Official: Increase of attention to non-oil sector - typical feature of state budget-2012

Official: Increase of attention to non-oil sector - typical feature of state budget-2012

Azerbaijan, Baku, November 22 /Trend, A. Akhundov /

Typical feature of Azerbaijan's state budget-2012 is an increase of attention to non-oil sector, Ogtay Asadov, Speaker of the Parliament of Azerbaijan, reported on Tuesday. He was speaking at the Parliament's plenary meeting devoted to examination of draft state budget for 2012 and three following years.

"In 2012, some 57 percent of GDP will be contributed by the non-oil sector. Next year, core attention will be paid to reduction of the economy's dependence on the oil factor; development of services, manufacturing industry, tourism, agriculture, etc.," Asadov said.

He noted that investments in the economy next year will be 14 billion manat, an increase of 10 percent against this year.
"Of this, more than 70 percent will be domestic investments," Asadov noted.
Next year, average monthly wages is forecasted to be 432 manat, up 11.6 percent from 2011, he said.

Ziyad Samedzadeh, Chairman of the Parliament's Economic Policy Committee, said Azerbaijan has not been facing problems relating to performance of state budget revenues for several consecutive years already.
"The growth of the oil sector's share in budget revenues is an objective demand. Compared to 2005 when the non-oil sector covered 60 percent of total budget revenues, now the ratio has changed in favor of the oil sector," Samedzadeh noted.
The increase of budgetary expenditures over 3 latest years by 44 percent is a very good, one of the world's rarest indicators, according to him.
"Compared to 2003 when Azerbaijan's foreign debt per capita exceeded budgetary revenues per capita, the ratio changed in 2011. At the moment, per capita revenues exceed foreign debt per capita by 4.2 times," Samedzadeh noted.
The future of the country depends on development of the real sector of the economy, according to him.

Speaking at the plenary session, Finance Minister Samir Sharifov presented the forecast of state budget-2012.

He said state budget-2012 revenues and expenditures are forecasted as 16,436.4 million manat and 16,984.4 million manat, respectively. The budgetary revenues and expenditures are likely to increase by 5.67 percent and 6.5 percent, correspondingly, against the 2011 forecast.

Next year, state budget deficit is forecasted as 548 million manat, an equivalent to 1.3 percent of GDP forecasted for 2012.
The share of socially targeted expenditures in draft state budget-2012 is 27.8 percent and is forecasted as 4,713.4 million manat, up 9.7 percent from the 2011 forecast and up 27.3 percent from 2010.
Under state budget-2012, capital investments will reach to 7,827.9 million manat (equivalent to 46.1 percent of budgetary expenditures), down 0.6 percent from the 2011 expectation. As compared to 2010, capital investments-2012 is expected to grow by 55.7 percent.

The official exchange rate on November 22 is 0.7865 AZN/USD.

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