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Azerbaijan sees 38% rise in negative balance on income

Azerbaijan sees 38% rise in negative balance on income

13 December 2011 12:37 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-ECONOMICS. The total turnover of incomes and payments on revenue in BoP (balance of payment) was accounted $ 5,028.2 mln, in January-September, 2011.

Central Bank of Azerbaijan says $ 4,365.8 mln or 86.8% of this was payments from Azerbaijan, $ 662.4 mln or 13.2% - income related revenue.

Thus, the negative balance in BoP on income made $ 3,703.4 mln in 9 months of 2011, up 37.9% compared to a year.

Most of payments from Azerbaijan are repatriation of incomes of foreign investors of international oil-gas consortiums ($ 3,558.6 mln), wages for non-residents ($ 102.6 mln) and paid interests for using the foreign credits ($ 157.4 mln).

Totally, 97.6% or $ 3,614.8 mln of negative balance on income belonged to oil-gas sector, AZN 88.6 mln or 2.4% - to other spheres. Oil-gas sectorâ€™s payments exceeded the incomes by 122 times.

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