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Azerbaijanâ€™s budgetary position will return toÂ surplus this year for the first time since 2014 â€“ S&P

27 January 2018 09:13 (UTC +04:00)

We forecast that the government's budgetary position will return to surplus this year for the first time since 2014, the international rating agency Standard and Poor's (S&P) noted in the information on Azerbaijan’s sovereign credit rating, APA-Economics reported.

According to the information, foreign exchange reserves are increasing as balance of payments pressures abate.

“We forecast Azerbaijan's GDP growth to average 3.3% over the next four years following an earlier contraction brought about by the 2014 fall in
oil prices. As a consequence, we are revising our outlook on the long-term ratings to stable from negative and affirming the 'BB+/B' foreign and local currency ratings,” said the information.