Azernews.Az

Azerbaijan forecasts that the current account surplus of the balance of payments will stand at $16-17 billion by the end of 2012, chairman of the Central Bank of Azerbaijan Elman Rustamov said at a meeting of the Cabinet of Ministers on Wednesday presided by President Ilham Aliyev, state news agency AzerTac reported.

The meeting was dedicated to the results of the country's socio-economic development in the first nine months of 2012 and its further challenges.

According to the CBA, the current account surplus of payment balance amounted to $8.2 billion in the first half of 2012, whilst in 2011 it was $17.1 billion.

"Azerbaijan's economy demonstrates its stability and development in the first nine months of 2012," he said. "During the reporting period, the non-oil sector of the economy increased by more than 10 per cent. During the last four years, the share of the non-oil sector in the GDP increased by five percentage points."

He said Azerbaijan has strengthened its position in the group of countries with its average income. "GDP per capita exceeds $10, 000," he said. "Azerbaijan leaves 100 world countries behind on this index."

The processes reflect the diversification in the structure of trade and balance of payments is evident.

"The volume of exports exceeds imports three fold," he said. "Exports of non-oil goods and services in 2012 are expected to reach $5 billion which exceeds the figure of 2008 two fold. Export of services also increases. It hits 60 per cent of the country's non-oil exports today."