Azerbaijan’s GDP growth slowed to 0.8% YoY in the first eight months, compared to 5.8% during the same period last year, primarily due to declining oil production. The country’s trade surplus also halved in the first seven months of 2023, mainly due to falling exports. Separately, Serbia’s inflation rate stood at 11.5% YoY in August, slightly less than expected and down from 12.5% in July.