Azerbaijan to increase budget revenues by 3.5%, expenditures by 7.3%

Baku. 23 October. REPORT.AZ/ Revenues of the state budget for 2019 are forecasted to make up AZN 22,917,500,000, expenditures – AZN 24,780,100,000, Report informs citing the state budget package for 2019.

According to the budget package, AZN 7,316,000,000 or 31.9% of the revenues are expected to come from the Ministry of Taxes, AZN 11,364,300,000 or 49.6% from SOFAZ transfers, AZN 3,451,600,000 or 15.1% from the State Customs Committee, AZN 785,600,000 or 3.4% from other sources.

Average export price for oil is $60.

Revenues of the state budget (excluding SOFAZ transfers) make up AZN 11,553,200,000, up 3.3% from 2018’s forecast, 10.9% from 2017’s execution.

Oil sector makes 59.8% or AZN 13,700,300,000 of 2019 state budget revenues and non-oil sector amounts to 40.2% or AZN 9,217,200,000. Compared to 2018’s forecast, revenues from oil sector increased by 2.7%, non-oil sector by 4.7%.

The upper limit of the budget deficit for 2019 is forecasted at AZN 1,862,600,000.  The ratio of budget deficit to GDP will be 2.3%.

Notebly, the funds raised from abroad (AZN 1,695,600,000) will be directed to compensation of state budget deficit from the next year.

Revenues of the consolidated budget for 2018 were AZN 22,149,000,000, while expenditures made AZN 23,100,000,000.