By May 1, the budget filled to 35.35 %
By May 1, the Taxes Ministry remitted the state budget taxes and duties amounting to 2 billion 650.4 million (+5.4 % or 136.6 million compared to the same period last year). The share of this type of income in total GDP increased 0.2%. Aggregate national income made 6.5 bn (+35.35 %).
According to the ministry, the tax revenue to the state budget of Azerbaijan's regions in January-April increased by 18.2% compared to the same period last year. Fees from oil and gas sector companies not accounted for 1 billion 411.9 million (+15.3 % yoy).
Azerbaijan's state budget for this year was approved with revenues of 18 billion 384 million manats and expenditure of AZN 20 billion 63 million with a deficit of 1 billion 679 million manats , or 2.87 % of GDP. - 17D-
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- Economics
- 30 May 2014 12:08
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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