BAKU, Azerbaijan, April 11. Azerbaijan’s current account balance is expected at 19.2 percent of the GDP in 2023, Trend reports via the latest World Economic Outlook from the International Monetary Fund (IMF).
According to the report, the forecast for the current year has been downgraded from the previous outlook of October 2022 (31.4 percent of the GDP).
The IMF economists estimate the country's current account balance at 17.4 percent in 2024, and 8 percent in 2028 (9.6 percent of the GDP in 2027, according to October 2022 forecast).
Azerbaijan’s current account balance in 2022 is estimated at 30.5 percent (15.2 percent in 2021, according to IMF outlook).
Meanwhile, according to the WB forecast, the current account surplus of Azerbaijan’s balance of payments in 2023 will amount to 19.2 percent of the GDP. The WB analysts predict a current account surplus of the balance of payments in 2024 at the level of 14.8 percent of GDP, and in 2025 – 13 percent of GDP.
According to the Central Bank of Azerbaijan (CBA), the current account surplus of Azerbaijan in 2022 increased by 2.83 times year-on-year increasing from $8.3 billion to $23.5 billion (29.8 percent of Azerbaijan's GDP). At the same time, the current account surplus in the oil and gas sector doubled to $28.7 billion over the last year, while the non-oil sector recorded a deficit of $5.2 billion (a decrease of 9.4 percent).