Azerbaijan’s state budget revenues for 2022 will be 54% from oil revenues

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On December 23, President of Azerbaijan Ilham Aliyev approved the law “On the state budget for 2022.

“According to the document, state budget revenues for next year were approved at the level of 26 billion 816 million manats, by 10.2% more than the forecast for 2021. 

The state budget deficit for 2022 is projected at 3 billion 63 million manats or 3.5% of GDP for next year.

In 2022, budget revenues from the oil sector will amount to 14 billion 690 million manats, or 54.8% of all revenues, from the non-oil sector – 12 billion 126 million manats, or 45.2% of revenues.

In the structure of income, the main volume – 12 billion 710 million manats – will be from transfers from the State Oil Fund (SOFAZ). The share of such transfers in the total revenues of the state budget is 47.4%.

The expenditures of the state budget of Azerbaijan for 2022 were approved at the level of 29 billion 879 million manats (an increase of 4.7% from the forecast for 2021).

According to the Ministry of Economy, Azerbaijan’s GDP growth in 2022 will be 3.9%, inflation 4%.

The state budget of Azerbaijan for 2022 is calculated on the basis of an average oil price of $ 50 per barrel. 

Caspian Barrel