During 6 months, 2016 incomes of the consolidated budget totaled 9,626,700 AZN, while expenses – 8,226,100 AZN, reported the Azerbaijan Finance Ministry.
Incomes of the state budget totaled 6,133,800 AZN against the forecast of 7,771,500 AZN. The state budget expenses constituted 88.8% and totaled 6,821,500 AZN. As a result of that the budget deficit totaled 687,700,000 AZN.
The Taxes Ministry’s proceeds totaled 3,190,100 AZN. The non-oil sector ensured 77.8% or 2,481,100 AZN of incomes (+10.8% against the same period in 2015).
According to Turan, during this period incomes of the state budget from the oil industry totaled 2,469,000 AZN (4,618,600 AZN during 6 months, 2015), of which 709 million AZN (1,057 million AZN) has been paid by the oil companies and 1,760 million AZN (3,561,600 AZN) was transferred from the Oil Fund. The transfers from the Oil Fund were down 51.7% against the forecast.
The State Customs Committee ensured 995,400,000 AZN of proceeds to the state budget (+30.1%).-0—
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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