Non-oil sector dominates state budget revenues

With the revision, the revenues in the 2024 state budget are projected to be 36 billion 353 million manats, which is 2 billion 180 million manats, or 6.4 percent, more than the previously approved figure, Azernews reports.

These numbers are detailed in the amendment bill to the law "On the State Budget of the Republic of Azerbaijan for 2024," discussed during the Economic Policy, Industry, and Entrepreneurship Committee meeting of the Milli Majlis on May 27.

According to the draft law presented in the first reading, 48.9 percent (17 billion 769 million manats) of the state budget revenues are allocated to the oil sector, while 51.1 percent (18 billion 584 million manats) are allocated to the non-oil sector.

From January to April 2024, the non-oil sector contributed 6 billion 867.4 million manats to the state budget revenues, an increase of 434.4 million manats, or 6.8 percent, compared to the same period the previous year. During this period, the non-oil sector accounted for 51.8 percent of the state budget revenues.