Azerbaijan's Non-Oil and Gas Revenues Rise by More Than 6%

In the first quarter of this year, Azerbaijan's state budget revenue from the non-oil and gas sector totaled 4.96 billion manats (around $2.9 billion), exceeding the forecast by 3.4% and surpassing last year's figures by 6.1%.

The non-oil and gas sector accounted for 50.9% of total budget revenues during this period, according to the Ministry of Finance, The Caspian Post reports citing local media.

Breaking it down, 65.1% or 3.22 billion manats ($1.9 billion) of the non-oil and gas sector’s income came from tax authorities. Customs duties contributed 28.9% or 1.43 billion manats ($840 million), while 2.8% or 136.7 million manats ($80 million) came from paid services provided by state-funded organizations. Other revenues accounted for 3% or 154.9 million manats ($90 million), and a modest 0.2% or 10.4 million manats ($6 million) came from state property rentals.

Overall, the state budget's total income amounted to 9.73 billion manats ($5.7 billion), with expenditures totaling 8.12 billion manats ($4.8 billion). These figures reflect a 5.4% increase in income and a 1.6% decrease in expenditures compared to the same period last year.

Budget revenue execution stood at 101.8%, while expenditure execution was at 98%.