IMF expects current account surplus in Azerbaijan

By Azernews

By Sara Israfilbayova

Azerbaijan is one of three countries in the post-Soviet space, where current account surplus is expected in 2017.

The World Economic Outlook October 2017 update “Seeking Sustainable Growth Short-Term Recovery, Long-Term Challenges” of the International Monetary Fund (IMF) reads that in 2017 the current account surplus in Azerbaijan will be 1.9 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 one percent increase in Azerbaijan’s GDP in 2017 to 61.4 billion manats ($36.3 billion), the current account surplus may amount to 1.17 billion manats ($692 million) before the end of the year.

This year, the surplus is also expected in Russia (2.8 percent of GDP) and Uzbekistan (0.9 percent of GDP).

This year, the surplus is also expected in Russia (2.8 percent of GDP) and Uzbekistan (0.9 percent of GDP).

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

The IMF is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership.

The IMF's responsibilities: The IMF's primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other.  

Azerbaijan joined the Fund on September 18, 1992.