Surplus of Azerbaijan's current account balance nearly doubles

A surplus of $23.48 billion was formed in Azerbaijan's current account balance in 2022, Report informs, citing the Central Bank of Azerbaijan.

According to CBA, this figure is 2.8 times higher than the same period last year.

The total surplus in the foreign trade balance, $27.36 billion (2.4 times more), was formed thanks to a deficit in the balance of services of $1.359 billion (36% less), a deficit in the balance of the primary income of $5.487 billion (4.2 times more) and the surplus of $2.965 billion (6.5 times more) in the recurring income balance.

"During the reporting period, the current account balance amounted to 29.8% (15.2% in 2021) of the value of the gross domestic product (GDP). In the oil and gas sector, the current account balance increased by 2 times compared to the same period last year and reached $28.7 billion, while the current account balance in the non-oil and gas sector decreased by 9.4% to $5.2 billion," CBA said.