Azerbaijan’s non-oil sector growth is inconsistent with GDP projections – official

BAKU, Azerbaijan, May 27. In the updated draft state budget for 2024, the projected revenue growth in the non-oil and gas sector was lower than the projected GDP growth in the corresponding sectors of Azerbaijan, President of the Accounting Chamber of the Republic of Azerbaijan Vugar Gulmammadov said: Trend reports.

He made the statement during the discussion on the amendment to the law “On the state budget of the Republic of Azerbaijan for 2024” at the meeting of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship.

Gulmammadov noted that actual revenues for the previous period of the current year, projected macroeconomic indicators by the end of the year, changes in expenditure in the revised project, expansion of the tax base and improved administration help tax and customs authorities realize budget revenue forecasts.

It is worth noting that from January to April 2024, Azerbaijan’s GDP increased by 4.3%. compared to the same period of 2023 – to 38.181 billion manats, or USD 22.46 billion, while value added in the non-oil sector increased by 7.7%.

According to the State Statistics Committee of Azerbaijan, 9.5% of the GDP structure was allocated to trade and vehicle repair, 6.9% to transport and storage, 6% to construction, 3.1% to agriculture, forestry and fish farming, 2.4% to the economy tourism sector, and 1.7 percent – information and communication. Other sectors of the economy accounted for 20%. GDP.

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