Budget earns 30 million from tourism
Growth of taxation for local hotels and hotel-type facilities amounted to 65.9%. According to the State Statistics Committee, these objects have paid taxes to the state budget in the amount of 29,951,300 manat.
According to static report "Tourism and Services in Azerbaijan", in 2008-2013 the local hotels and hotel-type facilities increased tax payments to the state budget by 2.14 times; by January 1, 2014 in the country operated 530 hotels and hotel-type facilities (+3.1% per year.)
Total number of rooms in these hotels and facilities is 16,559 (4.2%), the number of employees - 8 259 thousand (+12.8%). Revenues of hotels and hotel-type facilities in 2013 totaled $171,255,900 manat (11.2%). For comparison - the budget of Georgia last year increased by $730million. --17D—
Economics
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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.
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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.
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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.
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"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.
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