Fitch: Government balance surplus in Azerbaijan will be up to 10.9% of GDP

Fitch forecasts the surplus rises to 10.9% of GDP in 2022 on the back of further strong revenue growth, moderating to 5.2% in 2023 in line with lower energy prices in Azerbaijan, Report informs, citing Agency.

"The general government balance improved by 10.7pp in 2021 to a surplus of 4.2% of GDP, driven by high energy prices and, to a lesser extent, buoyant non-oil tax revenue and unwinding of pandemic support. We assume near full execution of planned expenditure on the territories reclaimed in the conflict with Armenia, averaging 2.1% of GDP in 2022-2023," it stated.