Relying on the Ministry of Finance, the State Statistics Committee calculated that by April 1, the revenue part of Azerbaijan's state budget amounted to 3 billion 678.1 million manats and the expenditures were at the level of 2 billion 623.5 million manats (surplus was at the level of 1 billion 54.6 million manats or 8.4% of GDP).
The loan portfolio of the local banks and non-banking organizations by April 1 was equivalent to 20 billion 327.4 million manats (minus 1.8% to April 1 last year), of which 15 billion 565.9 million was long-term loans taken mainly for the purpose of business. The level of non-performing loans was 6.5% of the total portfolio.
Bank deposits reported by the SSC with reference to the Central Bank were at the level of 8 billion 77.3 million in the manat equivalent. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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