BAKU, Azerbaijan, June 12. Azerbaijan recorded its highest levels of state budget revenue and expenditure execution in December 2025, according to an analysis released by the Chamber of Accounts.
The findings were included in the Chamber's opinion on the draft law "On the Execution of the State Budget for 2025."
According to the report, state budget revenue execution ranged from 92.8% to 116.5% of forecast levels throughout 2025. Revenue collection exceeded projections in eight months and fell short in four months.
The highest revenue execution rate was recorded in December at 116.5%, driven by increased receipts through the Ministry of Economy, revenue from paid services provided by budget-funded organizations, and other income sources, including dividend-related revenues.
The lowest revenue execution rate was recorded in November at 92.8%. The shortfall was attributed to lower-than-expected revenues from the Ministry of Economy, the State Customs Committee, and other sources, including dividend-related income.
The analysis found that revenues administered by the Ministry of Economy and the State Customs Committee generally exceeded forecasts in most months. Although transfers from the State Oil Fund fell below target in January and April, the gap was offset by higher transfers in subsequent months.
State budget expenditure execution ranged from 68.5% to 114.6% of forecast levels during the year, according to the Chamber. The highest spending execution was recorded in December, largely due to capital investment projects and the renovation of non-residential buildings.
The lowest expenditure execution rate was registered in September at 68.5%, mainly because of lower utilization of reserve funds and investment spending during that period.
December accounted for the largest share of annual government spending, representing 18.6% of total budget expenditures. The Chamber noted that spending in December was 2.5 times higher than the average monthly level.
The report also said Azerbaijan's state budget ended 2025 with a surplus of 580 million manats. Budget revenues exceeded forecasts by 828.6 million manats, while expenditures came in 2.8 billion manats below projections.
According to the Chamber of Accounts, this marks the first time in the past decade that Azerbaijan's state budget has closed the year with a surplus.
