The surplus in 6.1 billion dollars (in comparison with 2017 growth was 3.6 times) was formed in the balance of payments of Azerbaijan following the results of 2018 on the account of the current operations, ONA reports.
According to the report, it includes the surplus of the oil and gas sector increased by 1.7 times (5.5 billion dollars) which was 12.9 billion dollars, in comparison with last year the balance deficit of the current operations on non-oil sector increased by 19.6% (1.1 billion dollars) which was 6.8 billion dollars.
As a result, the surplus of the oil and gas sector completely covered the deficit of non-oil sector.
The main factors of the COB surplus are as follows:
- Increase of surplus 1,6 times in foreign trade
- Increase in export of oil-gas sector in 40%, non-oil sector 10%
- Reduction of deficiency in balance of services of 1.6 times, including of 1.9 times on construction services (1.1 billion dollars) and by 1.5 times (392 million dollars) on other business services;
- Growth of the repeating balance of income by 3.2% (23 million dollars).
The general surplus of the balance of payments for 2018 was created due to increase in prices for oil for 33% and also positive trends in balance of the current operations. The surplus of 6.1 billion dollars which was formed in COB caused growth of reserve assets by 3.5 billion dollars.
It should be noted that, while calculation of the balance of payments the actual average price of crude oil was 69.6 dollars (in 2107 – 52.4 dollars).