BAKU, Azerbaijan, July 25. Azerbaijan will have the highest current account surplus in 2022 in more than a decade, Trend reports, citing S&P Global Ratings.
“Based on our 2022 Brent oil price forecast of $102 per barrel and projected oil production of an average of 0.72 million barrels per day (a 2.5 percent year-on-year decline as oil fields age), we expect a current account surplus of almost 24 percent of GDP in 2022, following a 15 percent of GDP surplus in 2021,” the report said.
According to S&P, giving the assumption that oil prices will decrease to $55 per barrel in 2024, Azerbaijan’s current account surplus “will turn into deficits toward the end of the four-year forecast”.
Also, according to the agency, Azerbaijan GDP growth in 2022 is projected at 3.5 percent, after a strong rebound of 5.6 percent in 2021.
Meanwhile, S&P Global has affirmed its 'BB+/B' long- and short-term foreign and local currency sovereign credit ratings on Azerbaijan with a stable outlook.
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