Azerbaijani Parliament talks over 2017 state budget

Baku. 30 November. REPORT.AZ/ Draft budget for 2017 was discussed today at joint meeting of Milli Majlis (Azerbaijani Parliament) committees for economic policy, industry and entrepreneurship, legal policy and state building, defense, security and anti-corruption, agrarian policy, public unions and religious affairs committees.

Report informs, budget income for 2017 is forecasted as AZN 15 955.0 mln., which is down by AZN 1 543.0 mln. or 8.8% in comparison with fulfilled income in 2015 and AZN 867.0 mln. or 5.2% in comparison with forecasted income in 2016. 2017 budget income will make 26.0% percent of total GDP.

Next year budget expenditures are expected to be AZN 16 600.0 mln., which is down by AZN 1 184.5 mln. or 6.7% in comparison with expenditures in 2015, by AZN 1 895.0 mln. or 10.2% in comparison with forecasted expenditures and by AZN 412.8 mln. or 2.4% in comparison with expected fulfilled expenditures in 2016.

Estimated expenditures of 2017 state budget are expected to make 27% of GDP, which is 5.0% lower than the same indicator of 2016.

Estimated share of oil sector in overall budget income will be around 49.2% or AZN 7 855.0 mln. This is AZN 1 370.0 mln. or 14.9% lower than the same indicator in 2016.

Non-oil sector will contribute AZN 8 100.0 mln. (50.8%) to 2017 state budget, which is up by AZN 503.0 mln. (6.6%) comparing to 2016 forecast and AZN 821.9 mln. (11.3%) comparing to fulfilled indicator of 2015.

AZN 6 100.0 mln. is expected to be transferred to state budget from State Oil Fund (SOFAZ). This figure is AZN 1 515.0 mln. or 19.9% lower than that estimated for 2016.

Non-classified incomes to the budget are expected to be AZN 445.0 mln. – AZN 58.0 mln. or 15% lower than the similar incomes in 2016.

2017 state budget envisions $40/barrel as export price of crude oil.

Estimated correlation of 2017 budget deficit to total GDP will be around 1.1%.

Upper limits of external and internal public debts have been lowered significantly in comparison with those in 2016. Thus, upper limit for internal public debt set at AZN 1 000.00 mln. and for external debt at AZN 500.0 mln. These indicators are lower than those in 2016 for AZN 2 500 mln. and AZN 4 500 mln. correspondingly.

AZN 645.0 mln. determined as upper limit of budget deficit.