Transfers from Oil Fund to Social Fund by November 1 Totaled 952 Million Manats
As of November 1, revenue of the State Social Protection Fund ( SSPF) amounted to 2 billion 208 million manats at just less expense ( 2 billion 119 million manats ) .
According to the Fund, the positive difference revenues were 4%, or 89 million manat.
In the structure of the fund in January-October, most of that (1 billion 253 million manats with a year's increase of 12%) were receipts for contributions of employers for compulsory social insurance. Of these, 57 % was the share of the private sector.
Transfers from the state budget to the budget of State Social Protection Fund for the period totaled, as expected, 952 million manat, the remaining proceeds for other positions.
The payment of pensions and allowances was 98 % of the costs.
Recall, the income and expenses of SSPF for 2013 were approved at the level of 2 billion 632 million 695 thousand manats. -17D-
Economics
-
The labor market in Azerbaijan in 2024 presents a mixed picture: a slight decrease in the unemployment rate alongside growing challenges in addressing youth employment issues. Despite significant progress in formalizing employment and creating jobs, the mismatch between labor force growth and job availability remains a pressing issue.
-
SOCAR Turkey, the largest foreign investor in Turkey, held a press conference in Istanbul to review its 2024 operational results. The event, attended by Azerbaijani media representatives, featured insights from SOCAR Turkey CEO Elchin Ibadov and Refining and Petrochemical Business Unit Head Kenan Mirzayev.
-
Azerbaijan’s energy sector remains the backbone of its economy, contributing nearly half of government revenues, buoyed by elevated oil prices. Despite a gradual decline in oil production, the rate of decrease has slowed, reflecting a stabilized approach to managing the country’s hydrocarbon resources.
-
Azerbaijan navigated a turbulent economic period in 2024, characterized by inflationary pressures, persistent fears of devaluation, and limited structural reforms. While official data pointed to moderate inflation, deeper vulnerabilities and growing public dissatisfaction cast a shadow over the country's financial stability, economist Gubad Ibadoglu noted.
Leave a review