(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 21.​ Azerbaijan's non-oil gross domestic product (non-oil GDP) has grown strongly in recent years, increasing by 63 percent in nominal terms and 34 percent in real terms over the past five years, the country's Finance Minister Sahil Babayev said during today's plenary session of the parliament, Trend reports.

Speaking at the discussions on the amendments to the Tax Code and several related laws, Babayev stated that the share of non-oil taxes in non-oil GDP will stand at 13.1 percent in 2026.

“Overall, the tax burden on the economy is between 15 and 19 percent, while in the non-oil sector it is at 13 percent, one of the lowest levels in the region,” he said.

The minister added that next year, 57 percent of state budget revenues and a hefty 63 percent of consolidated budget revenues will be rolling in from the non-oil sector. The non-oil base deficit as a share of non-oil GDP will be reduced to 19 percent, with a target of lowering it further to 13 percent by 2029.

Babayev also pointed out that the current budget expenditures will be covered by non-oil revenues to the tune of 88 percent next year, with aspirations to hit the bullseye of full coverage by 2029.

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