Azerbaijani state budget surges with 97% increase in surplus

The Azerbaijani state budget recorded revenues totaling 18,842.9 billion manats ($11.084 billion) and expenses amounting to 16,052.1 billion manats ($9.442 billion) in the first half of 2024.

This marks increases of 21.7 per cent and 14.1 per cent, respectively, compared to the same period of last year. As a result, the state budget achieved a surplus of 2,790.8 billion manats ($1.641 billion) over the six-month period, reflecting a 97 per cent rise from the surplus recorded in January-June 2023, the Azerbaijani State Statistics Committee told Caliber.Az.

The Azerbaijani state budget plays a crucial role in managing the country's finances, funding public services, infrastructure projects, and social programs. The budget derives its revenue primarily from taxes, including income tax, corporate tax, value-added tax (VAT), and customs duties. Additionally, revenues may include income from natural resources, such as oil and gas, which have historically been significant contributors.

Expenditures from the state budget cover various sectors, including education, healthcare, defense, infrastructure development, social welfare, and public administration. These allocations are crucial for maintaining public services and supporting economic growth. Historically, oil revenues have been a dominant factor in Azerbaijan's budgetary dynamics. The volatility in oil prices necessitates careful fiscal planning and management to mitigate risks and ensure sustainable economic growth.