According to the State Social Protection Fund (SSPF) of Azerbaijan, the amendments to the state budget will be reflected in its income. This figure will increase by approximately 7.4% (from the 3,078,570,000 AZN approved by the Azerbaijani President to 3,307.36 million AZN).
As a rule, the bulk of the revenue of the deficit-free budget of the Fund amounts to compulsory social security contributions (4.2% - up to 2 billion 54.99 million), with the main share for the private sector (presumably + 22,540,000 to 1 billion 294.74 million manats).
Transfers from the state budget will also grow - according to expectations, by 13.3% to 1 billion 246 million manats.
Payment of pensions will be spent, supposedly 3 billion 136.1 million manats (the approved figure is 2 billion 923 million 588 thousand manats), and the payment of benefits will be AZN 102.85 million (approved is 87 million 557 thousand manats). --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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