Azerbaijan’s current account balance has $4B surplus

In January-September 2021, the surplus of the current account balance of Azerbaijan amounted to $3,939.1 million. However, in the same period last year, there was a deficit of $208.3 million, Report informs, citing the Central Bank of Azerbaijan.

The surplus was formed due to the balance in the foreign trade balance in the amount of $6,406 billion (2.7 times more), a deficit in the balance of services in the amount of $1.765 billion (14% less), a deficit in the balance of initial income in the amount of $1.065.2 million (33.1% more) and a surplus in the balance of secondary income in the amount of $363.3 million (20.9% more).

During the reporting period, the current account deficit of the balance of payments amounted to 0.7% of GDP. Over the past year, the current account balance in the oil and gas sector decreased 2.3 times, to $4 billion, and the current account deficit in the non-oil and gas sector went down by 19.1%, to $4.2 billion.