Azerbaijan's state budget recorded a surplus of 3.96 billion manats ($2.33 billion) in January–September 2026, as revenues exceeded official projections and continued to outpace government expenditures. According to budget execution figures for the first nine months of the year, state budget revenues amounted to 29.31 billion manats ($17.24 billion), exceeding the forecast by 787.7 million manats ($463.35 million), or 2.8%. Compared with the corresponding period of 2025, revenues increased by 169.7 million manats ($99.82 million), equivalent to annual growth of 0.6%.
The figures indicate that government revenues remained above planned levels despite relatively modest year-on-year growth. Meanwhile, state budget expenditures reached 25.35 billion manats ($14.91 billion) during the reporting period. This represented an increase of 680 million manats ($400 million), or 2.8%, compared with January–September 2025.
The difference between revenues and expenditures resulted in a state budget surplus of approximately 3.96 billion manats ($2.33 billion). The positive balance indicates that government receipts exceeded actual spending during the nine-month period, although the figures do not necessarily reflect the final budget position for the full year. Azerbaijan's consolidated budget also recorded a substantial surplus during the reporting period.
Consolidated budget revenues reached 36.73 billion manats ($21.61 billion), while expenditures amounted to 30.09 billion manats ($17.70 billion). Consequently, the consolidated budget surplus stood at approximately 6.64 billion manats ($3.91 billion). The consolidated budget provides a broader picture of public finances than the state budget alone, incorporating additional components of the country's public financial system.
The figures suggest that Azerbaijan maintained a positive overall fiscal balance during the first three quarters of 2026, with consolidated revenues exceeding expenditures by a considerable margin. Budget execution data also showed substantial activity across the country's treasury system. During January–September, treasury bodies processed more than 984,000 payment orders associated with the execution of public financial obligations.
The volume reflects the scale of financial transactions administered through the treasury system as part of routine government operations and budget implementation. The latest figures point to continued growth in public expenditure alongside revenue collection that remained above official expectations. However, the relatively small annual increase in state budget revenues, compared with faster expenditure growth, also highlights the importance of maintaining fiscal discipline and monitoring the balance between government income and spending.
Extract — continue reading at the source.
