Baku, Azerbaijan, May 20
Azerbaijan managed to neutralize the negative effects of the external economic factors as a result of the operative measures taken by the president, Azerbaijan's Finance Minister Samir Sharifov said May 20.
He made the remarks during the discussions on the draft law on execution of the 2015 state budget at the meeting of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship.
The rising geopolitical tensions in the region and the worsening external economic environment affected Azerbaijan's economic development, said the minister.
"This led to a decrease in the growth rate of the country's economy, a sharp reduction in foreign exchange earnings and in fact, brought the balance of payments surplus to zero," added Sharifov.
Nevertheless, the country succeeded to fulfill all the tasks related to the execution of the state budget, according to the minister.
Azerbaijan's state budget revenues stood at 17.498 billion manats in 2015 and 41.6 percent of the budget revenues accounted for the non-oil sector.