Azerbaijan's Accounting Chamber considers reasonable increase in GDP forecast for 2011

Business Materials 25 May 2011 18:42 (UTC +04:00)

Azerbaijan, Baku, May 25 / Trend A.Akhundov /

The Accounting Chamber of Azerbaijan considers as reasonable increasing Azerbaijan's nominal GDP forecast from 40.197.3 billion manat established by law on the 2011 state budget up to 44.788.8 billion manat (an increase of 4.591.5 billion manat, or 11, 4 percent), the Chamber's conclusion on a bill "On amendments to the law on 2011- state budget of Azerbaijan".

The Azerbaijani Parliamentary committees on economic and social policies recommended this week a bill "On amendments to the Law on the 2011-state budget of Azerbaijan" for discussion to the parliament.
"Transfer of additional 422.7 million manat to the Azerbaijani state budget through execution of the revenues forecast in the first quarter of 2011 by 118 percent, the execution of forecast by the Taxes Ministry by 120 percent, the State Customs Committee - by 100.3 percent and revenue growth in other income by 30.7 million manat, or six times, compared to the same period of 2010, as well as through the increase in import volume at 60.7 percent over a rear on the comparative prices determine the flow to the state budget of funds exceeding the planned income amount for 2011. All this makes it necessary to revise the forecast parameters of the 2011-state budget revenues," the conclusion reads.
Given all this, the Chamber considers as a reasonable the increase in the budget revenue forecast from 12.061 billion manat to 15.554.2 billion manat (an increase of 3.493.2 billion, or 29 percent) and budget expenditure forecast from 12.748 billion manat to 15.941.2 billion manat (an increase of 3.193.2 billion manat, or 25 percent).

In addition, the Chamber recommends to establish a forecast on the local revenues of the cities and regions at 5.16 billion manat (an increase of 740 million manat), the upper limit of the budget deficit - at 387 million manat (a decrease of 300 million manat), the upper limit of consolidated budget expenditures - at 18.634.3 billion manat (an increase of 3.513.2 billion manat), deficit of the consolidated budget, excluding the State Oil Fund revenues at the level of 11.447.9 billion manat (an increase of 2.743.2 billion manat).