"Revenues of consolidated budget for 2020 are forecasted at AZN 27,533,000,000. Upper limit of the expenditures of consolidated budget will be AZN 29,488,000,000, up AZN 2,117,000,000 or 7.7% from 2018," Finance Minister
According to him, deficit of consolidated budget is expected to be AZN 1,955,000,000 or 2.3% of GDP: ‘Revenues of 2020 state budget will be 29% of GDP or nominally AZN 24,135,000,000, up AZN 967 million or 4.2% from current year’.
The minister noted that oil revenues will be 56.1% or AZN 13.5 billion, non-oil revenues – 43.9% or AZN 10.6 billion: "Compared to the current year, the share of oil revenues dropped by 3 percentage points, non-oil revenues rose by 3 percentage points. AZN 7,875,000,000 is planned to be transferred to the state budget through tax authorities, which is AZN 559 million or 7.6% more than 2018. Customs authorities are expected to transfer AZN 4 billion to the budget, up AZN 298 million or 8% from this year. Transfers from SOFAZ will drop AZN 14.3 million to AZN 11,350,000,000."
Sharifov noted that expenditures of 2020 state budget are forecasted to make up 32.3% of GDP or AZN 26,914,000,000, which is AZN 1,724,000,000 or 6.8% more than 2018.