(MENAFN- AzerNews)
Ulviyya Shahin Read more
According to recent updates, Azerbaijan is poised to generate asurplus in its current account by the end of 2024 if the nation'scurrent trends persist, Azernews reports, citing the Central Bankof Azerbaijan (CBA).
"The surplus in the trade balance, which is the main componentof the balance of payments, amounted to $2.3 billion in the firstquarter of this year," the Central Bank (CBA) reports.
The International Monetary Fund (IMF) forecasts Azerbaijan'scurrent account surplus to be at 8.5% of GDP for 2024. Meanwhile,the World Bank predicts Azerbaijan's medium-term current accountsurplus to be at 7.5% of GDP.
It's worth noting that in 2023, Azerbaijan's current accountsurplus amounted to $8,329.4 million or 11.5% of GDP. Compared to2022, the surplus decreased by 64.5% or 2.8 times, which isattributed to the depreciation of oil and gas in 2023.
Based on the balance of payments, the average price of oil perbarrel was $85.9 in 2023, whereas it was $103.7 in 2022.
The surplus in the oil and gas sector amounted to $17,091.5million (a 40.4% decrease), while in the non-oil and gas sector, itamounted to $8,762.1 million (a 68.9% increase).
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