BAKU, Azerbaijan, April 20. The Azerbaijani economy is less dependent on remittances from Russia, Deputy Head of the Market Analysis Department of the Russian Gazprombank Gulnara Khaidarshina told Trend.
According to her, the economy of Azerbaijan compared to other Commonwealth of Independent States (CIS) countries is less dependent on remittances from Russia.
"Inflow of remittances from individuals to Azerbaijan amounted to $1.1 billion in 2021. At the same time, the largest share (55 percent, or $623 million) fell on remittances from Russia," Khaidarshina said.
"According to our estimates, this volume is 1.1 percent of Azerbaijan’s GDP and significantly lower than the indicators of individual CIS countries. For example, remittances from Russia to Uzbekistan amounted to about eight percent of GDP last year," she noted.
"If remittances from Russia to Azerbaijan fall by six to eight percent in proportion to the likely decline in Russian GDP, Azerbaijan will lose about 0.1 percent of GDP. This will not have a significant impact on local demand, given that the share of cross-border remittances in household income does not exceed 2 percent," Khaidarshina added.
