Surplus of Azerbaijan’s current account balance quintuples

Baku. 17 December. REPORT.AZ/ In January-September 2018 the surplus in current account balance amounted to $5.1 billion, up 4.8-fold from the previous year, Report informs referring to the Central Bank of Azerbaijan (CBA).

"Surplus on oil and gas sector doubled ($4.9 billion) to $9.9 billion, the current account balance on non-oil sector increased by 21% or $831 million to $4.8 billion. Consequently, the surplus of the oil and gas sector made up for the deficit in the current account balance on non-oil sector."

The surplus was formed by 42% rise in oil price and positive tendencies in the currency account balance. The surplus of $5.1 billion in the current account balance led to a $3.7 billion growth in reserve assets.

The foreign trade turnover made up $23.1 billion. The surplus of $12.9 billion on oil and gas sector covered the deficit of $5.6 billion in non-oil sector and surplus in foreign trade turnover grew 1.7-fold to $7.3 billion.