The State Statistical Committee has provided a breakdown of budget spending in the first half of the year. According to him, the budget receipts totaled 8.2 billion manat, and expenses amounted to 7.4 billion manat with surplus of 815 million manat (there is a discrepancy between the statistics, referring to yesterday's report of the Ministry of Finance and the Minister of Finance, who reported a 9 billion 525 million in revenue and 8 billion 730 million cost.)
Approximately half (44.9% or 3.3 billion) of spending is directed at economic development, 10.3% (766.1 million) - at social protection and security, 18.5% (1.4 billion) - at public sector wages, pensions and benefits, 9.2% (681.6 million) - education and health care. The remaining 17.1% were spent on other needs. --17D—
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review