Finance Minister: "Favourable macroeconomic environment allowed for restoration of economy earlier than expected"

The favourable local and international macroeconomic environment following the increase of oil prices in markets allowed for the restoration of the economy earlier than expected, Samir Sharifov, the Minister of Finance, said at the meeting of the Parliamentary Committee for Economic Policy, Industries and Enterprising, Report informs.

"Initially, it was planned to happen in the first quarter of 2022," the minister added. "But we already restored our economy during the pandemic in 2021. Following the rapid restoration in all the spheres of the economy, the oil sector grew by 1.8% and the non-oil sector – by 7.2%."

The minister stated that the nominal GDP was 92.9 billion manats ($54.6 billion), although it was planned to be 70.8 billion manats ($41.6 billion): "In addition, the GDP growth was 5.6% while it was planned to be 3.4%. The price of oil was actually 70% higher than planned in the budget, which created good conditions for a significant improvement in the state budget, as well as the perfect realization of the consolidated budget, as well as increasing the assets of the State Oil Fund".