13:00 - 23.05.2024

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May 23, Fineko/abc.az. In 2023, oil and gas GDP amounted to 45.343 bn manats, in real terms, a drop of 1.8% was recorded in this sector, thereby the oil and gas sector had downward impact on economic growth by 0.9 p.p.

ABC.AZ reports that this is stated in Accounts Chamber’s conclusion on the Bill on the execution of State Budget 2023 and the annual report on the execution of State Budget 2023. The report says that the decrease is linked with oil production, although commercial gas production increased by 4.2% year-on-year, this increase was not enough to completely neutralize the decrease in commercial oil production by 7.6%.

Amid high oil and gas prices, high compliance with oil revenues of the State Budget was recorded, the income tax paid by contractors for the distribution of the share of production in the oil and gas sector made up 71.4% of oil revenues envisaged by the Tax Service.