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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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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