BAKU, Azerbaijan, June 8. The rise in prices for oil and gas products significantly affected the dynamics of Azerbaijan's balance of payments, Trend reports.
According to the Central Bank of Azerbaijan (CBA), Azerbaijan's current account balance has a surplus of $23.5 billion, or 29.8 percent of GDP.
The current account surplus for the oil and gas sector doubled compared to 2021 and amounted to $28.7 billion, while the current account deficit for the non-oil and gas sector decreased by 9.4 percent and amounted to $5.2 billion.
The growth of the balance of payments in 2022 was mainly influenced by the jump in oil and gas prices and the growth of non-oil and gas exports on world commodity markets. There was a surplus of $23.5 billion in the current account balance and a deficit of $12.5 billion in the capital flow balance.
Moreover, Azerbaijan's reserve assets increased to $9.4 billion in 2022.
According to the CBA, the average price of crude oil was $104 per barrel, and exports of non-oil and gas sector products increased by 15.4 percent to $2.9 billion last year.