Sahil Babayev: Share of non-oil and gas revenues in Azerbaijan's budget to reach 70% in 2029

The share of non-oil and gas revenues in Azerbaijan's state budget is planned to increase to 70% in 2029, Finance Minister Sahil Babayev said at a meeting of the Parliamentary Committee on Economic Policy, Industry, and Entrepreneurship during a discussion of the draft law "On the Execution of the 2025 State Budget," Report informs.

He noted that last year, the share of non-oil and gas revenues in the budget reached 55.2%.

"This is 2.8 percentage points higher than in 2024. Our goal for 2029 is to reach 69-70%," Babayev said.

He also noted that the ratio of non-oil and gas revenues in the consolidated budget to non-oil and gas GDP was 28.7%.

"We are committed to consistently reducing the non-oil and gas base deficit. In 2025, this figure was 18.6% of GDP, with a target of 22%-a result 3.5 percentage points better than planned. As part of the approved medium-term expenditures, we plan to reduce this figure to 13% of GDP by 2029," the minister added.