Azerbaijan's Non-Oil Sector Growth Misses GDP Projections - Official

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 27. In the updated draftstate budget for 2024, the anticipated revenue growth in thenon-oil and gas sector fell short of the forecasted GDP growth inthe relevant sectors of Azerbaijan, Chairman of the Chamber ofAccounts 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 themeeting of the Milli Majlis' (Parliament) Committee on EconomicPolicy, industry and Enterprising.

Gulmammadov noted that actual revenues for the current year'sprevious 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 authoritiesmeet their budget revenue forecasts.

To note, from January through April 2024, Azerbaijan's GDP grewby 4.3 percent compared to the same period of 2023 - up to 38.181billion manat, or $22.46 billion, while the value added in thenon-oil sector grew by 7.7 percent.

According to the State Statistics Committee of Azerbaijan, 9.5percent of the GDP structure was attributed to trade and repair ofvehicles, 6.9 percent to transport and warehousing, six percent toconstruction, 3.1 percent to agriculture, forestry and fishfarming, 2.4 percent to the tourism sector and 1.7 percent toinformation and communication. Other sectors of the economyaccounted for 20 percent of GDP.


Trend News Agency

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