Azerbaijan’s foreign debt/GDP ratio will grow by 10 percent

Baku. 19 May. REPORT.AZ/ Ratio of Azerbaijan’s foreign debt to GDP is expected to rise by 10% to reach 30.4% comparing to January 1, 2017.

Experts group of Report News Agency notes that as of beginning 2017, Azerbaijan’s foreign debt made $6,913.2 mln, foreign debt/GDP ratio – 20.4%. In other words, GDP was equal to $33,900 mln. According to summary of first quarter, the national economy shrank by 1.2%.

According to forecasts of foreign financial institutions, GDP will drop by similar rate. This means that the GDP will be around $33,500 mln by the end of year. Azerbaijan’s foreign debts, considering IBA’s liabilities, will rise by $3.3 bln to amount roughly $10.2 bln. As a result, Azerbaijan’s foreign debt-to-GDP rate will make 30.4%. Thus, during the year, Azerbaijan may incur some additional debt obligations within frame of several projects.

At the same time, per capita foreign debt is expected to soar by 49% this year to hit $1,050.