Business confidence index in non-oil sector grows in Azerbaijan
Baku, Azerbaijan, Sept. 13
By Eldar Janashvili - Trend:
Business confidence index, calculated on the basis of monitoring the real sector, has grown in the non-oil industry over the past month, decreased in trade and remained unchanged in the services and construction sectors, Trend reports referring to the press service of the Central Bank of Azerbaijan (CBA).
In the context of expanding consumer and non-oil investments, most of the leading indicators of the cycle tend to grow. In particular, growth in the non-oil sector amounted to 3 percent and was mainly provided by the private sector.
Given the current level of oil prices, a positive foreign trade balance has been reached. According to preliminary data, for the first eight months of this year, exports increased by 5.1 percent, including non-oil sector growth by 15.4 percent, while the growth rate of non-oil imports amounted to 11.7 percent.
Given the surplus balance of payments, the demand in the foreign exchange market continues to grow.