Production in Azerbaijan's non-oil sector steadily growing

Business Materials 11 October 2020 18:23 (UTC +04:00)
Production in Azerbaijan's non-oil sector steadily growing

BAKU, Azerbaijan, Oct. 11

By Fidan Bababyeva - Trend:

The volume of production in the non-oil sector of Azerbaijan from January through August 2020 increased by 13.6 percent compared to the same period last year and amounted to 7.545 billion manat ($4.4 billion), Trend reports with reference to the data of the State Statistics Committee of Azerbaijan.

From January through August 2020, 8.68 billion manat ($5.11 billion) was allocated to fixed assets from all financial sources for the development of the socio-economic sphere of Azerbaijan.

According to the data, this is 0.7 percent more than a year earlier. In the structure of investments, 4.79 billion manat ($2.82 billion) or 55.1 percent of the funds used was directed to the country's non-oil sector. Also, 736 million manat ($433 million), or 8.4 percent of funds allocated to fixed assets, were spent directly on the non-oil industry.

The volume of industrial production in Azerbaijan from January through August 2020 amounted to 24.7 billion manat ($14.5 billion). This is 3.1 percent less than the same reported period last year.

In 2020, the overall forecast for state budget revenues amounts to 24.134 billion manat ($14.2 billion), and the forecast for expenditures accounts for 26.895 billion manat ($15.8 billion).

At the same time, the deficit of the state budget this year is projected at 2.760 billion manat ($16.2 billion), or 3.3 percent of GDP.

Recall that the state budget revenues in 2019 amounted to 24.218 billion manat ($14.3 billion), or 104.5 percent of the forecast, which is 1.709 billion manat ($1.01 billion), or 7.6 percent more than in 2018.


Twitter: @Fidan_Babaeva