BAKU, Azerbaijan, June 14
By Zeyni Jafarov - Trend:
The deficit in the balance of primary income in the first quarter of 2021 amounted to $377.1 million in Azerbaijan’s oil and gas sector while a surplus worth $177 million was observed in the non-oil sector, Trend reports on June 14 with reference to the balance of payments of the Central Bank of Azerbaijan (CBA).
As a result, the total deficit in the balance of primary income decreased by 2.3 times amounting to $200.1 million.
The total turnover of receipts and payments on primary income amounted to $1.2 billion. Some 58.6 percent or about $683.3 million of that amount accounted for the payments to non-residents from Azerbaijan.
A big part of this amount - about $351.1 million accounted for the repatriation of income of foreign investors in international oil and gas consortia (mainly in the form of crude oil).
Interest payments to non-residents on a portfolio of securities were estimated at $173.8 million while the interest paid for the use of foreign loans at $52.8 million. Other fees accounted for approximately $105.6 million.
The surplus of the current account balance in Azerbaijan in the first quarter of 2021 amounted to $627.7 million or 5.6 percent of GDP.
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