Deficit in Azerbaijan's balance of services grows 65%

In the first quarter of 2020, the surplus of the current account balance (CAB) of Azerbaijan amounted to $646.3 million, 59,7% less compared to the same period last year, the Central Bank of Azerbaijan told Report.

In particular, the CAB surplus in the oil and gas sector decreased by 19.2% to $ 2.4 billion, while the CAB deficit in the relevant field rose by 28.4% to $ 1.8 billion. As can be seen from the figure, the total residue of the CAB is due to the balance of the oil and gas sector, including the foreign trade balance. However, this figure declined by 24.7% over the past year to $1,873.1 million.

In January-March 2020, the overall cost of services in Azerbaijan's economic relations stood at $2.2 billion.

During the corresponding period, the oil and gas sector saw a deficit of $ 566.5 million, while the non-oil industry had a $109.7 million balance.

The total value of transactions with foreign countries on recurring revenues is estimated at $356.9 million.