BAKU, Azerbaijan, June 10. Analysts at S&P Global Ratings agency forecasted Azerbaijan's current account balance to reach 17.8 percent of GDP in 2023, Trend reports.
S&P estimated the country's current account balance at 15.6 percent of GDP in 2024, 14.4 percent in 2025 and 13.3 percent in 2026.
The current account balance of Azerbaijan in 2022 is estimated at 29.8 percent of GDP (15.2 percent in 2021).
Meanwhile, according to the forecast of the World Bank (WB), the current account surplus of Azerbaijan's balance of payments in 2023 will be 19.2 percent of GDP. The WB analysts predicted the current account surplus of the balance of payments at 14.8 percent of GDP in 2024 and 13 percent of GDP in 2025.
Besides, İnternational Monetary Fund (IMF) economists estimated the country's current account balance in 2023 at 19.2 percent of GDP, 17.4 percent in 2024 and eight percent in 2028.
According to the Central Bank of Azerbaijan, Azerbaijan's current account surplus in 2022 increased 2.83 times year-on-year, rising from $8.3 billion to $23.5 billion (29.8 percent of Azerbaijan's GDP). At the same time, the current account surplus in the oil and gas sector over the past year doubled to $28.7 billion, while the non-oil sector recorded a deficit of $5.2 billion (down 9.4 percent).