Azerbaijan’s current account surplus in the balance of payments is projected to reach 32.2% of gross domestic product (GDP) this year and fall to 30.2% in 2024, Report informs referring to the updated April edition of the Bank’s Asian Development Outlook.
The total trade surplus is projected to rise by 6.4% in 2023 and drop by 5.6% in 2024.
Imports will decline in 2023 due to lower domestic demand, but will increase in 2024 due to faster economic growth and a recovery in demand.
In 2023, the deficit in the services sector will decrease by 5.8% with an increase in receipts from transport and tourism services and by 16.7% in 2024. However, the costs associated with reconstruction in the liberated Azerbaijani territories may increase the deficit in the services sector.