Gross Domestic Product Of Azerbaijan To Surpass Revised Estimate - Official

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 27. The nominal amount ofAzerbaijan's GDP will exceed the adjusted figure, Chairman of theAccounts Chamber Vugar Gulmammadov said, Trend reports.

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

According to him, the Accounts Chamber reached the aboveconclusion based on an analysis of economic trends in Azerbaijanover the first four months of this year.

Gulmammadov emphasized that the analysis of the presented datashows that in the revised draft state budget for 2024, the ratio ofthe non-oil base deficit to the non-oil GDP of the 2024 budgetreview is forecasted at 24.5 percent, indicating a slight deviationfrom the corresponding indicator, i.e., the framework of the budgetrule.

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

"The first factor is that the growth of basic expenditures inthe consolidated budget, according to the revised draft, exceededthe growth of non-oil revenues in the consolidated budget. Aninteresting point is that the reduction in interest expenses in thebudget also negatively impacted the budgetary order. Secondly, thegrowth of GDP in the non-oil and gas sector was veryinsignificant," he added.

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

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