In January 2016 the state budget revenues amounted to 1 billion 349.6 million manats. The Ministry of Finance spent 516.4 million mantas of that.
Thus, a surplus was formed in the amount of 833.2 million manats, or 20.8% of GDP, according to State Statistics Committee.
Since the beginning of the year to finance public investment projects a single manat has not been spent, while in January 2015, investments from the budget were 807.8 million manats.
For social needs the state budget was allocated 203.9 million AZN, which was 1.2 million manats more than a year before. Education expenditures (27.4 million manats) decreased by 13.8%.
Running the judiciary, law enforcement agencies and the prosecutor's office amounted to 42.2 million manat in January, which is 38.4% more compared to January 2015. ----08D
Economics
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The State Oil Fund of Azerbaijan (SOFAR) reported revenues of $4.60 billion from the Azeri-Chirag-Guneshli (ACG) oil field in the January-September period of 2024, a decline of 12.1% compared to the same period last year. In 2023, SOFAR recorded revenues of $5.23 billion from ACG, the largest oil field in Azerbaijan.
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Azerbaijan launched its first trade forum on Monday to highlight the opportunities and challenges faced by small and medium-sized enterprises (SMEs). The forum, titled “Opportunities, Current Situation and Challenges for SMEs,” aims to strengthen dialogue between the public and private sectors while promoting international business cooperation.
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Vahid Magerramov, Head of the Public Association for Support of Agrarian Reforms, has raised concerns over rising consumer prices in Azerbaijan, warning that the inflation trend could have serious economic consequences for the country.
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Silk production in Azerbaijan decreased by 32.9% year-on-year in the first eight months of 2024, reaching 239.4 tons, according to data released by the State Statistics Committee. The decline was attributed to a reduction in the number of silkworm seeds distributed to farmers, reflecting a longer-term trend in the sector's contraction, noted agricultural expert Vahid Maharramov.
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