State budget expands 50-fold over three decades amid strong economic growth

The state budget of Azerbaijan has increased nearly 50 times over the past 30 years, according to Deputy Minister of Economy Sahib Alakbarov.

As reported by Azernews, citing Alakbarov, he made the remarks during a scientific-practical conference held by the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship. The event was dedicated to the "Year of the Constitution and Sovereignty" and focused on the topic of "Economic Foundations of State Sovereignty and Economic Independence."

Highlighting the country’s progress, the deputy minister noted that between 2004 and 2024, Azerbaijan’s overall economy grew by 3.8 times, while the non-oil sector expanded 3.7 times.

"In 2003, the poverty rate stood at 44.7% and unemployment at 9.2%. By 2024, these figures had dropped significantly to 5.3%," he said.

He added that a total of $344.4 billion has been invested in the national economy over the past two decades, with $213.2 billion directed toward the non-oil sector. According to Alakbarov, this reflects the country’s political stability and the reliability of its investment climate.