BAKU, Azerbaijan, May 27. In the updated draft state budget for 2024, the anticipated revenue growth in the non-oil and gas sector fell short of the forecasted GDP growth in the relevant sectors of Azerbaijan, Chairman of the Chamber of Accounts of the Republic of Azerbaijan Vugar Gulmammadov said, Trend reports.
He made the statement during the discussion of amendments to the “On State Budget of the Republic of Azerbaijan for 2024” law at the meeting of the Milli Majlis' (Parliament) Committee on Economic Policy, Industry and Enterprising.
Gulmammadov noted that actual revenues for the current year's previous period, anticipated macroeconomic indicators by year-end, changes in expenditures in the revised draft, tax base expansion, and improved administration all help tax and customs authorities meet their budget revenue forecasts.
To note, from January through April 2024, Azerbaijan's GDP grew by 4.3 percent compared to the same period of 2023 - up to 38.181 billion manat, or $22.46 billion, while the value added in the non-oil sector grew by 7.7 percent.
According to the State Statistics Committee of Azerbaijan, 9.5 percent of the GDP structure was attributed to trade and repair of vehicles, 6.9 percent to transport and warehousing, six percent to construction, 3.1 percent to agriculture, forestry and fish farming, 2.4 percent to the tourism sector and 1.7 percent to information and communication. Other sectors of the economy accounted for 20 percent of GDP.
Stay up-to-date with more news at Trend News Agency's WhatsApp channel