BAKU, Azerbaijan, July 20. The economic activity index of the oil sector in Azerbaijan has exceeded the long-term average since the second quarter of 2021, Trend reports via the cross-sector financial flows analysis report of the Central Bank of Azerbaijan (CBA).
According to the report, the above index has also shown stable dynamics since the first quarter of 2022.
"In the oil sector, the steady growth recorded in the fourth quarter of 2021 resumed in March 2022 after a slowdown at the beginning of this year. As a result, the activity index of the non-oil sector at the end of the reporting period exceeded the long-term average annual deviation," the report said.
Totally, in the second quarter of 2022, incoming payments grew by three billion manat ($1.7 billion) or 19.8 percent on annual basis, up to 18.3 billion manat ($10.7 billion).