Surplus of 1.5B manats expected in Azerbaijan’s state budget this year

For the nine months of this year, Azerbaijan has achieved extremely positive results in the economic sphere. The country’s economy is rapidly recovering from the recession caused by the COVID pandemic, Finance Minister Samir Sharifov said during the discussion of the bill“On Azerbaijan’s state budget for 2022” at a meeting of the parliamentary committee on economic policy, industry and entrepreneurship, Report informs.

“In January-September, the country’s real GDP growth amounted to 4.8%, including growth in the non-oil sector at 6.2%. Tax revenues of the state budget exceeded the forecast figure by 1.67 billion manats (20.2%), customs revenues - by 352 million manats (12.4%). Provided that expenditures are less than the projected figure, a surplus of 159 million manats was formed in the budget, while, according to the forecast, a budget deficit of 839 million manats was expected.

It is expected that by the end of this year, the budget surplus will amount to 1.5 billion manats. In such conditions, it was considered expedient to reduce the transfer from the State Oil Fund by 850 million manats and transfer the saved funds for next year,” the minister said.