Surplus of State Budget of Azerbaijan for Seven Months Amounted to 3.6% of GDP
BAKU/16.09.13/TURAN : In January -July budget surplus ( positive difference between revenue and expenditure ) amounted to 3.6 % of GDP, or 1 billion 147.2 million manat. The Statistics Committee said with reference to the Ministry of Finance , during this period , budget revenues increased compared to the previous year by 17.5 % or 1690.2 million manat , expenses - 18.8% - 1618.5 million manats.
As of August 1, the state budget revenues amounted to 11 billion 371.4 million manat. The main burden (59.2 % ) forms the tradition of recent years not to tax , that is, transfers from the State Oil Fund. The remaining amount of income taxes fell to - 14.8 % tax on the profits of legal entities , 13.2 % - VAT 4.2% - a tax on individuals , 3.3 % - taxes on foreign trade , 3% - excise taxes, 2.3% - Other Forks tax revenues.
Expenses during the period were at 10 billion 224 million manats , most of which focus on the social sector and the financing of economic activities. In this case, 44.4 % , or 4 billion 540.2 million manats investment costs , 10 % or 1 billion 25.3 million manat allocated to social protection and social security . At about the same - 10.6 % or 1 billion 84.9 million manat allocated to education and health care.
Ministry of Finance report on the state budget in January -July, late, the State Statistics Committee figures do not reflect the same basic set of parameters. - 17B-
Economics
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Azerbaijan’s oil and condensate production and exports saw a marked decrease during the period from January to September 2024, continuing a downward trend compared to previous years.
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Investments in fixed assets in Azerbaijan totaled 12.7 billion manats ($7.5 billion) in the first nine months of 2024, down 3.9 percent compared to the same period last year, the State Statistics Committee said on Monday. Investment in the oil and gas sector fell by 8.4 percent, while investment in the non-oil and gas sector dropped by 1.6 percent.
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Industrial production in Azerbaijan rose by 1.3% year-on-year in the first nine months of 2024, reaching 47.8 billion manats ($28.2 billion), the State Statistics Committee reported on Monday. The growth was driven by a 0.6% increase in the oil and gas sector and an 8.7% rise in the non-oil and gas sector.
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As of September 2024, the labor market in Azerbaijan has demonstrated active activity, total employment has reached 1,754.9 thousand people. The labor force is almost equally divided between the state and non-state sectors, which employ 878.3 thousand and 876.6 thousand people, respectively, according to the State Statistics Committee.
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