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IMF: Azerbaijan to enter top 3 countries in CIS with current account surplus

Business Materials 9 April 2019 19:57 (UTC +04:00)
Azerbaijan is one of the three countries in the CIS, where the International Monetary Fund (IMF) expects a current account surplus
IMF: Azerbaijan to enter top 3 countries in CIS with current account surplus

Baku, Azerbaijan, April 9

By Azad Hasanli - Trend:

Azerbaijan is one of the three countries in the CIS, where the International Monetary Fund (IMF) expects a current account surplus, Trend reports with reference to the updated World Economic Outlook by of the International Monetary Fund (IMF) on April 9.

In accordance with IMF analysts’ forecasts, the current account surplus in Azerbaijan will be 11.7 percent of GDP in 2019, 13.3 percent of GDP in 2020 and 12.8 percent of GDP in 2024.

Current account forecast in the CIS countries for 2019, 2020 and 2024 (in percentage of GDP):

Region

2019

2020

2024

CIS

3.8

3.4

1.7

CIS (without Russia)

-1.5

-1.1

-1.2

Russia

5.7

5.1

3

Azerbaijan

11.7

13.3

12.8

Belarus

-4

-2.3

-2.3

Georgia

-8

-7.8

-7

Kazakhstan

0.1

0.6

1.5

Kyrgyzstan

-10.9

-8.6

-9.3

Moldova

-7.7

-8

-6.8

Tajikistan

-7

-6.8

-6.3

Turkmenistan

-2.3

-3.2

-5.7

Ukraine

-2.5

-2.4

-2.6

Uzbekistan

-5.6

-4.7

-4.4

Armenia

-4.6

-4.3

-4.5

According to the IMF’s October report, Azerbaijan’s GDP is expected at $35.04 billion in 2019. Consequently, the current account surplus for this year will be about $4.1 billion. For 2020, the forecast is $5.03 billion with a GDP of $37.79 billion.

According to the Central Bank of Azerbaijan (CBA), the current account surplus of the country’s balance of payments amounted to $6.05 billion in 2018, which is 3.6 times more than in the previous year ($1.68 billion).

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Follow the author on Twitter: @AzadHasanli

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