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Current account surplus of Azerbaijan’s oil, gas sector revealed

Business Materials 18 September 2017 11:15 (UTC +04:00)
The current account surplus of Azerbaijan's balance of payments amounted to $786 million in the first half of 2017
Current account surplus of Azerbaijan’s oil, gas sector revealed

Baku, Azerbaijan, Sept. 18

By Anvar Mammadov – Trend:

The current account surplus of Azerbaijan's balance of payments amounted to $786 million in the first half of 2017, said the balance of payments of the Central Bank of Azerbaijan (CBA) Sept. 18.

The current account surplus of Azerbaijan's oil and gas sector stood at $3 billion in the first half of 2017, compared to $2 billion in the same period of 2016, according to the balance of payments.

The current account surplus of the country's oil and gas sector fully covers the current account deficit of the non-oil sector totaling $2.2 billion in January-June 2017, which is 21.4 percent ($635 million) less than in the same period of 2016.

The financial account surplus was $398 million in the first half of 2017, compared to financial account deficit of $2.2 billion in the same period of 2016.

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 the reporting period.

The total volume of the foreign trade turnover stood at $10.7 billion, while the foreign trade surplus stood at $3.5 billion in the first half of 2017.

Azerbaijan maintained trade relations with 171 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 increased by $1.4 billion in the first half of 2017 compared to a $1.25-billion decrease in the same period of 2016.

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