Gross domestic product of Azerbaijan to surpass revised estimate - official

Economy Materials 27 May 2024 13:03 (UTC +04:00)
Gross domestic product of Azerbaijan to surpass revised estimate  - official
Elchin Mehdiyev
Elchin Mehdiyev
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BAKU, Azerbaijan, May 27. The nominal amount of Azerbaijan's GDP will exceed the adjusted figure, Chairman of the Accounts Chamber Vugar Gulmammadov said, Trend reports.

He made the remark during the discussion of amendments to the law “On the state budget of Azerbaijan for 2024” at today's meeting of the Azerbaijani Parliament's Committee on Economic Policy, Industry and Entrepreneurship.

According to him, the Accounts Chamber reached the above conclusion based on an analysis of economic trends in Azerbaijan over the first four months of this year.

Gulmammadov emphasized that the analysis of the presented data shows that in the revised draft state budget for 2024, the ratio of the non-oil base deficit to the non-oil GDP of the 2024 budget review is forecasted at 24.5 percent, indicating a slight deviation from the corresponding indicator, i.e., the framework of the budget rule.

According to him, several factors influenced the deviation from the target.

"The first factor is that the growth of basic expenditures in the consolidated budget, according to the revised draft, exceeded the growth of non-oil revenues in the consolidated budget. An interesting point is that the reduction in interest expenses in the budget also negatively impacted the budgetary order. Secondly, the growth of GDP in the non-oil and gas sector was very insignificant," he added.

To note, Azerbaijan's GDP grew by 4.3 percent from January through April 2024, year on year, to 38 billion manat ($22 billion).

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