Report on Azerbaijan’s Public Budget Fulfilment in 2007 Submitted to Cabinet

Business Materials 19 April 2008 15:02 (UTC +04:00)

Azerbaijan, Baku, 19 April / Trend corr I. Khalilova/ The Azerbaijani Finance Ministry submitted to the Cabinet the report on fulfilment of the pubic budget in 2007, the Ministry reported on 19 April. The report is expected to be discussed at the Parliament in May.

The ups and downs in the country's economy affected the budget indices. Last year's real GDP growth comprised 25%, and growth in non-oil sector made up 11.3%. Income per capita rose by 38.6%, average monthly wages rose by 42%.

The public budget revenues in 2007 were fulfilled by 104.1% and made up AZN 6.006bln, which is by 55.3% more than in 2006 (AZN 2.137bln). The expenditures were fulfilled by 96.4% and comprised AZN 6.086bln, which is by 60.6% (AZN 2.296bln) more than in 2006.

The specific gravity of income from GDP increased by 3.2% and totalled to 23.8% and expenditures increased by 3.9% up to 24.1%.

In 2007, the expenditures in industry and construction raised by 2.2 times, in agriculture and environment protection - 87%, social security - 74.2%, education - 50.9%, health - 58.8%, art, information and physical training - 41.9%, housing and public utilities - 49.5% and defence - 26.6%. The budget has financed pay rise for budget organizations, and improving welfare of people in line with the relevant presidential decree.

In 2007, some AZN1.902.200mln was allocated for the public investments which are 2.2 times more than the indicator of 2006.

The budgeted deficit made up AZN79.6mln.

The official exchange rate for 19 April is 0, 8289 AZN/USD.

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