Azerbaijani parliament adopts bill on execution of 2021 state budget in second reading

The bill "On the execution of the state budget for 2021" was adopted in the second reading at today's plenary session of the Milli Majlis, Report informs.

When the state budget for 2021 is adopted, revenues are projected at 25 billion 427 million manats ($15 billion), expenditures at 28 billion 543 million manats ($16.8 billion), the deficit at 3 billion 116 million manats ($1.8 billion), the GDP growth rate at 3.4%, the non-oil sector at 3.1%, inflation at 3.7%, and the price of a barrel of oil at $45. However, the easing of the pandemic quarantine regime last year had an impact on these figures.

In the reporting year, the state budget revenues amounted to 26 billion 396 million manats ($15.5 billion), 969 million manats ($570 million) or 3.8% more than the forecast. Budget revenues from the non-oil sector amounted to 12 billion 860 million manats ($7.6 billion), which is 10.4% more than forecast.

Expenditures of the state budget for 2021 were executed at 96.1% or 27 billion 422 million manats ($16.1 billion) compared to the forecast.

Revenues of the consolidated budget last year accounted for 33 billion 904 million manats ($19.9 billion), against the forecast of 23 billion 828 million manats ($14 billion). Expenditures of the consolidated budget were executed at 29 billion 991 million manats ($17.6 billion).

Last year, GDP grew by 5.6% and inflation was 6.7%.