World Bank expects Azerbaijan's current account surplus to increase

The World Bank forecasts that the ratio of Azerbaijan's current account surplus to the gross domestic product (GDP) will be 22.7% in 2022, while it figure was 15.2% in 2021, Report informs, citing the Bank.

According to the WB, the ratio of Azerbaijan's current account surplus to GDP is expected to fall to 16.5% next year and 12.3% in 2024.

According to the World Bank's report on the economic prospects of Europe and Central Asia issued in October 2021, this figure was projected at 6.4% in 2022 and 4.5% in 2023.

The international rating agency Fitch Ratings forecasted that the ratio of Azerbaijan's current account surplus to GDP will be 23.7% in 2022, 15.8 percentage points more than the previous forecast.

Last year, Azerbaijan's current account amounted to $8,291.6 million. However, in 2020, there was a deficit of $227.6 million on this indicator.

Over the past year, the current account in the oil and gas sector increased 2.8 times to $14 billion, while the deficit in the non-oil and gas sector increased by 7.7% to $5.7 billion.