Azerbaijani tourists spent $3B in foreign countries

Business Materials 31 March 2018 12:35 (UTC +04:00)

Baku, Azerbaijan, March 31

By Anvar Mammadov - Trend:

Non-residents provided services worth $8.1 billion to Azerbaijani citizens in 2017, according to the balance of payments of the Central Bank (CBA).

Meanwhile, residents of Azerbaijan rendered services worth $4.7 billion to foreign citizens and companies registered abroad.

These figures totaled $7.5 billion and $4.5 billion, respectively, in 2016.

As a result, the balance of services generated a deficit of $3.4 billion ($3 billion in 2016) during the period, including $277 million in the non-oil sector (a decrease by 1.5 times).

The remaining part of the deficit accounted for the oil and gas sector and $2.4 billion out of this amount accounted for the services rendered to residents of Azerbaijan in the construction sector.

According to the balance of payments, $2 billion accounted for mutual transportation services and $5.7 billion for tourism services.

Meanwhile, $2.7 billion accounted for tourism services rendered to citizens of Azerbaijan in foreign countries.