United Themes - Portfolio Management - Page 24 of 24

Country Profile Azerbaijan February 2015

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.

Russia Macro Monthly February 2015

No support for politics at any cost. Opinion polls are starting to show declining public support for the Kremlin’s campaign to control eastern Ukraine. Only 19% of people now believe that the region should be a part of Russia compared to almost 50% last spring. Concern over the cost of absorbing the region and the economic consequences of the crisis now outweigh nationalist ambitions.

Astana

+ 7 (717) 279 3260

Baku

+ 994 (12) 526 4257

London

+ 44 (0)20 8798 0742

Lviv

+ 380 (32) 242 4410

Moscow

+ 7 (495) 139 4703

Tashkent

+ 998 (71) 205 0837

Washington DC

+ 1 (202) 951 8444

Design by

Illustrations by Pernilla Iggstrom

Design by

Illustrations by Pernilla Iggstrom

Design by Jo Roper Design
Illustrations by Pernilla Iggstrom

Design by Jo Roper Design

Illustrations by Pernilla Iggstrom

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