of budget revenues and 95% of exports. The oil price drop will cut this year’s GDP growth to 2%, from almost 6% in 2013, and lead to an estimated budget deficit of 5% of GDP. The budget needs US$90 p/bbl to break even based on Finance Ministry estimates.