TODAY.AZ / Business

Azerbaijan’s economic stability to be ensured in coming years as well

12 May 2014 [15:42] - TODAY.AZ
The revenue part of Azerbaijan's state budget has been executed by 101.8 percent as of 2013, the country's Deputy Finance Minister Azer Bayramov said on May 12.

The deputy minister made the remarks at the meeting of the parliamentary commission on economic policy, during discussions on the draft law 'On the execution of the state budget for 2013'.

He went on to add that the revenues of the state budget have increased by 2.215 billion manats, or 12.8 percent compared to 2012, and amounted to 19.496 billion manats as of 2013.

The budget expenditures have been executed by 96.4 percent of the forecast volume and totaled 19.143 billion manats, or 9.9 percent (1.727 billion manats) more than in 2012, Bayramov stressed.

Sevinj Hasanova, Azerbaijan's Deputy Minister of Economy and Industry pointed out that the country's gross domestic product (GDP) increased by 5.8 percent and stood at 57.7 billion manats in 2013.

The GDP per capita increased by 4.4 percent and totaled over 6,207 manats (around $7,912) in the same year.

The value added in the oil sector stood at 32.6 billion manats, while it was equal to 25.1 billion manats in the non-oil sector. Azerbaijan's strategic currency reserves increased by nine percent and exceeded $50 billion in 2013.

Hasanova underscored that the country's currency reserves exceed the foreign pubic debt by nine percent and this amount is sufficient to cover the import costs throughout three or four years.

"The country's macroeconomic indicators show the stability of the economic system and give grounds to say that this sustainability will be ensured in coming years as well. The inflations rate, which stood at 2.4 percent in 2013, also confirms this."

The official exchange rate on May 12 is 0.7843 AZN/USD.



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