The Ministry of Finance submitted a draft law ‘On State Budget for 2017’, which is much different from the version of the document, which was submitted to the public six weeks ago.
The updated version of the bill will be discussed in Parliament. Independent experts have identified a difference of costs for many articles of the state budget, which are directed to the increase in defense spending and construction. It is about 1 billion 666 million manat.
The costs of servicing the public debt will be reduced from the first version of the bill by 127 million manat. The law enforcement agencies will be allocated 19 million manat less than envisaged earlier. The science costs will be cut by 6.8 million, education – by 126 million, health care – by 30.4 million, sport – by 201 million, social protection - by 64.7 million, and art and culture – by 19.5 million manat.
According to the new text of the document, to support entrepreneurship AZN 35 million will be allocated, which is 102 million manat less than was indicated in the pre-text. Farm costs (in a new project - 479 million manat) will fall by 305.5 million manat.
In addition, costs not included in the main sections of the budget (in the new project - 884.4 million manat) will be cut by 633.3 million manat.
Overall, the changes have affected 15 sections and subsections of the expenditure part of the budget for 2017.
State budget revenues for 2017 are provided at the level of 15 billion 955 million manat, and expenses – at the level of 16.6 billion manat. ----- 08D
Economics
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Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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