BAKU, Azerbaijan, June 30. Reducing the
dependence of the state budget of Azerbaijan on oil revenues is one
of the state's top priorities, the Minister of Finance, Sahil
Babayev, said during the discussion of the draft law "On the
implementation of the state budget of Azerbaijan for 2025" at
today's session of the parliament, Trend's correspondent reports from the
event.
"In recent years, consistent reforms carried out in the country
have ensured the sustainable development of the non-oil sector.
During the reporting period, GDP in the non-oil and gas sector
amounted to 92.3 billion manat ($54.3 billion), accounting for
71.5% of total GDP. This represents 2.7% real growth compared to
2024," he explained.
The minister noted that the share of non-oil revenues in the
consolidated budget reached 55.2%, and the share of non-oil taxes
reached 25%, which is 2.8 percentage points and 2 percentage points
more compared to the previous year, respectively.
"The share of non-oil revenues of the state budget in total
revenues has increased from 43.3% to 52% in the last 5 years. It's
planned to increase the share of non-oil revenues to 57.4% in the
2026 state budget.
Besides, the coverage ratio of current expenditures with non-oil
revenues during the reporting period was 92%. This is 7.5
percentage points more than the forecast, and 0.2 percentage points
more than in 2024.
By the end of the medium-term period, that is, by 2029, our goal
is to bring this indicator to 100%.
The dynamics of the mentioned figures show that the development
of the non-oil sector and reducing the dependence of the state
budget on oil revenues are one of the main priorities of the state.
Measures are being continuously implemented to increase revenues in
the non-oil sector and diversify their sources, and the issue is
constantly being monitored," Babayev added.
