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S&P: Azerbaijan’s current account balance is expected to post a surplus of around 3% in 2025–2028

06 December 2025 08:50 (UTC +04:00)

Azerbaijan’s external balance remains one of the country’s strongest credit indicators, supported by the large volume of foreign currency assets accumulated by the State Oil Fund (SOFAZ), APA-Economics reports, citing S&P Global Ratings.

It is noted that these buffers provide significant resilience against external shocks.

S&P emphasized that Azerbaijan’s external liquid assets will remain higher than the country’s external debt at least until 2028, while the net international investment position is expected to stand at around 76% of GDP over 2025–2028:
“Despite the economy’s exposure to fluctuations in terms of trade, the scale of Azerbaijan’s net external assets significantly reduces the impact of negative price cycles on external liquidity and the overall economy.”

According to S&P’s forecast, the current account balance will average around 3% of GDP in 2025–2028.
The agency added: “A small deficit may emerge in 2028 amid the stabilization of hydrocarbon production and rising import demand driven by investment needs.”