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Nazrin Abdul

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In 2024, state budget expenditures reached 95 percent of the forecast (39.7 billion), totaling 37.7 billion manat. This is 1.3 billion manat, or 3.4 percent, more than in 2023.

Azernews reports that this was stated by Azer Amiraslanov, Chairman of the Committee on Economic Policy, Industry and Enterprising of the Milli Majlis (Parliament) of Azerbaijan, during the discussion of the draft law “On the Execution of the State Budget of the Republic of Azerbaijan for 2024” at today's parliamentary session.

The MP noted that the state budget deficit was 551.8 million manat, which is 6.1 times less than the approved forecast of 3.3 billion manat. Consequently, the deficit's share of GDP fell from the projected 2.8 percent to 0.4 percent.

"The consolidated budget revenues amounted to 48.0 billion manat, with expenditures at 43.0 billion manat. Although a deficit of 2.1 billion manat was projected, a surplus of 5.1 billion manat was actually achieved.

By the end of 2024, the ratio of the non-oil base deficit of the consolidated budget to non-oil GDP was 20.6 percent, below the targeted upper limit of 24.0 percent.

Similarly, the state debt to GDP ratio stood at 21.7 percent, well below the medium-term target of 30.0 percent," the committee chairman added.