BAKU, Azerbaijan, April 6. According to the forecasts of the World Bank (WB), the current account surplus of Azerbaijan’s balance of payments in 2023 will amount to 19.2 percent of GDP, Trend reports with reference to the WB report "Europe and Central Asia Economic Update, Spring 2023: Weak Growth, High Inflation, and a Cost-of-Living Crisis".
According to the source, the country benefited from high commodity prices, which favorably affected the balance of payments.
Moreover, the WB analysts predict a current account surplus of the balance of payments in 2024 at the level of 14.8 percent of GDP, and in 2025 – 13 percent of GDP.
According to the Central Bank of Azerbaijan (CBA), the current account surplus of Azerbaijan in 2022 grew by 2.83 times year on year increasing 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 doubled to $28.7 billion over the last year, while the non-oil sector recorded a deficit of $5.2 billion (a decrease of 9.4 percent).