ADB: Current account surplus in Azerbaijan to exceed 26% of GDP this year

The current account of Azerbaijan's balance of payments is expected to have a surplus of about 26.2% of gross domestic product (GDP) this year, and 21.2% in 2023, according to the Asian Development Bank's Asian Development Outlook (ADO) for September, Report informs.

Compared to April, these forecasts have changed upwards by 6 percentage points, 4.3 percentage points, respectively.

According to the document, the current account surplus in the Caucasus and Central Asia region will increase significantly.

The region's current account surplus will increase from the projected 0% in ADO 2022 to 2.2% of gross domestic product (GDP) this year and from 0.2% to 1.5% in 2023.

As predicted, the current account surplus will increase for 5 out of 8 countries of the Bank region.

"The current accounts of Azerbaijan, Kazakhstan, and Turkmenistan will benefit from higher oil and gas exports. Deficits in Georgia and Uzbekistan will narrow due to increased inward money transfers. But Armenia's deficit will be wider due to higher imports," reads the ADO 2022 update.