IMF revises its forecasts regarding current account surplus in Azerbaijan

The International Monetary Fund (IMF) forecasts Azerbaijan's current account balance surplus to be 6.1% of GDP in 2024, Report informs, citing the fund's October issue of the World Economic Outlook.

In April, the IMF projected this figure at 8.5% of GDP. In the new report, the fund estimates the surplus for 2025 at 5.9% of GDP (compared to the April forecast of 8.1%), and for 2029 at 0.4% (previously 4.3%).

In 2024, the current account surplus in the Middle East and Central Asia region is expected to be 1.7% of GDP, and 0.8% in 2025. According to forecasts, the deficit will be 0.3% of GDP in 2029.

In 2023, Azerbaijan's current account surplus amounted to $8.33 billion, which is equal to 11.5% of GDP. Compared to 2022, the surplus decreased by 64.5% or 2.8 times due to the cheapening of oil and gas.

The Central Bank of Azerbaijan expects the current account surplus to be $7 billion (9.6% of GDP) in 2024, and $6 billion (7.9% of GDP) in 2025.