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MP: Azerbaijani economy’s dependence on oil shrinks

Business Materials 4 November 2013 18:58 (UTC +04:00)
The figures reflected in Azerbaijan’s draft state budget for 2014 paint a picture of the future development of the country’s economy,
MP: Azerbaijani economy’s dependence on oil shrinks

Azerbaijan, Baku, Nov. 4 /Trend, E. Aliyev/

The figures reflected in Azerbaijan's draft state budget for 2014 paint a picture of the future development of the country's economy, Chairman of the Economic Policy Committee of the Milli Majlis (parliament) of Azerbaijan, MP Ziyad Samadzadeh said on Monday, during the discussion of the 2014 state budget at an extended meeting of the five parliamentary committees, namely the Economic Policy, Social Policy, Security and Defense, Natural Resources, Energy and Ecology and Agrarian Policy Committees of Milli Majlis.

"I would like to note that the national economy's dependence on oil will decrease. This is clearly obvious by the fact that the specific weight of economy's non-oil sector in Azerbaijan's GDP has reached about 68 percent," he said.

The MP also said that the country's state budget expenditures will exceed $25 billion for the first time in history.

"The growth of the populations' incomes, the increase in GDP per capita, as well as sustainable maintenance of inflation at a low level are the logical consequences of socio-economic policy implemented by the government," Samadzadeh added.

The state budget's revenues for the next year are forecasted at 18.384 billion manat (31.4 per cent of GDP forecasted for 2014), and the expenses are forecasted at 20.063 billion manats (34.3 per cent of GDP).

It is expected that in 2014 the revenues will be 775 million manats lower than the forecasted figures of 2013, or four per cent, and will exceed the actual figures of 2012 - by 1.103 billion manats, or 6.4 per cent.

In 2014, expenditures will grow by 1.1 per cent compared with 2013 year, by 15.2 per cent compared to the actual figure in 2012.

The budget deficit is forecasted at 1.679 billion manats compared to the forecast for 2013 at the level of 691 million manats, and the actual figure for 2012 at the level of 135 million manats.

The official exchange rate for November 4 is 0.7844 AZN/USD.

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