In comparison with 7 months of last year state budget revenues decreased by 2.5%
In January-July 2014 actual revenues to the state budget of Azerbaijan amounted to 11.1 billion manat (32.6% of GDP), down 2.5% compared to the same period last year. Processed data on government budget expenditures for the period increased by 0.9 percent to 10.3 billion manat (30.3% of GDP). Surplus (positive difference) - 774 million manat or 2.3% of GDP. Backlog of budget revenues compared with last year's counterparts observed since January.
The revenue of the state budget by 39.6%, or 4.4 billion manat provided by the Ministry of Taxes. Customs officers joined the treasury duties and taxes 868 100 000 manat or 7.8%, other sources, including the main weight of the SOFAZ, provided revenue up to 5.8 billion manat or 52.6%.
During the reporting period from the value added tax (VAT) to the state budget received 1.8 billion manat, or 16% of total revenues. Income tax has provided 1.6 billion manat or 14.2% of revenues, income tax - 549 mln. manat, excise tax - 466.5 million manat. Property tax is deposited in the state treasury 82.6 million manat, land tax - 21 million manat, tax on mineral resources - 74.9 million manat and tax on foreign operations - 431.9 million manat.
Most spent on investments in the economy - 4.6 billion manat or 45%. On the payment of salaries, pensions and allowances spent 21.7% or 2 billion 233,500,000 manat. Social security and protection of the public cost 1.1 billion manat - the proportion of 10.8%, education - in 833,300,000 manat (8.1%), health care - 345.8 million manat (3.4% ), maintenance of the prosecution, security, law enforcement, judicial authorities - 562.6 million manat (5.5%).
Recall revenues of the state budget for 2014 was estimated at 18.384 billion manat, expenses – 20 063 000 000 manat. The share of central revenues of 17 billion. 601,580,000 manat, and the rest - the share of local funding. -17D-
Economics
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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.
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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.
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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.
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"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.
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