BAKU, Azerbaijan, June 7. The Azerbaijani state budget for 2024 has been revised due to updated GDP projections, the country's Finance Minister Samir Sharifov said, TurkicWorld reports.
He commented on the proposed modifications to the current-year state budget during today's parliamentary discussion.
Based on his analysis, the price of a barrel of oil on the global market in 2024 exceeds the amount allocated in the state budget by $27.3.
The minister highlighted the government's updated macroeconomic forecasts, considering factors such as the price situation and other income in the global oil and gas market. As a result, the projected GDP is expected to hit 121.3 billion manat ($71.3 billion), showing an increase of three billion manat ($1.7 billion) compared to the previous year.
To note, with the revision, expenditures in the state budget for 2024 are projected at 39.7 million manat ($23.35 million), which is 2.94 million manat ($1.72 million), or eight percent more than the approved figure, and 3.25 million manat ($1.9 million), or 8.9 percent more than the actual performance of 2023.
In addition, there has been a significant increase in the average annual export price of a barrel of oil. It has risen from $60 to $75, which is $15 higher than the previous forecast. This increase in selling prices for the past period of the year, along with the projected condition of $70 for the rest of the year, has contributed to this upward trend.
