The trade surplus Azerbaijan surged to 20% of GDP in March, fueled by high energy prices, APA-Economics reports.
The trade surplus rose from 16.8% of GDP in February to 20%t of GDP in March, fueled by energy exports. Exports rose by 60% (YOY) in March.
Non-energy exports fell slightly (2% YOY) due to a decline in petrochemical exports.
The economy expanded by 0.4% year on year (YOY) in the first quarter of 2023. Inflation remained high, at 13.7% in March. In response, CBAR increased the policy rate by 25 basis points, to 9%.
The budget recorded a deficit in March as current expenditures increased: “Overall, the budget balance recorded a deficit of 1.6% of GDP in March, reducing the budget surplus in Q1, 2023 to 5.7% of GDP”
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