Finance

Finance

Azerbaijan sees 10% decline in negative balance on incomes

13 June 2013 12:59 (UTC +04:00)

Baku. Vahab Rzayev – APA-ECONOMICS. The total turnover of receipts and payments on revenues in BoP (balance of payment) amounted to $ 1,525.3 mln, in January-March, 2013.

Central Bank of Azerbaijan says $ 1,342.8 mln or 88.0% of this was payments from Azerbaijan, $ 182.5 mln or 12.0% - receipts on revenue entered the country.

Thus, the negative balance in BoP on income made $ 1,160.3 mln in the first quarter of 2013, down 9.7% compared to a year. As it seems, the payments from Azerbaijan exceed the incomes to Azerbaijan by 7.4 times.

Most of payments from Azerbaijan are repatriation of incomes of foreign investors of international oil-gas consortiums ($ 1.2 bln), wages for non-residents ($ 48.2 mln) and paid interests for using the foreign credits ($ 99.8 mln).

$1,154.1 mln or 99.5% of negative balance on incomes falls to share of oil-gas sector, AZN 6.2 mln or 0.5% - to other spheres. Oil-gas sector’s payments exceeded the incomes by 608 times (payments – $1,156.0 mln, receipts - $1.9 mln). Regarding other spheres, the payments exceed receipts by 3.5% (payments - $ 186.8 mln, receipts - $180.7 mln).