Surplus of Azerbaijan's current account balance grows almost fivefold

In January-September 2022, a surplus of $17.71 billion was created in Azerbaijan's current account balance, Report informs, citing the Central Bank of Azerbaijan.

According to CBA, this figure is 4.5 times higher than the same period last year.

The total surplus in the foreign trade balance, $21.178 billion (3.3 times more), was formed thanks to a deficit in the balance of services of $1.433 billion (18.8% more), a deficit in the balance of the primary income of $4.3 billion (4 times more) and the surplus of $2.270 billion (6.3% more) in the recurring income balance.

"During the reporting period, the current account balance amounted to 30.7% of the value of the gross domestic product (GDP). In the oil and gas sector, the current account balance increased by 2.6 times compared to the same period last year and reached $21.4 billion, while the current account balance in the non-oil and gas sector decreased by 12.1% to $3.7 billion," CBA said.