Baku, Azerbaijan, Apr. 1
By Anvar Mammadov – Trend:
The current account deficit of Azerbaijan's balance of payments amounted to $1.36 billion in 2016, said the balance of payments of the Central Bank of Azerbaijan (CBA).
The current account surplus of Azerbaijan's oil and gas sector stood at $4.4 billion in 2016 compared to 6.55 billion in 2015, according to the balance of payments.
Additionally, the current account surplus of the country's oil and gas sector covers 76.3 percent of the deficit of the non-oil sector totaling $5.8 billion, which is 15 percent less than in 2015.
The current account deficit decreased by 69.4 percent and amounted to $2.8 billion in 2016 (or $2.3 billion without considering dollarization).
The analysis of the balance of payments in various sectors has shown that, as in previous years, foreign economic operations in the oil and gas sector had a positive balance, while those in the non-oil sector had a negative balance in 2016.
The total volume of the foreign trade turnover stood at $22.2 billion, while the surplus of the foreign trade balance stood at $4.2 billion in 2016.
Azerbaijan maintained trade relations with 186 countries during the reporting period. Some 14 percent of trade turnover accounted for the CIS countries, while 86 percent accounted for other countries.
Azerbaijan's reserve assets decreased by $539 million in 2016 compared to a $11.33-billion decrease in 2015.