CaucasusInvestment Group
Caucasus Investment Group

CIG Data

Charts on the region's economies, markets and capital flows. Each states its source and period, and the data behind it can be downloaded.

CIG Data · Armenia

Armenia's ICT exports grew every year, through the boom and after it

ICT services exports, USD m, 2017–2025

$0$500$1,000$1,500$2,0002017$2122018$2362019$2622020$3282021$3822022$7112023$1,0742024$1,1812025$1,502
$0$500$1,000$1,500$2,0002017$2122018$2362019$2622020$3282021$3822022$7112023$1,0742024$1,1812025$1,502
Source: World Bank, World Development Indicators (BX.GSR.CCIS.CD), balance-of-payments data, updated 13 July 2026.Download data (CSV)Caucasus Investment Group

Used in: Armenia's Technology Economy After the Boom: What Stayed

CIG Data · Armenia

In 2025 Armenia earned more from ICT exports than from remittances

ICT services exports and personal remittances received, USD bn, 2019–2025

$0.00$0.50$1.00$1.50$2.00$2.502019202020212022202320242025ICT exportsRemittances
$0.00$1.00$2.00$3.002019202120232025ICT exportsRemittances
Source: World Bank, World Development Indicators (BX.GSR.CCIS.CD; BX.TRF.PWKR.CD.DT), updated 13 July 2026.Download data (CSV)Caucasus Investment Group

Used in: Armenia's Technology Economy After the Boom: What Stayed

CIG Data · Azerbaijan

Gas exports to Europe have plateaued well short of the 20 bcm target

Azerbaijani gas exports, bcm. The EU–Azerbaijan target is at least 20 bcm a year to the EU by 2027

0.010.020.030.02022202320242025Total exportsTo Europe
0.010.020.030.02022202320242025Total exportsTo Europe
Source: Ministry of Energy of Azerbaijan (2022, 2024, 2025, the last via AZERTAC); 2023 via Enerdata citing the ministry.Download data (CSV)Caucasus Investment Group

Used in: Azerbaijan After Peak Oil: What the Non-Oil Economy Can Carry

CIG Data · Azerbaijan

Azerbaijan's non-oil growth has slowed sharply since 2022

Real growth, %, 2020–2025

-5.0%0.0%5.0%10.0%202020212022202320242025Non-oil GDPTotal GDP
-5.0%0.0%5.0%10.0%2020202220242025Non-oil GDPTotal GDP
Source: State Statistical Committee of Azerbaijan; 2023 non-oil growth from the World Bank Macro Poverty Outlook (April 2024).Download data (CSV)Caucasus Investment Group

Used in: Azerbaijan After Peak Oil: What the Non-Oil Economy Can Carry

CIG Data · Azerbaijan

Azerbaijan's oil output has fallen by a third in a decade

Oil production including condensate, million tonnes, 2016–2025

0.020.040.060.0201641.0201738.7201838.8201937.5202034.5202134.6202232.6202330.2202429.1202527.7
0.020.040.060.0201641.0201738.7201838.8201937.5202034.5202134.6202232.6202330.2202429.1202527.7
Source: Ministry of Energy of Azerbaijan (2020–2025); SOCAR via AZERTAC (2016–2017); SOCAR data via Neftegaz.ru (2018). 2019 is a CIG calculation from the ministry's statement that 2020 output was 3.0 Mt lower.Download data (CSV)Caucasus Investment Group

Used in: Azerbaijan After Peak Oil: What the Non-Oil Economy Can Carry

CIG Data · Azerbaijan

The oil fund now pays out more than it receives from oil and gas

SOFAZ oil and gas revenue and transfers to the state budget, AZN bn

Oil and gas revenueTransfer to state budget0.05.010.015.0202510.314.5H1 20265.06.4
Oil and gas revenueTransfer to state budget0.05.010.015.0202510.314.5H1 20265.06.4
Source: State Oil Fund of Azerbaijan, results releases of 27 January 2026 and 23 July 2026.Download data (CSV)Caucasus Investment Group

Used in: Azerbaijan After Peak Oil: What the Non-Oil Economy Can Carry

CIG Data · Georgia

Dollarisation has fallen steadily, with a political setback in 2024

Share of bank deposits and loans in foreign currency, %, year-end

0.0%20.0%40.0%60.0%80.0%202020212022202320242025DepositsLoans
0.0%20.0%40.0%60.0%80.0%2020202220242025DepositsLoans
Source: IMF, Georgia Article IV Consultations 2025 and 2026 (2024–25 from the 2026 report).Download data (CSV)Caucasus Investment Group

Used in: Georgia's Capital Markets: A Banking System with a Stock Exchange Attached

CIG Data · Georgia

Georgian finance is almost entirely bank balance sheets

Size of each market as a share of GDP, %, end-2025

0.0%50.0%100.0%150.0%Commercial bank assets103.0%Treasury securities10.9%Pension Fund assets7.8%Listed corporate bonds2.6%Georgian Stock Exchange equity0.6%
0.0%50.0%100.0%150.0%Commercial bank assets103.0%Treasury securities10.9%Pension Fund assets7.8%Listed corporate bonds2.6%Georgian Stock Exchange equity0.6%
Source: National Bank of Georgia, Capital Market Overview Q4 2025; Geostat. Pension Fund share is a CIG calculation (GEL 8.2bn assets ÷ GEL 104.6bn GDP).Download data (CSV)Caucasus Investment Group

Used in: Georgia's Capital Markets: A Banking System with a Stock Exchange Attached

CIG Data · Middle Corridor

Corridor tonnage fell in 2025, after three years of rapid growth

Trans-Caspian route, cargo in million tonnes. Containers rose 36% in 2025 to 76,900 TEU (TITR Association)

0.002.004.006.0020221.5020232.7620244.4820254.12
0.002.004.006.0020221.5020232.7620244.4820254.12
Source: Ministry of Transport of Kazakhstan, as reported by Astana Times, 10 March 2026 (2023–2025); Kazakhstan's Vice-Minister of Trade, as reported by Astana Times, 23 May 2023 (2022).Download data (CSV)Caucasus Investment Group
CIG Data · Middle Corridor

Baku's container berths are filling up; the rail lines are not

2025 volume as a share of rated capacity, %

0%20%40%60%80%Port of Baku containers71%Port of Baku total cargo55%Georgian Railway28%Azerbaijan–Turkey rail transit on BTK6%
0%20%40%60%80%Port of Baku containers71%Port of Baku total cargo55%Georgian Railway28%Azerbaijan–Turkey rail transit on BTK6%
Source: CIG calculation. Baku: 107,000 TEU and 8.2 Mt (World Bank via Trend) against current container capacity of about 150,000 TEU (World Bank) and 15 Mt phase-one cargo capacity. Georgian Railway: 13.3 Mt (Geostat) against 48 Mt (Civil.ge). BTK: about 275,000 t of Azerbaijan–Turkey rail transit (Report.az) against 5 Mt line capacity (ADY).Download data (CSV)Caucasus Investment Group