Oktay Asadov: Economic growth predicted in Azerbaijan also next year

Baku. 13 October. REPORT.AZ/ Azerbaijan's economy could keep the stability. Economic growth predicted in Azerbaijan also next year. Report informs, Speaker of Milli Majlis (Azerbaijani Parliament) Oktay Asadov said during the debate in the parliament on draft law "On the state budget of Azerbaijan Republic for 2016".

According to him, although revenues and expenditures for the next year have declined, social orientation of the budget is preserved: "The reduction of budget revenues mainly was due to the reduction of transfers from the State Oil Fund of Azerbaijan Republic (SOFAZ). In the future, the State Oil Fund is expected to transfer funds in the amount of 6 bln. manats to the state budget, which is less 4,388 mln. manats or 42.2% in comparison with a forecast for 2015."

Draft of the state budget of Azerbaijan for 2016 revenues are projected at $ 25.2% of gross domestic product, or 14.566 billion manats, expenses in the amount of 28.2% of GDP, or 16.264 billion manats. In comparison with the corresponding forecasts for 2015, budget revenues for next year decreased by 25.1% and expenditures - 22.9%.

The budget deficit is projected at $ 1.698 billion manats, which is 2.17% more than in the forecast for 2015.

In the state budget for the next year laid the defense spending of $ 1 837 800 000 manats, which is 3.3% more than in the forecast for 2015.

Although defense spending was predicted for 2015 in the amount of 1 778 500 000 manats, by the end of the year is expected performance of the forecast in amount of 1 760 mln. manats.

In the state and consolidated budget for 2016, price of crude oil laid down at $50/barrel, the average annual exchange rate of the US dollar was taken at the level of 1,05 AZN/USD.

Revenues of the consolidated budget for 2016 are projected at $16.720 billion manats or 19.3%, which is less than in the current year, expenses in the amount of 19.907 billion manats or 23.2% less in comparison with the current year.