Chamber of Accounts Offers Almost Non-deficit Budget for Next Year
The version of the state budget of Azerbaijan approved by the Chamber of Accounts provides for a deficit of 190.8 million manat, or 0.32% of GDP.
The revenue part of the basic law is expected to reach 16 billion 822 million, and the expenditure is AZN 17 billion 12.8 million. The deficit will be covered through the placement of government bonds by the Ministry of Finance.
Recall, the total GDP in 2016 is expected to reach 58 billion 816.5 million manat. The revenues of the state budget will be AZN 16 billion 822 million and the costs will be AZN 18 billion 495 million with a deficit of 1 billion 673 million manat (2.9% of GDP). --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