Azerbaijan's non-oil production growing steadily

Business Materials 19 October 2020 12:58 (UTC +04:00)
Azerbaijan's non-oil production growing steadily

BAKU, Azerbaijan, Oct.19

By Fidan Babayeva – Trend:

The volume of non-oil production of Azerbaijan increased by 10.8 percent from January through August 2020 compared to the same period of 2019, reaching 9.15 billion manat ($5.38 billion), Trend reports citing the State Statistical Committee of Azerbaijan.

In the first eight months of 2020, over 10.4 billion manat ($6.1 billion) was allocated to fixed assets from all financial sources for the development of the socio-economic sphere of Azerbaijan, which is 3.8 percent more compared to a year earlier.

In the structure of investments, 6 billion manat ($3.5 billion) or 59.7 percent of the funds used were invested in the country's non-oil sector. Also, 1.15 billion manat ($676.5 million) or 11 percent of funds allocated to fixed assets were spent directly on the non-oil industry.

At the same time, the volume of industrial production in Azerbaijan amounted to 24.7 billion manat ($14.5 billion), a decrease of 4.5 percent.

In 2020, the overall forecast for state budget revenues is 27.7 billion manat ($16.2 billion), and for expenditures - 26.8 billion manat ($15.7 billion).

At the same time, the deficit of the state budget this year is projected at 2.76 billion manat ($1.62 billion), or 3.3 percent of GDP.

The state budget revenues in 2019 amounted to 24.2 billion manat ($14.2 billion), or 104.5 percent of the forecast, which is 1.7 billion manat ($1 billion), or 7.6 percent more compared to 2018.

(1 USD = 1.7 manat on Oct. 19)


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