“Real increase level of gross domestic product was much higher in than expected in 2021,” said Azerbaijan’s Minister of Finance Samir Sharifov during the discussion of the draft law on the implementation of state budget of the Republic of Azerbaijan for 2021 at the meeting of economic policy, industry and entrepreneurship committee of Milli Majlis, APA reports.
The minister noted that the price of oil was more than 70 percent in comparison to what was envisaged in the state budget: “This has created favorable conditions for the smooth execution of the consolidated budget. Last year, under the conditions of a stable national currency, there were negative impacts on economic development of our country. These impacts were mainly related to external factors. It is about an increase in inflation. There was also a higher inflation level in our country than expected. One of the main reasons for the increase in inflation is the increase in the price of food products at global level. Unfortunately, the process also continues in the current year and it has even further sharpened.”