Budget surplus in Q1 amounts to AZN 2.5B

Incomes of the state budget for the first quarter of 2020 amounted to AZN 7,810,900,000, expenditures to AZN 5,254,800,000, surplus to AZN 2,556,100,000, Report informs citing the Finance Ministry.

In the reporting period, the incomes amounted to AZN 7,810,900,000, of which 32.5% or AZN 2,536,300,000 came from the non-oil sector.

State Tax Service under the Ministry of Economy transferred AZN 2,039,900,000 to the state budget, up AZN 221.2 million, or 12.2% from the forecast.

Of this, 68.5% or AZN 1,396,400,000 came from the non-oil sector, up AZN 244.5 million, or 21.2% from the previous year.

State Customs Committee transferred AZN 991 million, up AZN 91 million, or 10.1% from the forecast.

Transfers from paid services of the budget-funded organizations stood at AZN 109.3 million. AZN 39.7 million came from other receipts.

SOFAZ transferred AZN 4,631,000,000 to the state budget, up AZN 1,793,500,000 or 1.6-fold from the forecast.

In the reporting period, the budget surplus amounted to AZN 2,556,100,000, up AZN 2,022,700,000 from the forecasted surplus of AZN 533.4 million.

The budget surplus was higher than forecast because the SOFAZ’s transfers were AZN 1,793,500,000 higher than the forecast, as well as fiscal authorities (State Tax Service and State Customs Committee) overfulfilled the forecast.

Budget expenditures were 0.8% or AZN 5,254,800,000 higher than the forecast, which is AZN 218.9 million or 4.4% more than the previous year.

According to the economic classification, 48% or AZN 2,519,800,000 of the budget expenditures went to the financing of social expenses, up AZN 415.3 million, or 19.7% from the previous year.

In the first quarter of 2020, AZN 3,919,900,000 or 74.6% went to current expenditures, AZN 930.3 million or 17.7% to capital expenditures, AZN 404.6 million, or 7.7% to public debt and liabilities.