BAKU, Azerbaijan, Mar.31
By Zeyni Jafarov - Trend:
Amid an unfavorable external environment, the current account balance, which is the main component of the balance of payments, was close to stable in 2020, Trend reports with reference to the Central Bank of Azerbaijan (CBA).
“The change in export prices mainly influenced the balance of payments. Also, a balancing effect on the balance of payments was played by a decrease in imports of goods and services of the non-oil sector in the context of a pandemic,” the CBA said.
According to the CBA, the current account deficit in Azerbaijan last year amounted to $227.6 million, or 0.5 percent of GDP, while in 2019, a surplus of $4.36 billion was formed in the country's balance of payments.
Earlier, the Standard & Poor's (S&P) international rating agency published a forecast that the current account balance of Azerbaijan in 2021 will be at the level of 0.4 percent of GDP, in 2022 due to current transactions in GDP it will remain in surplus and will reach 2.5 percent, and in 2023 and 2024 - will increase to 4.5 and 4.4 percent, respectively.
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