1 Min Read
BAKU, Dec 19 (Reuters) - Azerbaijan saw a 5.3 percent drop year-on-year in foreign direct investment to $5.4 billion in the first three quarters of this year, the central bank said on Monday.
The extended slide in prices of oil, which together with gas account for about 75 percent of state revenues and 45 percent of the gross domestic product, hit growth, the budget, the balance of payments, the manat currency and foreign exchange reserves.
The ex-Soviet republic's central bank said 79.2 percent of total FDI in January-September went into the oil and gas sector. FDI to non-oil sector rose to $1.1 billion from $678 million in the same period a year ago.
Azerbaijan's net financial assets rose to $158 million, while obligations fell to $873 million.
Total FDI was $7.5 billion last year compared with $8 billion in 2014. (Reporting by Nailia Bagirova; Writing by Margarita Antidze; Editing by Alison Williams)