Share of the oil sector in state budget of Azerbaijan decreased

Baku. 22 May. REPORT.AZ/ In the state budget of Azerbaijan for 2016, share of oil sector was projected at 54.8%, while budget in this segment was fulfilled by 52.7% against 58.4% in 2015.

Report informs with reference to the conclusion of the Chamber of Accounts on the annual report on the execution of the budget and the draft law "On the execution of the state budget of the Republic of Azerbaijan for 2016".

In the state budget for 2016, oil revenues totaled AZN 9,225 million. The transfer from the State Oil Fund amounted to AZN 7,615 million, SOCAR tax payments – AZN 1,252 million, the profit tax on the distribution of production share – AZN 358 million.

Last year, budget revenues were fulfilled by 104.1%, in the amount of AZN 17,505.7 million against the forecast of AZN 16,822.0 million. This is the highest rate since 2008. The ratio of budget revenues to GDP was 29.0%. In the reporting year, budget revenues exceeded similar indicator of 2015 by AZN 7,714.8 million.

Budget expenditures for 2016 were fulfilled in the amount of AZN 17,751.3 million, which is 96.0% or AZN 743.7 million less than the forecast of AZN 18,495.0 million. This is lower than the indicator for 2015 by 0.2% or AZN 33.2 million. The ratio of budget expenditures to GDP was 29.4%.

During the reporting year, the state budget deficit amounted to AZN 245,604 million. According to the report, the proceeds from privatization directed to close the budget deficit amounted to AZN 31.232 million, foreign grants – AZN 12.326 million, proceeds from internal and external borrowings – AZN 186.819 million.