Official: Azerbaijan's budget revenue grows due to oil prices increase

By Azernews

By Ayya Lmahamad

State budget revenue has reputably grown owing to an increase in oil prices, Deputy Finance Minister Azar Bayramov has said, Azernews reports.

He made the remarks at a meeting of the parliamentary committee on economic policy, industry and entrepreneurship.

Bayramov emphasized that the growth tendency will continue until the end of this year.

"We predict certain inflation forecasts, but its increase is largely related to imports. In connection with the reforms being carried out by the State Tax Service, we expect nominal GDP growth," he opined.

Expressing confidence that the State Tax Service will provide business entities with new cash registers, he noted that the implementation of this project will contribute to the creation of new tools to encourage entrepreneurship in the future.

Moreover, he added that the work carried out in the economic sector brings positive results.

"The ongoing work will contribute to a further increase in the budget revenue, the formation of a legislative framework, and ensuring of the transparency of doing business," he said.

In 2021, the state budget revenue amounted to AZN26.3 billion ($15.4bn) which is 3.8 percent more than the approved forecast. Meanwhile, the state budget expenditures amounted to AZN27.4 billion ($16.1bn), which is 3.9 percent less than the forecast.

The state budget deficit amounted to AZN1 billion ($600m), which is 67.1 percent less than the approved forecast.