BAKU, Azerbaijan, June 30. Reducing the dependence of the state budget of Azerbaijan on oil revenues is one of the state's top priorities, the Minister of Finance, Sahil Babayev, said during the discussion of the draft law "On the implementation of the state budget of Azerbaijan for 2025" at today's session of the parliament, Trend's correspondent reports from the event.
"In recent years, consistent reforms carried out in the country have ensured the sustainable development of the non-oil sector. During the reporting period, GDP in the non-oil and gas sector amounted to 92.3 billion manat ($54.3 billion), accounting for 71.5% of total GDP. This represents 2.7% real growth compared to 2024," he explained.
The minister noted that the share of non-oil revenues in the consolidated budget reached 55.2%, and the share of non-oil taxes reached 25%, which is 2.8 percentage points and 2 percentage points more compared to the previous year, respectively.
"The share of non-oil revenues of the state budget in total revenues has increased from 43.3% to 52% in the last 5 years. It's planned to increase the share of non-oil revenues to 57.4% in the 2026 state budget.
Besides, the coverage ratio of current expenditures with non-oil revenues during the reporting period was 92%. This is 7.5 percentage points more than the forecast, and 0.2 percentage points more than in 2024.
By the end of the medium-term period, that is, by 2029, our goal is to bring this indicator to 100%.
The dynamics of the mentioned figures show that the development of the non-oil sector and reducing the dependence of the state budget on oil revenues are one of the main priorities of the state. Measures are being continuously implemented to increase revenues in the non-oil sector and diversify their sources, and the issue is constantly being monitored," Babayev added.
