Azerbaijani Central Bank forecasts surplus in current account in 2023

By Trend

Surplus of foreign trade in Azerbaijan increased by 3 times from January through July 2022, compared to the same period the previous year, Trend reports via Central Bank of Azerbaijan (CBA).

"According to the balance of payments, the current account surplus amounted to 27.6 percent of GDP in the first half of the year. High world prices for major export commodities, the realization of non-oil export potential, as well as the growth of remittances incoming to the country create conditions for the formation of a large current account" said the CBA.

The forecasts for international organizations stated that world prices for products that form the basis of Azerbaijan's exports will remain high next year. The current account surplus in the first half of the year increased compared from January through June last year by $8.4 billion, or 5.5 times - from $1.8 billion to $10.3 billion.

In the current account surplus of the oil and gas sector, an increase of 2.7 times is recorded, up to $12.5 billion. The non-oil sector recorded a deficit of $2.2 billion (a decrease of 17.9 percent).

The volume of foreign trade turnover amounted to $24.8 billion in the first half of 2022. 9.9 percent of the volume of foreign trade turnover fell on the CIS countries, 90.1 percent - on the far abroad countries.

The Central Bank forecasts a surplus in the current account of the balance of payments in 2022 at the level of 23-25 ??percent of GDP.