Fitch: High gas price will increase ratio of Azerbaijan's current account surplus to GDP

Finance
  • 30 April, 2022
  • 11:04
Fitch: High gas price will increase ratio of Azerbaijan's current account surplus to GDP

"Upward revisions of Fitch's oil price forecast (to average USD100/b in 2022 and USD80/b in 2023) and the high gas price (partly offset by higher repatriation of profits) underpin our forecast for the current account surplus to rise by 11.6pp in 2022 to 26.8% of GDP, and then moderate to 18.4% in 2023, still the highest in the 'BB' peer group," said Fitch Ratings Agency, Report informs.

"Sovereign foreign-currency assets rose to $52.4 billion at end-1Q22 (equivalent to 29.8 months of current external payments) from USD51.2 billion at end-3Q21. This includes sovereign oil fund (SOFAZ) assets of $45.3 billion, which have been broadly flat this year as higher energy revenues offset investment losses," it said.