Azerbaijan becomes world leader in share of investment in GDP in 2011

Business Materials 29 May 2012 15:41 (UTC +04:00)

Azerbaijan, Baku, May 29 /Trend A.Akhundov/

The share of investment in GDP in Azerbaijan amounted to 31.5 per cent in 2011, one of the highest rates in the world last year, chairman of the parliamentary committee on economic policy Ziyad Samadzade said during the discussion of the draft law On State Budget Execution for 2011 in Parliament on Tuesday

"Investments in the national economy amounted to $20 billion in 2011, which accounted for 31.5 per cent of GDP. It was one of the highest figures in the world last year," Samadzade said.

Samadzade said the Azerbaijani economy kept stable and had shown growth against the background of negative phenomena in the world economy in 2011.

"The non-oil sector increased in 2011, its share in GDP amounting to 48.3 per cent," Samadzade said.

The financial capacity of the country has increased in recent years as is shown by the figures in the state budget for 2011.

The revenues of the state budget were fulfilled by 100.9 per cent in 2011, as stated in the draft law.

Last year, state budget revenues amounted to 15700.7 million manat compared to the forecasted 15554.2 million manat, which by 4297.7 million manat or by 37.7 per cent more compared to 2010.

The share of budgetary revenues in GDP amounted to 31.4 per cent. Some 34.9 per cent of budget revenues were achieved through income from the Ministry of Taxes, 7.3 per cent - State Customs Committee, 57.3 per cent - of the State Oil Fund and 0.5 per cent from other sources.

Expenditures in 2011 were performed at 96.6 per cent and totalled 15397.5 million manat compared to the forecasted 15941.2 million manat, which by 30.9 per cent, or 3631.6 million manat more compared to 2010.

The share of budget expenditures in GDP amounted to 30.8 per cent, exceeding the previous year by 3.1 per cent. Some 46.2 per cent or 7115.4 million manat of the expenditures structure, were directed towards operating costs, 51.6 per cent, or 7938.3 million for basic expenses, 2.2 per cent, or 343.8 million manat on servicing external debt and other obligations of the state.

The budget was executed with a surplus of 303.2 million manat last year.
Official exchange rate on May 29 is 0.7858 MAN/USD