The State Social Protection Fund (SSPF) reported the results of last year. According to this, there was a budget surplus - the advantage of income over expenditure is expressed in 25.5 million manat.
Total revenues for the state fund last year amounted to 2 billion 894,300,000 manat (223 million manat or 8.3% as of 1 January 2014). Traditionally, the largest share was contributions to compulsory social insurance - 1 billion 744,900,000 manat, 64.6% or 1 billion 126,400,000 manat of which is formed at the expense of the private sector. Proceeds from budget organizations amounted to 618.5 million manat and other expenses were 7.4 million manat. Transfers from the state budget were 1 billion 142 million manat.
The expenses were 2 billion 868,800,000 manat. To finance various types of pensions including labor pensions 2 738 500 000 manat was directed, and other benefits were 70.6 million manat.
The income and expenses of the SSPF in 2014 were approved at the level of 2 billion 928 million 452 thousand manat. --17D-
Economics
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The EBITDA (earnings before interest, taxes, depreciation, and amortization) of the State Oil Company of Azerbaijan (SOCAR) has been declining in recent years, as reflected in reports by international rating agencies and the company’s own financial statements. SOCAR’s financial report for 2024 is expected in the summer of 2025, but preliminary data from Fitch Ratings indicates a further decline in the figure.
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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