Annual inflation continues to be low in first four months, says Azerbaijani Finance Minister

"Thanks to the successful policy of the President of Azerbaijan, despite the global geopolitical challenges, macroeconomic stability and fiscal sustainability were achieved in Azerbaijan last year."

Azernews reports that Finance Minister Samir Sharifov said this at today's meeting of the Economic Policy, Industry, and Entrepreneurship Committee of the Milli Majlis.

The minister noted that, thanks to the steps taken by the government of Azerbaijan, the average annual inflation fell to a single-digit level last year.

"Successful anti-inflation measures continue this year. Annual inflation continues to be low in the first four months. Last year, GDP growth was recorded in Azerbaijan, and all of this growth was due to the non-oil sector," the minister added.

Finance Minister Samir Sharifov noted that in the last 5 years, the expenses of the state budget have increased to 12 billion, 32 million manats, or 50 percent. This is quite a significant increase.

The minister said that 55.6 percent of last year's state budget expenditures were current expenditures, 41.2 percent were capital expenditures, and 3.2 percent were expenditures related to state debt and obligations.