Azerbaijan posts balance of payments surplus at $15 billion

Azerbaijan posts balance of payments surplus at $15 billion
# 27 November 2008 09:06 (UTC +04:00)
The central bank said this figure represents a 2.5 times increase on the first half of 2008.
The surplus in balance of payment is chiefly boosted by the positive balance of trade.
The country’s foreign trade surplus was $33.7 billion for the three quarters this year with exports of $39 billion and imports of $5 billion.
However, other contents of the country’s balance of payment except foreign trade are usually negative. These indicators include balances of incomes and services, investments, investment repatriation, loans and other categories.
Interestingly, Azerbaijan’s current account surplus is positive due to foreign trade surplus while capital flow balance is negative.
So, these figures were + $9.71 billion and - $3.66 billion in the first half of 2008.
The International Monetary Fund said in an October update of World Economic Outlook that Azerbaijan will be second to Kuwait for GDP-current account balance ratio in 2008.
The report predicts the ratio for Azerbaijan at 38.3% in 2008 and 38.6% in 2009.
Last year GDP-current account balance ratio was 32.4% in Azerbaijan.
The ratio is expected to be 44.6% and 39.3% for Kuwait, followed by Saudi Arabia, Algeria, UAE, Singapore etc. Most countries will get current account deficit.