Thu Sep 12 08:51:48 UTC 2024: ## Azerbaijan’s Current Account Surplus Shrinks in First Half of 2024
**BAKU, Azerbaijan** – Azerbaijan’s current account surplus has decreased significantly in the first half of 2024, according to the Central Bank of Azerbaijan (CBA). The surplus reached $2.6 billion, a 49.07% decline compared to the same period last year.
This decline can be attributed to a drop in the oil and gas sector surplus, which fell by 15.4% to $6.9 billion. Meanwhile, the deficit in the non-oil sector increased by 41.1% to $4.3 billion.
Despite the decline, the current account surplus remains a significant contributor to Azerbaijan’s economy, accounting for 7.5% of GDP. The CBA projects the surplus to reach between $6-$7 billion by the end of 2024.
Last year, Azerbaijan saw a current account surplus of $8.3 billion, a significant reduction from the previous year.
The current account surplus reflects the difference between a country’s income from abroad and its payments to foreign entities. It is considered a key indicator of a country’s economic health.
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