The law of Azerbaijan "On the execution of the state budget for the year 2015" has been approved. According to the report on the official website of the President, the profitable part was 17 billion 498 million AZN. The expenditure was at the level of 17 billion 784.5 million AZN (the deficit was 286.5 million AZN or 0.5% of GDP).
The bulk of the revenues, according to the current alarming tradition, took place at the transfers from the State Oil Fund (8 billion 130 million). The tax authorities transferred 7 billion 118.3 million AZN, and the State Customs Committee transferred 1 billion 591.9 million AZN, etc.
The bulk of budget spending (9 billion 763.1 million AZN) regarded the so-called current expenditure, including public sector wages and other social needs of 5 billion 665.9 million AZN. Capital expenditures, including investment projects, were at the level of 7 billion 316.9 million AZN, and public debt service absorbed 704.5 million AZN.
The balance on the single treasury account of the Ministry of Finance by January 1 was 1 billion 433.9 million AZN, which can be sent as part of the legislation to cover the budget deficit, as well as for servicing the external public debt. --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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