IMF outlooks surplus of $ 4.1 billion in Azerbaijan's current account balance

The surplus of Azerbaijan's current account balance is expected to reach $ 4.1 billion this year, said the International Monetary Fund (IMF).

According to the fund's forecast, this figure will increase slightly next year to $ 4.2 billion.

In addition, the IMF determines that the ratio of the surplus of the current account balance to gross domestic product (GDP) for 2021-2022 will be 7.8% and 7.7%, respectively.

According to the Central Bank of Azerbaijan (CBA), in January-June this year, the surplus in the current account balance of Azerbaijan amounted to $ 1,878,400,000 (3.1 times more than 2020).

The half-year surplus was formed by a surplus of $ 3,518,900,000 (up 53.9% year-on-year) in foreign trade, a deficit of $ 1.3 billion (down 2.1% ) in services, a gap of $ 558.4 million (10.4% growth) in primary income, and a surplus of $ 218.4 million (50.1% rise) in secondary income.

Over the past year, the surplus of the current account balance in the oil and gas sector increased by 40.7% to $ 4.6 billion, and the deficit of the current account balance in the non-oil sector rose by 1.8% to $ 2.7 billion.