IMF: Azerbaijan one of 3 CIS countries with expected current account surplus

Baku, Azerbaijan, Oct. 10

By Azad Hasanli – Trend:

Azerbaijan is one of three countries in the post-Soviet space, where current account surplus is expected in 2017, according to the World Economic Outlook October 2017 update “Seeking Sustainable Growth Short-Term Recovery, Long-Term Challenges” of the International Monetary Fund (IMF).

In 2017, the current account surplus in Azerbaijan will be 1.9 percent of GDP, according to the report. This year, the surplus is also expected in Russia (2.8 percent of GDP) and Uzbekistan (0.9 percent of GDP).

The current account is one of the categories under which different transactions are categorized in the balance of payments. In the current account, goods, services, income and current transfers are recorded.

In the first half of 2017, the current account surplus in Azerbaijan amounted to almost $785.6 million, according to the country’s Central Bank (CBA).

Given that the Azerbaijani government forecasts a one percent increase in Azerbaijan’s GDP in 2017 to 61.4 billion manats, the current account surplus may amount to 1.17 billion manats before the end of the year.

IMF’s forecast on current account surplus and deficit in the CIS and Georgia (in % of GDP):

(1.7002 AZN = $1 on Oct. 10)