From 2003 till October 1, 2015 total amount of transfers from the SOFAZ to the state budget titaled 61,422,000,000 AZN.
Accroding to SOFAZ, during 9 months, 2015 total amount of transfers from the Fund to the budget totaled 5,650,000,000 AZN.
The State Oil Fund started transfers to the state budget of Azerbaijan in 2003.
Table of transfers from Oil Fund to state budget
years | Transfers in million AZN |
2003 | 100 |
2004 | 130 |
2005 | 150 |
2006 | 585 |
2007 | 585 |
2008 | 3 800 |
2009 | 4 915 |
2010 | 5 915 |
2011 | 9 000 |
2012 | 9 905 |
2013 | 11 350 |
2014 | 9 337 |
2015-forecast | 8 000 |
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Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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