Azerbaijan to lower external debt

According to the forecasts of the international rating agency Standard & Poor's, the external debt of the Azerbaijani government will be low due to the expected budget surplus, the agency said on Friday. Azerbaijan's external debt, amounting to 6 percent of GDP in 2011, is very small excluding loans under state guarantee, the agency said.

"GDP is expected to be reduced by 0.8 percent per capita due to the decline of oil production," the agency said. "This figure will increase by 1.9 percent in 2012."

The agency said that the medium-term prospects for the oil industry improved. Oil exports are expected to slightly increase and stabilize at around 50 million tons a year in 2014 for several years, and then again begin to decline.


/Trend/