Finance

Finance

Azerbaijan sees 40% rise in negative balance on income

30 March 2012 09:30 (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 $ 6,897.3 mln, in 2011.

Central Bank of Azerbaijan says $ 5,878.6 mln or 85.2% of this was payments from Azerbaijan, $ 1,018.7 mln or 14.8% - income related revenue.

Thus, the negative balance in BoP on income made $ 4,859.9 mln in 2011, up 40.2% compared to a year.

Most of payments from Azerbaijan are repatriation of incomes of foreign investors of international oil-gas consortiums ($ 4,640.3 mln), wages for non-residents ($ 141.3 mln) and paid interests for using the foreign credits ($ 248.6 mln).

$ 4,622.4 mln or 95.1% of negative balance on income were formed by oil-gas sector, AZN 137.5 mln or 4.9% - by other spheres.

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. Payments on oil-gas sector exceeded the receipts by 31.3 times (payments $ 4,775, receipts - $ 152.6 mln).