BAKU, Azerbaijan, Apr.5
By Zeyni Jafarov - Trend:
The deficit in the balance of primary income in the oil and gas sector of Azerbaijan amounted to $1.4 billion in 2020, Trend reports citing data on the balance of payments of the Central Bank of Azerbaijan (CBA).
Thereby, a surplus of $1 billion was recorded in the non-oil sector.
At the same time, the total deficit in the balance of primary income decreased by 4.5 times, amounting to $456 million.
“The total turnover of receipts and payments on primary income amounted to $4.2 billion. Of these, 55.5 percent, or about $ 2.3 billion, are payments to non-residents from Azerbaijan. A significant part of this amount, amounting to about $1.1 billion, received from the repatriation of income of foreign investors through international oil and gas consortia (mainly in the form of crude oil). Interest payments to non-residents on the portfolio of securities amounted to $300 million, and interest paid on the use of foreign loans at $500 million. Other fees made up approximately $400 million,” the CBA data reads.
The current account deficit in Azerbaijan in 2020 amounted to $227.6 million, or 0.5 percent of GDP, while in 2019, a surplus of $4.4 billion was formed in the country's balance of payments.
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