ADB: Azerbaijan’s current account surplus to double
Baku, Azerbaijan, April 3
By Sara Israfilbayova – Trend:
The Asian Development Bank (ADB) forecasts a doubling of the current account surplus in Azerbaijan to 13.6 percent of the country's GDP in 2019, Trend reports referring to a report by the Asian Development Bank (ADB).
The report says that this figure will be equal to 10.8 percent in 2020.
Gas exports to other countries, conducted as part of the 2nd stage of development of the Shah Deniz field, will also contribute to the growth of exports next year. With an increase in gas production at the Shah Deniz 2 field, exports will increase an additional 1 percent in 2020.
It is also expected that imports will grow by 11.1 percent during the same period, in order to meet domestic demand.
Regarding the parameters of the state budget, ADB expects that state budget revenues in 2020 will amount to 33.2 percent of GDP, and 32.2 percent during the current year. The growth in revenues for the next year is associated with an increase in hydrocarbon revenues, an increase in customs duties, and changes in tax legislation.
Azerbaijan was admitted to ADB membership on December 22, 1999. The country's share in the bank’s capital is 0.5 percent.
Since 2003, the bank has approved loans to Azerbaijan worth over $4 billion for the implementation of 69 projects in the public and private sectors.