Deputy Minister: Azerbaijan's non-oil revenues outpace oil and gas growth

In Azerbaijan, the average annual growth rate of non-oil and gas revenues has exceeded that of oil and gas revenues by 7.8 percentage points, Deputy Minister of Finance Himalay Mamishov stated, Report informs.

Speaking during a joint session of the parliamentary committees on Youth and Sports, Public Associations and Religious Institutions, and Culture, Mamishov noted that thanks to the increase in non-oil and gas revenues, the indicator for covering current state budget expenditures has risen by 3.5 percentage points over the past period.

"For the preparation of next year's state and consolidated budgets, macroeconomic forecast indicators have been taken into account: the average annual export price of crude oil at $65 per barrel, average annual inflation at 4.8%, the manat exchange rate at 1.7 per USD, GDP growth at 0.9%, including 5% real growth in non-oil and gas GDP," the deputy minister said.

Mamishov further emphasized that under the leadership of President Ilham Aliyev, despite growing global economic uncertainty, Azerbaijan has maintained sustainable economic growth: "Positive dynamics have been ensured in fiscal and monetary outcomes. Numerous reform measures have been implemented to improve public welfare and strengthen state support for vulnerable groups. Enhancing the well-being of the people and reinforcing their social protection form the foundation of the president's social policy."