Public budget of Azerbaijan (january-june 2015)

The revenues of the Azerbaijani state budget hit 7.807 billion manat (101.2 percent) in the first half of 2015 compared to the forecast, while expenditures - 8.578 billion manat (85 percent) of the forecast.

The execution of the forecasted indices of the state budget during the reporting period can be considered positive amid the global economic processes, which also affected the economic development of Azerbaijan.

Thus, the state budget revenues from all sources, excluding transfers from the State Oil Fund of Azerbaijan Republic (SOFAZ) amounted to 4.246 billion manat, which is 0.7 percent or 29 million manat more than the forecast.

By fulfilling the forecast by 100.2 percent, the Ministry of Taxes ensured transferring 3.329 billion manat to the budget. Some 68.3 percent or 2.275 billion manat account for the income from the non-oil sector, which is 11.4 percentage points more than in the same period of last year.

The State Customs Committee fulfilled the forecast by 100.3 percent. Some 765 million manat were transferred to the state budget through the customs bodies, which is 4.4 percent more than in the same period of last year.

SOFAZ's transfers to the state budget hit 3.562 billion manat.

Other income of the state budget amounted to 152 million manat.

At the same time, the difference between revenues and expenditures of the budget was financed through the surplus obtained as a result of the execution of the state budget in 2014. As of January 1, 2015, some 771 million manat was transferred from the balance of the single treasury account for this purpose.

Some 23.6 percent of the state budget expenditures or 2.025 billion manat were allocated in January-June to conduct the social events.

Some 201 million manat, including 111 million manat - from current and capital expenditures of the state budget, 90 million manat - from the budget of SOFAZ were allocated from the consolidated and state budgets within six months of 2015 to strengthen the social protection of refugees and internally displaced persons and to improve their living conditions.

Some 4.6 percent more funds were directed for strengthening of the country's national defense and the military potential during the reporting period than in the same period of last year.

The investment costs at the expense of the state budget amounted to 3.102 billion manat in the first six months of the year. Some 1.656 billion manat of these funds were spent for the construction of scientific, educational, health, cultural, sports and other cultural, social facilities and for holding the first European Games, 1.15 billion manat were used for the construction and reconstruction of infrastructure for energy, water and gas supply, road and municipal infrastructure.

Some 166 million manat were allocated from the centralized expenditure of the state budget of the Nakhchivan Autonomous Republic.

Some 24 million manat of this amount were directed to the investment projects in the autonomous republic.

Along with the capital costs from the state budget, some $264 million were directed at the expense of the foreign loans drawn by the Azerbaijani government for the construction and reconstruction of the road, melioration, agricultural, social and other infrastructure, $467 million - SOFAZ's funds.

Execution of public budget in January-June 2015

Source: State Statistics Committee and Ministry of Finance