IMF forecasts current account surplus in Azerbaijan

Business Materials 24 May 2013 15:45 (UTC +04:00)

Azerbaijan, Baku, May 24 / Trend E. Aliyev /

The International Monetary Fund (IMF) predicts a current account surplus in the Azerbaijani balance of payments in 2013 of 10.6 per cent of GDP. This figure is projected at six per cent of the country's GDP in 2014, IMF said today.

According to the report, the current account surplus amounted to 20.3 per cent in Azerbaijan in 2012.

'The further reduction in current account balances in oil and gas exporting countries in the Caucasus and Central Asia is forecasted in 2013-2014', the report said. 'This reflects the expanding tax-budget policy in Azerbaijan and moderate decrease in the projected world energy prices'.

According to the IMF forecasts, economic growth in Azerbaijan, greatly supported by strong growth in non-oil sectors, will recover in 2013-2014 with the beginning of the stabilisation of oil production.

Real GDP growth as of late 2013 is projected at 4.1 per cent. In 2014, this index is expected to hit 5.8 per cent compared to 2013.