The Ministry of Finance published the operational version of the final report on execution of the state budget last year. So, the main financial source of income amounted to 18 billion 400,500,000 manat, expenses - 18 billion 699,300,000 manat with a deficit of 298.8 million manat or 0.5% of GDP.
In the structure of revenues, income from the Ministry of Taxes amounted to 7 billion 113.6 million AZN (the plan was executed by 100.2%), including 4 billion 306,600,000 manat from the non-oil sector (an increase of 14.3 % compared with 2013 year).
Income from the State Customs Committee made up 1 billion 510.8 million AZN (the plan was fulfilled by 100.1%), transfers from the State Oil Fund - 9 billion 337 million manat, and the rest was other income. In the fourth quarter of 2014 state budget revenues amounted to 4 billion 329,900,000 manat. According to the Ministry of Finance, for 2014, the budget expenditures on defense sphere increased by 2.1%, health care - by 7.5%, social protection and social security - by 12.6%, housing and communal services - by 4.7% and education - by 8.2%.
In the structure of expenditure the levels of social spending amounted to 4 billion 485,800,000 manat (the share was 24%), which is 9.9% more than in 2013. In 2014 the volume of investments will be made up of 6 billion 259 million manat, and the share will be 33.5%. In the fourth quarter of 2014 state budget expenditures amounted to 6 billion 5.8 million manat.
Azerbaijan's state budget for 2014 was approved with the revenues of 18 billion 384 million manat, and the expenses of 20 billion 63 million manat. The budget deficit is projected at 1 billion 679 million manat or 2.87% of GDP. --17D-
Economics
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As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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