Budget revenues from non-oil sector to amount to 25.3pct of non-oil GDP

25 April 2021 10:15 (UTC+04:00)

By Ayya Lmahamad

Azerbaijan’s budget revenues from the non-oil sector are expected to amount to 25.3 percent of the non-oil GDP, Day.az reported with the reference to International Monetary Fund.

Taking into account the Fund’s forecast on growth of non-oil GDP by 3.5 percent this year, an increase of actual volume of budget revenues from the non-oil sector in 2021 is also expected.

The share of budget revenues from the non-oil sector in GDP is expected to fall to 24.1 percent in 2022. It should be noted that the IMF forecasts non-oil GDP growth of 2.5 percent in 2022.

Earlier this week, Economy Minister Mikayil Jabbarov stated that the country’s non-oil and gas sector provided 72.4 percent of total tax revenues in the first quarter of the year, which is by 3.7 percent more compared to the same period of last year.

Budget revenues from the non-oil sector in Azerbaijan increased by 0.6 percent year-on-year in 2020 and amounted to AZN 10.6 million ($6.2M), which amounts to 21 percent of non-oil GDP.

Earlier, the IMF's World Economic Outlook for April projected Azerbaijan's economy to grow at 2.3 percent in 2021 and at 1.7 percent in 2022.

Additionally, according to the Regional Economic Outlook for the Middle East and Central Asia for April, the country's daily oil production is forecasted to amount to 680,000 barrels this year, which is by 10,000 barrels more than in the previous report. Meanwhile, the IMF has decreased its forecast of Azerbaijan’s daily oil production in 2022 to 660,000 barrels.

Azerbaijan joined the International Monetary Fund (IMF) on September 18, 1992. Since Azerbaijan's induction into the organization, the IMF has implemented several programs in Azerbaijan that foster economic growth.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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