Azerbaijan sees nearly $4B surplus in Q1 current account

In the first quarter of 2022, there was observed a surplus of $3,952.7 million in the current account of Azerbaijan, up 6.3-fold from the previous year, Report informs, citing the Central Bank of Azerbaijan (CBA).

The Bank says the surplus was formed by a surplus of $5,447 million in the external trade balance, a gap of $627.5 million in the services balance, a gap of $961.8 million in the primary income, and a surplus of $95 million in the secondary income.

“In the reporting period, the surplus in the current account made up 22.4% of the GDP. The surplus on the oil and gas sector increased by 2.9-fold to $5.5 billion, while the deficit on the other sectors rose by 18.2% to $1.5 billion,” the Bank said.