The Azerbaijan Ministry of Finance released its seven-month budget execution data on Monday in the kind of quiet, matter-of-fact format that fiscal ministries favour when the numbers are good. The budget revenues of the State for January through July 2026 amounted to 23.594 billion manats, which is roughly $13.88 billion, showing an excess over the projection by 855.9 million manats ($503.5 million), or 3.8%. The budget expenditures amounting to 20.174 billion manats ($11.87 billion) exceeded the same period last year by 1.2%, resulting in a budget surplus of 3.42 billion manats ($2.01 billion). The budget surplus of the consolidated budget, consisting of state enterprises and extrabudgetary funds, amounted to 5.1 billion manats ($3 billion), or approximately 4.45% of GDP. This means that Azerbaijan belongs to the category of countries that have become extremely rare today in the world, countries that earn more than they spend.

To appreciate what the Azerbaijani figures represent, it helps to place them alongside the fiscal performance of countries facing comparable global pressures. The IMF trimmed its 2026 global growth forecast by 0.3 percentage points in April, citing tariff wars, trade fragmentation, and the energy shock triggered by the Hormuz blockade. The effects are visible in public finances across most major economies.

Revenue breakdown and oil windfall

Contributions from the State Tax Service made up the biggest chunk of........

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